Location: Amarillo, TX | Metro: Amarillo, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
The market in ZIP 79120, located in Texas, is currently characterized by a Federal Market Rent (FMR) of $1020 for fiscal year 2024. This figure sets the baseline for what is considered affordable rent under the Section 8 program, impacting the availability of subsidized housing units for low-income renters.
The absence of specific data on market rent, price-cut share, days on market (DOM), and median home value suggests a lack of robust, recent information that could indicate the supply-demand balance. However, the fact that the FMR has been established implies an active need for affordable housing units in the area. If the FMR is significantly lower than typical market rents, it indicates that demand for affordable housing may be outpacing the supply, creating pressure on landlords to maintain competitive rates.
The missing percentage for the renter share also points to potential dynamics within the housing market. A higher renter share generally signifies greater long-term housing pressure, as it reflects a larger portion of the population relying on rental properties rather than owning homes. While we cannot infer the exact percentage without data, the trend towards renting can be a sign of economic conditions that make homeownership less accessible, such as job instability or high mortgage rates.
In summary, ZIP 79120 presents a market where the need for affordable housing is evident through the set FMR. The incomplete data suggests challenges in quantifying the exact supply-demand relationship, but the reliance on rental subsidies hints at ongoing pressures that favor demand over supply. Landlords and small-portfolio investors should consider these factors when setting their rental prices and managing their properties in this area.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.