Location: Terry County, TX | Metro: Lubbock, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 79358 suggests a balanced market with implications for both pricing power and investment strategy over the next 12-24 months. The median home value stands at $268,301, indicating a stable valuation point that reflects the area's economic conditions and housing demand.
The median days on market (DOM) figure is currently unavailable, which could imply either a highly active market where homes sell quickly, or a less active market where sales are slower and less frequent. This ambiguity is further compounded by the lack of percentage data on listings that have been reduced, making it challenging to assess the urgency of sellers in the area.
On the rental side, the Fair Market Rent (FMR) for ZIP 79358 is set at $950 for fiscal year 2024, slightly below the current market rate of $1,000 according to the Census ACS data. This suggests that landlords can maintain rents close to the current level without significant pressure to reduce them, although they should be prepared for potential adjustments if the FMR increases closer to the market rate.
For long-term investors, the setup in ZIP 79358 implies a cautious approach to appreciation expectations. Given the stable median home value and the slight discrepancy between FMR and market rent, the potential for rapid price increases is limited. Instead, the focus should be on maintaining steady cash flows from rentals and waiting for broader economic factors to drive any future appreciation. The area does not show strong signals of a speculative bubble or imminent growth that would justify aggressive investment strategies.
Landlords and small-portfolio investors should consider diversifying their holdings and not rely solely on appreciation for returns. The current market dynamics favor a conservative investment approach, emphasizing the importance of property management and tenant selection to ensure consistent rental income.
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.