Location: Midland, TX | Metro: Midland, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
The HUD Fair Market Rent (FMR) for ZIP code 79702 in Midland, Texas, for fiscal year 2024 is set at $1610. This figure represents the maximum amount that voucher holders can pay toward their monthly rent. However, without specific market rent data, it's challenging to make a direct comparison. Assuming the market rent aligns closely with the FMR, voucher tenants would cashflow at FMR levels, meaning landlords would receive the full amount needed to cover expenses and generate profit without relying on additional subsidies.
The median home value in ZIP 79702 is not available, which makes deriving an exact rent-to-price ratio difficult. Nonetheless, the lack of this information suggests that the housing market may be less volatile compared to areas where such metrics are commonly tracked and reported. This stability could be beneficial for investors looking to avoid significant fluctuations in property values.
Given the absence of precise market rent data and the median days on market (DOM), we can infer that the local rental market is relatively steady, possibly indicating a strong demand for rental properties. The inability to provide a percentage of price cuts also implies that there is little need for landlords to reduce rents to attract tenants, further supporting the idea of a robust rental environment.
The strongest angle for investors in ZIP 79702 is likely cashflow. With the HUD FMR covering the expected rental costs, landlords can expect consistent income from voucher tenants, ensuring reliable returns on investment. This predictability is crucial for small-portfolio investors who seek stable and manageable rental income streams.
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.