Location: Tyler, TX | Metro: Tyler, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 75708 in fiscal year 2024 is set at $1020. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, but it does not necessarily reflect the actual rent a tenant will pay. The tenant's portion of the rent is determined by their income level and is typically around 30% of their adjusted monthly income.
To put this into perspective, the average rent in ZIP 75708, based on recent Census American Community Survey (ACS) data, is $962. This indicates that the FMR is slightly above the local average, which could be advantageous for landlords participating in the Section 8 program. It suggests that you might receive a higher rent payment compared to the typical market rate.
The demand for rentals in this area is strong, with 22.4% of residents being renters. This percentage highlights a significant portion of the population who are likely to be interested in affordable housing options, thus providing a steady pool of potential tenants for your property.
If you're considering purchasing a property in ZIP 75708 for a Section 8 rental, the median home value is approximately $179,531. This figure can help you gauge the initial investment required to acquire a property in this area. Given the FMR and the local average rent, the Section 8 program can offer a stable source of income, especially if you aim to keep your rental costs competitive yet within the guidelines.
Before you proceed with adding a Section 8 rental to your portfolio, verify that your property meets all the necessary requirements for the program. This includes ensuring compliance with health and safety standards, which are critical for approval. Once confirmed, you can expect a reliable income stream, benefiting both you and those seeking affordable housing.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.