gist_setup_taxonomy.php

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

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