Location: Nolan County, TX | Metro: Nolan County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The median income in ZIP code 79537 stands at $97,917, placing it above average compared to many areas. However, the absence of a defined market rate makes it challenging to assess how well this income supports local rental costs. The Federal Market Rent (FMR) for the area, set at $1,090 for metro FY 2026, serves as a benchmark for Section 8 voucher payments. This figure is critical for understanding the financial landscape for both tenants and landlords.
Given the FMR of $1,090, a household earning the median income could potentially afford a higher rent, assuming they allocate a reasonable portion of their budget towards housing. Typically, spending no more than 30% of one’s income on rent is recommended. At this ratio, a household in ZIP 79537 would be able to afford up to $2,447.85 per month in rent. This amount is significantly higher than the $1,090 FMR, indicating that while some households may prefer the flexibility of paying market rates, others might still opt for the stability and lower cost of Section 8 vouchers.
The area has a rental population of 54 individuals, with 26.1% being renters. This suggests a moderate level of competition among landlords. The affordability gap, where the median income far exceeds the FMR, means that landlords could attract tenants willing to pay more than the voucher amount, but they must also be prepared to compete with those who accept vouchers.
Takeaway: For landlords considering their strategy regarding voucher versus cash-pay tenants, the key is to balance the guaranteed payment and reduced vacancy risk offered by vouchers against the potential for higher rents from non-voucher tenants. Given the median income and the FMR, landlords have a strong case for setting rents above the voucher amount, but they should be aware that doing so might limit their pool of potential tenants. A mixed approach, offering units at various price points including those within voucher limits, can help maximize occupancy and revenue.
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.