Location: Terry County, TX | Metro: Lynn County, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The market in ZIP code 79345 presents a dynamic environment that reflects the interplay between rental and homeownership trends. With a Fair Market Rent (FMR) of $910 for the fiscal year 2024, it stands above the Census-reported market rent of $746. This gap suggests a rental market that is slightly more robust, potentially indicating a scenario where demand is inching towards parity with supply, if not slightly exceeding it.
The median home value of $165,071 is indicative of an affordable housing market, which could attract both first-time buyers and investors looking for properties at a lower cost. However, the lack of data on the percentage of price cuts and days on market (DOM) makes it challenging to pinpoint the exact balance between supply and demand in the resale market.
A significant 30.0% of residents are renters, which implies a substantial portion of the population relies on the rental market for housing. This high renter share can be interpreted as a sign of long-term housing pressure, as it suggests a continuous need for rental units, possibly due to affordability concerns or economic conditions that make homeownership less accessible.
The disparity between the FMR and the actual market rent also points to potential subsidies and government assistance playing a role in the local rental landscape. Landlords and small-portfolio investors should consider these factors when evaluating their investment strategies, particularly focusing on the stability that comes from a mix of subsidized and unsubsidized tenants.
In summary, ZIP 79345 is characterized by an affordable housing market and a notable rental presence, suggesting a steady demand for rental properties. The dynamics indicate a market where rental subsidies might influence pricing and tenant stability, making it important for investors to understand the local rental assistance programs and their impact on the housing market.
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.