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 |
The Fair Market Rent (FMR) for ZIP code 79408 in fiscal year 2024 is set at $1120. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the amount you will receive as rent; it is a benchmark used by the housing authority to ensure that rents are reasonable.
While the local median rent is listed as N/A, the percentage of residents who are renters is N/A%. This indicates a significant demand for rental properties in the area, making it a potentially attractive market for landlords interested in Section 8 rentals.
The acquisition cost for properties in ZIP 79408 is also listed as N/A. However, even without these specific figures, the FMR provides a clear guideline for setting your rent. If you own a property that is comparable in size and quality to others in the area, you should aim to have your rent fall below or equal to the $1120 limit to qualify for Section 8 tenancy.
Before proceeding with your decision to accept a Section 8 tenant, you must verify that your property meets the housing quality standards (HQS) required by the program. These standards ensure that the rental unit is safe, decent, and sanitary for tenants. A thorough inspection by a housing authority representative will be conducted to confirm compliance with HQS.
In summary, if you're considering adding a Section 8 rental to your portfolio in ZIP 79408, you can expect to receive up to $1120 per month for your property. The high percentage of renters in the area suggests strong demand, but you must ensure your property meets the necessary quality standards before participating in the program.
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.