Section 8 Fair Market Rent (FMR) for ZIP 79407 - 2027

Location: Hockley County, TX | Metro: Lubbock, TX HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$900
1 Bedroom	$1,050
2 Bedrooms	$1,240
3 Bedrooms	$1,710
4 Bedrooms	$2,050
5 Bedrooms	$2,378
6 Bedrooms	$2,663
7 Bedrooms	$2,876
8 Bedrooms	$3,020

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,000

Median Household Income

$61,509

Housing Units

12,511

Renter Percentage

52.8%

Occupancy Rate

91.4%

Renter Occupied

6,032

Housing Authorities Serving ZIP 79407

Housing Authority of Lubbock (Lubbock, TX) - 1,238 Section 8 vouchers
South Plains Regional Housing Authority (Levelland, TX) - 484 Section 8 vouchers
Housing Authority of Slaton (Slaton, TX) - 64 Section 8 vouchers
Housing Authority of Levelland (Levelland, TX)

The ZIP code 79407, located in Lubbock, TX, is a bustling urban area that offers a mix of residential and commercial spaces. The market here is driven by a diverse population, including students, young professionals, and families, making it an attractive location for real estate investments.

Fair Market Rent (FMR): The FMR for ZIP 79407 is set at $1070 for the fiscal year 2024, indicating the government's benchmark for affordable rental housing.
Market Rent (ZORI): The actual market rent, as measured by Zillow's ZORI index, stands at $1,502, suggesting that the local rental market significantly exceeds the FMR.
Median Home Value: The median home value in this area is $224,673, reflecting a moderate cost of homeownership that is relatively stable compared to other parts of Texas.
Renter Share: With 52.8% of residents being renters, there is a substantial demand for rental properties, which can be a boon for landlords looking to capitalize on this trend.
Days on Market (DOM): Properties typically spend about 50 days on the market before selling, which is a reasonable timeframe indicating a balanced market where neither buyers nor sellers have overwhelming leverage.
Median Income: The median household income in ZIP 79407 is $61,509, providing insight into the financial capacity of potential tenants and buyers.

The analysis of these data points reveals a promising rental market in ZIP 79407, with strong tenant demand and rental rates above the government's affordability benchmark. Landlords can expect steady returns, while small-portfolio investors should consider both rental and resale opportunities given the median home value and DOM figures. The income levels support higher rents, but investors must balance this against the significant renter share to ensure sustainable occupancy rates.

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.