Location: El Paso, TX | Metro: El Paso, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
The Fair Market Rent (FMR) for ZIP code 79945 in fiscal year 2024 is set at $1150. This figure represents the payment standard for Section 8 housing assistance in the area, meaning it's the maximum amount that the Housing Choice Voucher program will pay on behalf of a tenant towards your rent. It's important to note that this is not the rent you can charge tenants; rather, it's the ceiling for government payments.
While the local median rent for ZIP 79945 is listed as N/A, the FMR serves as a benchmark to gauge what the government considers a reasonable rent for the area. The N/A% of renters who rely on some form of housing assistance indicates a significant portion of the population looking for affordable housing options. This suggests there could be a steady demand for Section 8 rentals in the area.
Regarding property acquisition, the average home price in ZIP 79945 is also listed as N/A. However, understanding the FMR helps in assessing whether the potential income from a Section 8 rental can cover your mortgage and other expenses effectively. Remember, landlords receive the difference between the FMR and the tenant's portion of the rent, which is typically 30% of their income.
Before deciding to offer a Section 8 rental, verify that your property meets the Housing Quality Standards (HQS) required by the program. These standards ensure that the rental unit is safe, decent, and sanitary for tenants. Compliance with HQS is mandatory and failing to meet these requirements can lead to rejection of your application or termination of the contract.
In summary, the $1150 FMR for ZIP 79945 in 2024 sets the maximum government payment for a Section 8 voucher holder. With a N/A% of renters needing assistance and the local median rent being N/A, there's a strong case for demand. Ensure your property meets the necessary HQS to avoid any issues.
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.