Location: Odessa, TX | Metro: Midland, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
U.S. Census Bureau data (2024)
The ZIP code 79758 presents an interesting scenario for both renters and landlords. The median income here stands at $102,560, which suggests that households have a decent financial standing. However, when it comes to renting, the market rate of $2,536 per month poses a significant challenge. This amount represents a substantial portion of the average household's income, making it less likely for residents to comfortably afford market-rate rentals without assistance.
In comparison, the Fair Market Rent (FMR) payment standard for Section 8 vouchers in ZIP 79758 for fiscal year 2024 is set at $1,580. This figure is considerably lower than the market rate, indicating that tenants relying on vouchers will find it easier to secure housing within their budget. Given that only 6.6% of the population are renters and the total population is 2,016, the competition among landlords for rental properties is relatively low. However, the affordability gap between market rates and voucher payments means that landlords must carefully consider their target tenant base.
The takeaway for landlords is clear: focusing on voucher-paying tenants can provide a more stable and predictable income stream. While the monthly payment of $1,580 is lower than the market rate, it ensures a steady influx of funds and avoids the risk of having vacant units due to high market rates. For those who choose to pursue cash-paying tenants, they should be prepared to offer competitive amenities and possibly negotiate on pricing to attract the limited number of renters willing and able to pay the higher market rate.
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.