Landlord Fragility by ZIP: FHA Exposure, Renter Share and Multi-Family Supply (2026)
Landlord fragility asks how exposed the rental owners of a ZIP are to one shock: tenants who cannot pay, lenders who will not extend, or a wave of new units. The card stacks FHA exposure, renter share, vouchers, FHA loans, the HUD distress score and twelve months of multi-family construction, so a buyer of a distressed rental can see whether the local landlord base is sturdy or thin. This report ranks the most exposed ZIPs and gives the national averages.
- Across 33,774 ZIPs the average landlord exposure is 24.3% and the average renter share 29.6% on the landlord-fragility card.
- 1,964 ZIPs carry landlord exposure of twenty-five percent or more, the fragile band.
- 22,502,702 multi-family units were permitted in twelve months across scored ZIPs, the supply the card sets against existing landlords.
- 46184 in Johnson County, IN is most exposed at 60550.0%, with 26.1% renters and 1,211 FHA loans.
landlord-fragility: the landlord-fragility card figures as of 2026-10-20; source FHA, HUD, Census and permit figures combined by ZIP.
| ZIP (county, state) | Landlord exposure | Renter share | FHA loans | HUD distress |
|---|---|---|---|---|
| 46184 (Johnson, IN) | 60550.0% | 26.1% | 1,211 | 100.0 |
| 89061 (Nye, NV) | 46400.0% | 24.9% | 464 | 100.0 |
| 63379 (Lincoln, MO) | 21840.0% | 21.7% | 1,092 | 100.0 |
| 30213 (Fulton, GA) | 16050.0% | 45.9% | 4,815 | 100.0 |
| 42406 (Henderson, KY) | 14300.0% | 35.7% | 143 | 100.0 |
| 77371 (San Jacinto, TX) | 14100.0% | 15.8% | 141 | 100.0 |
| 84005 (Utah, UT) | 13357.1% | 31.9% | 1,870 | 100.0 |
| 78634 (Williamson, TX) | 10910.3% | 33.1% | 3,164 | 100.0 |
| 04087 (York, ME) | 10900.0% | 23.9% | 109 | 100.0 |
| 15626 (Westmoreland, PA) | 10700.0% | 21.7% | 107 | 100.0 |
ZIPs by landlord exposure (FHA share of mortgage stock, 1,000+ units) (landlord-fragility, as of 2026-10-20)
The most exposed rental markets (landlord-fragility)
46184 in Johnson County, IN: exposure 60550.0%, renters 26.1%, FHA loans 1,211, HUD distress 100.0; 89061 in Nye County, NV: exposure 46400.0%, renters 24.9%, FHA loans 464, HUD distress 100.0; 63379 in Lincoln County, MO: exposure 21840.0%, renters 21.7%, FHA loans 1,092, HUD distress 100.0; 30213 in Fulton County, GA: exposure 16050.0%, renters 45.9%, FHA loans 4,815, HUD distress 100.0; 42406 in Henderson County, KY: exposure 14300.0%, renters 35.7%, FHA loans 143, HUD distress 100.0; 77371 in San Jacinto County, TX: exposure 14100.0%, renters 15.8%, FHA loans 141, HUD distress 100.0.
What landlord-fragility measures
Landlord exposure is the FHA share of the mortgage stock, read as the share of owners with thin equity and strict default rules. Renter share and voucher and FHA counts describe the tenant base; HUD distress folds burden in; multi-family construction and its stress score describe the competing supply arriving.
How landlord-fragility is computed
Each figure is read from its own table by ZIP: FHA concentration from the FHA portfolio, tenure from the Census, vouchers from HUD, permits from the Census survey. The card does not blend them into one score; it shows them side by side so the user judges the stack.
How to use landlord-fragility on a deal
A fragile ZIP is where distressed rentals come to market first: owners with FHA loans, burdened tenants and new supply arriving. For a buyer that is both the opportunity and the warning. Underwrite rents at the FMR card's ceiling, assume turnover, and check the construction card before counting on rent growth.
Read landlord-fragility on your ZIPs
The Section 8 radar shows the card for any ZIP; the live board shows which distressed parcels are rentals in fragile ZIPs.
Landlord-fragility refreshes with its source table.
Landlord Fragility by ZIP: FHA Exposure, Renter Share and Multi-Family Supply (2026): questions
Why is FHA share called landlord exposure?
FHA loans carry low down payments and strict default handling; a ZIP where they dominate has owners with the least equity cushion.
Does a high renter share mean fragility?
Not alone. It means the ZIP is a rental market; fragility comes from burden, exposure and supply stacking on it.
Is multi-family construction stress the same as the construction card?
It is the multi-family component of that card, shown here because it is the supply landlords compete with.
More on the landlord-fragility card
- Section 8 housing radar →
- Most-distressed ZIP codes (landlord-fragility) →
- Learn: the landlord-fragility card →
- The eviction-risk card report (landlord-fragility) →
- The occupancy-rate card report (landlord-fragility) →
- The housing-availability card report (landlord-fragility) →
- Methodology behind landlord-fragility →
Landlord Fragility by ZIP: FHA Exposure, Renter Share and Multi-Family Supply (2026) (landlord-fragility) is computed from FHA, HUD, Census and permit figures combined by ZIP; the landlord-fragility card is research (landlord-fragility), not legal advice; nothing on the landlord-fragility page is tax or landlord-fragility investment advice, so verify every landlord-fragility figure with its issuing agency before acting.