Location: Lubbock, TX | Metro: Lubbock, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
1120 is the Fair Market Rent (FMR) for ZIP code 79402 for fiscal year 2024, indicating the maximum amount Section 8 participants can pay for housing in this area. While the specific market rent data is currently unavailable, it's important to note that the FMR serves as a benchmark for rental pricing in government-assisted programs. The lack of data on median home values suggests that this area might be predominantly rental-focused or has limited recent sales data available. With the renter share also unspecified, it's challenging to determine the exact proportion of renters versus homeowners, but the presence of a notable Section 8 program implies a significant rental market. Median income data is similarly absent, which would typically help assess the financial health of potential tenants. The days on market (DOM) figure being N/A indicates that there isn't enough recent transaction data to provide an accurate average, possibly due to low turnover rates or limited listings. The price-cut share percentage being N/A means there's insufficient information to gauge how often property prices are reduced before closing a deal, though in areas with stable demand, this figure is usually lower. For landlords and small-portfolio investors in ZIP 79402, the focus should be on maintaining properties that meet the standards for Section 8 participation, as the FMR sets a clear limit on what tenants can afford. It's also crucial to keep an eye on local trends and any updates to the FMR, as these can directly impact rental income. Given the reliance on Section 8 participants and the stability implied by the lack of frequent price cuts, the area presents a predictable yet modest income stream for those willing to comply with HUD requirements.
Based on the available data, ZIP 79402 offers a straightforward opportunity for Section 8 landlords, with a clear $1120 FMR guiding rental pricing strategies.
Data Sources: FMR data from HUD (2027).
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.