Location: Gaines County, TX | Metro: Lynn County, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
U.S. Census Bureau data (2024)
The median income in ZIP code 79331 stands at $54,000, which provides a baseline for understanding the financial landscape faced by renters. The market rate for rent, according to the Census ACS, is $799 per month. This amount represents a significant portion of the average renter's income, making it challenging for households to afford housing without assistance.
Comparatively, the Fair Market Rent (FMR) payment standard set by vouchers for zip code 79331 in fiscal year 2024 is $910 per month. This figure exceeds the market rate, indicating that voucher recipients have an advantage when seeking rental properties. The higher payment standard suggests that landlords could potentially receive a more stable and higher monthly rent through voucher programs.
With 29.7% of the 11,711 population being renters, there is a notable segment of the community looking for affordable housing options. The affordability gap between the median income and both the market rate and voucher payment standards highlights a competitive environment for landlords. Voucher holders provide a reliable source of income and reduce the risk of non-payment, given that the government guarantees the rent.
Landlords in ZIP code 79331 should consider accepting vouchers as part of their rental strategy. While the market rate of $799 might attract cash-paying tenants, the guaranteed $910 from voucher programs offers a more secure and potentially lucrative alternative. The competition among landlords for affordable units means that those who accept vouchers could benefit from a steady stream of tenants and avoid the volatility often associated with cash payments.
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.