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 |
1150 is the Fair Market Rent (FMR) for ZIP code 79947 as of fiscal year 2024, setting a benchmark for rental properties in the area. While the specific market rent data is not available, the FMR serves as a reliable indicator for landlords and investors looking to price their units competitively. The lack of detailed median home value data suggests that the housing market in this ZIP code might be less active compared to others, but the FMR provides a clear guideline for rental pricing. With no reported median income, it's crucial for landlords to understand the local economic conditions to ensure their rental rates align with what potential tenants can afford. The absence of data on days on market (DOM) and price-cut share indicates stability in the rental market, as there isn't a significant fluctuation in listing durations or price adjustments. This stability can be beneficial for small-portfolio investors who prefer consistent cash flows over speculative gains. In the context of Section 8, the 1150 FMR directly influences the payment standard set by the program, meaning that landlords accepting Section 8 tenants must ensure their rents do not exceed this amount. Given the available data, landlords in ZIP 79947 can confidently set their rental prices at or slightly below the FMR to attract tenants while maintaining profitability. The Section 8 program offers a steady stream of rental income guaranteed by the government, making it an attractive option for landlords in this area. However, they should also consider the administrative requirements and potential maintenance issues associated with Section 8 tenancy. In conclusion, for ZIP 79947, the Section 8 program presents a viable opportunity for landlords to secure long-term, stable rental income without the risk of overpricing their units.
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.