Section 8 Fair Market Rent (FMR) for ZIP 72329 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 in ZIP code 72329 are straightforward. The SAFMR (Standard Amount for Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $880 per month for fiscal year 2026. This figure is specific to ZIP 72329 and reflects the fair market rental rates established by the U.S. Department of Housing and Urban Development (HUD).

Local market rents are currently unavailable, which means we must rely on the SAFMR as our benchmark for assessing the economic viability of renting to tenants with Section 8 vouchers. It's important to note that the SAFMR does not necessarily reflect the actual market conditions but rather provides a standardized rate used for determining voucher amounts.

A landlord who accepts a Section 8 voucher will receive a reimbursement based on the voucher amount, which is calculated as the difference between the SAFMR and 30% of the tenant's adjusted income. For instance, if a tenant's monthly income is $1,000, their contribution would be $300 (30% of $1,000), leaving the remainder of the SAFMR to be covered by the housing authority. In the case of ZIP 72329, this would mean the landlord receives $580 from the housing authority ($880 - $300 = $580).

In addition to the base rent, the voucher also includes utility allowances. These allowances vary depending on the size of the unit and the location, but they generally cover a portion of the tenant's electricity, gas, water, and sewer costs. For a two-bedroom apartment, the total utility allowance can range from $150 to $250 per month, which is paid directly to the landlord by the housing authority.

Therefore, the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom apartment in ZIP 72329 is the sum of the base rent reimbursement and the utility allowance. If we take the median utility allowance of $200, the total reimbursement would be $780 ($580 base rent + $200 utilities).

This results in a reimbursement gap of $100 per month for a landlord renting at the SAFMR rate of $880. This means the landlord would need to accept a slightly lower effective rental rate than the market might otherwise support, or find ways to reduce expenses to make up for the shortfall. Alternatively, if the market rent is below $880, the landlord could see a surplus in the voucher reimbursement.

To summarize, landlords in ZIP 72329 accepting Section 8 vouchers for a two-bedroom apartment should anticipate a reimbursement of around $780 per month, leading to a potential gap of $100 against the SAFMR of $880. This analysis is based on the SAFMR and standard utility allowances without considering specific local market conditions.

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.