How many renters live in Hico, Texas?
The City of Hico has 1,627 people living in 555 households.
There are 272 renters living in 130 renter households in this City. Renters make up 16.72 percent of the population living in Hico.
What is the rental market like in Hico, Texas?
There are an estimated 728 housing units in the Hico area. Of these, 137 units are rental homes, making up 19 percent of the housing market. For every renter household in Hico, Texas, there are 1 rental units.
What is the vacancy rate for rentals in Hico?
The rental vacancy rate in Hico is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Hico for each bedroom size?
Occupied Rental Units by Size in Hico
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 52 | 22 | 52 | 4 |
Occupied Rental Units by Size in Hico
A large number of apartments in Hico have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Hico are overburdened by housing costs?
Among renter households in this market, 49 percent have housing cost burden. Further, 2 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Hico
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $851 to $1,836. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $851 |
| One BR | $857 |
| Two BR | $1,082 |
| Three BR | $1,525 |
| Four BR | $1,836 |
2024 Fair Market Rents in Hico, Texas
How many units are rented at Fair Market Rent (FMR) in Hico?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 46 | 88 percent |
| Two BR | 18 | 82 percent |
Rental Units Below FMR in Hico, Texas
How many affordable rental units are in Hico?
There are a variety of federal affordable housing programs serving households in Hico, Texas including the following:
| Federal Program | Unit Count |
| Public Housing | 50 |
Tracked Units by Federal Program in Hico, Texas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Hico, Texas
Hico features 50 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Hico, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hico.
Housing Choice Vouchers in Hico, Texas
On average, Section 8 Housing Choice vouchers pay Hico landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hico.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hico, Texas for a two-bedroom apartment is between $893 and $1,091.
Sourced from federal housing data and AffordableHousingOnline.com research.
