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 HUD Fair Market Rent (FMR) for ZIP code 79493 in Lubbock County, Texas, for fiscal year 2024 is set at $1120. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher tenant. However, without current market rent data for the area, it's challenging to provide a direct comparison. Given the lack of recent market rent data, we can infer that voucher tenants would likely cashflow at the FMR rate, assuming the FMR is aligned with the typical rental rates for the area.
To derive a rent-to-price ratio, we would typically compare the annual rent (based on the monthly FMR) to the median home value. Unfortunately, the median home value for ZIP 79493 is currently unavailable, which means we cannot accurately calculate the rent-to-price ratio. However, this ratio is crucial for understanding the economic dynamics between renting and buying in the area. If the median home value were available, a low rent-to-price ratio might suggest that buying is more economically advantageous than renting, while a high ratio could indicate the opposite.
The Days on Market (DOM) and price-cut share data are also missing, which are important indicators of how quickly properties sell and whether sellers need to lower their asking prices. These metrics can inform investors about the local real estate market's liquidity and competitiveness. In the absence of these figures, we must rely on other factors such as the stability of the FMR and the overall economic health of the area.
The strongest investor angle in ZIP 79493 appears to be stability. The consistent provision of Section 8 vouchers ensures a reliable stream of tenants who are backed by government subsidies, reducing the risk of vacancy and default. This predictability is particularly valuable for small-portfolio investors and landlords seeking a steady income source without the volatility often associated with market-rate rentals.
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.