gist_setup_taxonomy.php

<?php 
  
  $market_vocab = taxonomy_vocabulary_machine_name_load('markets');

  $terms = array(
    'Housing',
    'Affordable',
    'Apartments',
    'Condos',  
    'Student',
    'Senior',
  );
  foreach ($terms as $term_name) {
    $term = new stdClass;
    $term->vid = $market_vocab->vid;
    $term->name = $term_name;
    $term->description = _get_term_lipsum();
    $term->parent = $tid;
    // $term->parent = $term_name->tid;
    taxonomy_term_save($term);
  }