Section 8 Fair Market Rent (FMR) for ZIP 75047 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 75047 is located in Garland, TX, representing a thriving suburban community with approximately 25,047 residents. This middle-income area has a median household income of $60,047 and median home values around $215,808. The median age of residents is 28.9 years, indicating a young and dynamic population.

Regarding the rent economics, the Fair Market Rent (FMR) for ZIP 75047 in fiscal year 2024 is set at $1680. The median market rent in the area is $1,667, showing a strong alignment with the FMR. Over the past five years, the median rent has increased by 32.1%, reflecting a robust rental market.

Given the demographic makeup and the relatively high median rent compared to the state average, this area is well-suited for both hands-off voucher operators and hands-on value-add buyers. Voucher operators can rely on the stability of the FMR, while value-add buyers can capitalize on the growing rental market and potentially increase property values through renovations and improvements.

The overall livability score of 77 out of 100 suggests a good quality of life in Garland, TX, with particular strengths in amenities and housing. However, the safety score of 47/100 indicates higher crime rates, so landlords should consider additional safety measures.

In summary, ZIP 75047 in Garland, TX, presents a viable investment opportunity for landlords and small-portfolio investors, with solid rent economics and a young, dynamic community. Both hands-off and hands-on strategies can be effective, depending on the investor's goals and risk tolerance.

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.