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)
18.8% of residents in ZIP code 79343 are renters, indicating a moderate demand for rental properties in the area. The Fair Market Rent (FMR) for Section 8 housing in ZIP 79343 for fiscal year 2024 is set at $920, which is significantly higher than the market rent reported by the Census Bureau's American Community Survey at $681. This discrepancy suggests that landlords participating in the Section 8 program can receive a higher rent payment compared to the local market rate.
$103,119 is the median home value in ZIP 79343, which is relatively stable and provides a good indication of the property values in the area. Given the median income of $58,906, it is evident that many residents may struggle to afford homeownership, thereby increasing their reliance on affordable rental options such as those offered through the Section 8 program.
The lack of available data on days on market (DOM) and the percentage of price-cut shares indicates that there might be limited transactions or that the real estate market in ZIP 79343 is not highly active in terms of sales. However, this does not necessarily reflect the rental market dynamics, which can operate independently of the sales market.
In summary, the higher FMR compared to the market rent and the median income levels suggest that Section 8 can be a financially viable option for landlords in ZIP 79343. The program offers a reliable source of income and helps maintain occupancy rates without the need for frequent rent adjustments or marketing efforts. For small-portfolio investors looking to secure steady cash flows, Section 8 participation is recommended.
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.