Location: Martin County, TX | Metro: Martin County, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
U.S. Census Bureau data (2024)
The median income in ZIP code 79783 stands at $128,516. This figure is crucial when considering the financial landscape for both renters and landlords. However, the market rate for rental properties in this area is listed as N/A, indicating a lack of available data on current rental prices. Despite this, we can still analyze the situation based on the Fair Market Rent (FMR) standards set by the government.
In ZIP 79783, the voucher payment standard for fiscal year 2024 is set at an FMR of $910. Given the limited population of 113 residents and the fact that only 8.1% of these are renters, it's evident that the rental market is quite constrained. The affordability gap between the median income and the FMR suggests that many households could potentially afford higher rents than the voucher amount.
For landlords, this means that there might be a competitive advantage in focusing on cash-paying tenants over those relying on vouchers. The scarcity of renters in such a small population makes each potential tenant valuable. If landlords aim to attract the majority of the local population, they should consider setting rental rates that reflect the higher median income levels, but remain below the point where affordability becomes an issue.
The takeaway for landlords is clear: while voucher tenants provide a guaranteed source of income through government subsidies, the potential exists to earn more by appealing to the broader segment of the population capable of paying above the FMR. Landlords must weigh the benefits of stable, subsidized income against the possibility of higher cash rents and the reduced competition for tenants willing to pay more. In ZIP 79783, the strategy should lean towards capturing the larger share of income-rich households, given the low number of renters and the high median income.
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.