Location: Lubbock, TX | Metro: Lubbock, TX HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,640 | $359,856 | 0.46% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 79366 presents a complex picture that landlords and small-portfolio investors should consider carefully. The median home value stands at $370,114, which indicates a stable housing market. However, the lack of percentage data on listings being reduced suggests that there is no significant downward pressure on prices currently, implying that sellers still hold considerable pricing power.
The median days on market (DOM) being listed as N/A can be interpreted as either a very active market where homes sell quickly, or a less active market with fewer transactions. In either case, it does not provide enough information to make a strong conclusion about the speed at which properties are selling. Therefore, it's important to look at other indicators to understand the overall market dynamics.
Moving to the rental side, the Fair Market Rent (FMR) for ZIP 79366 is set at $1390 for fiscal year 2024. This figure is crucial for understanding the potential rental income from properties in this area. Without comparative market data, it's challenging to assess whether this represents an increase or decrease from current market rents. Nonetheless, the FMR serves as a benchmark for what tenants might expect to pay, which landlords should keep in mind when setting their own rental rates.
For long-term investors, the setup in ZIP 79366 implies a market that is likely to remain stable but offers limited opportunities for significant appreciation. Given the median home value and the absence of reduced listings, the area seems to be maintaining its current valuation without strong signs of growth. Investors should focus on steady rental income rather than rapid capital gains.
Landlords and investors should also pay attention to any changes in local economic conditions, employment rates, and population growth, as these factors will influence both the housing and rental markets. Additionally, monitoring the supply of new homes and the demand for rentals will help in adjusting strategies accordingly.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.