Location: Lubbock, TX | Metro: Lubbock, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
ZIP code 79322, located within the Lubbock, TX HUD Metro FMR Area, exhibits distinct characteristics that set it apart from typical ZIP codes in the region. The Fair Market Rent (FMR) for ZIP 79322 is $920 for fiscal year 2024, which is notably higher than the average market rent of $535. This suggests that properties in 79322 are more expensive when subsidized through the Section 8 program.
The median home value in 79322 stands at $74,243, significantly lower than what might be expected given the higher FMR. This discrepancy indicates a potential value pocket for investors who can leverage the subsidy to offer affordable housing while maintaining profitability.
A key indicator for the attractiveness of an area to Section 8 tenants is the percentage of renters. In ZIP 79322, the renter share is 40.7%, which is relatively high compared to the broader metropolitan area. High renter share combined with below-average home values often points to areas where Section 8 vouchers are commonly used, making it a prime location for landlords and investors looking to capitalize on government subsidies.
In summary, ZIP 79322 appears to be a value pocket within the Lubbock, TX HUD Metro FMR Area. Its below-average home values contrast with the above-average FMR, suggesting a favorable environment for landlords and investors who can benefit from the subsidy without the high costs associated with premium sub-markets. The high renter share further supports the notion that this ZIP code is well-suited for Section 8 participation.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.