Section 8 Fair Market Rent (FMR) for ZIP 76051 - 2027

Investment Score for ZIP 76051

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,930
1 Bedroom	$1,950
2 Bedrooms	$2,300
3 Bedrooms	$3,010
4 Bedrooms	$3,780
5 Bedrooms	$4,385
6 Bedrooms	$4,911
7 Bedrooms	$5,304
8 Bedrooms	$5,569

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,300	$337,767	0.68%	D
3BR	$3,010	$481,995	0.62%	D
4BR	$3,780	$654,959	0.58%	F
5BR	$4,385	$781,104	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 76051 (Grapevine, TX) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 76051 is set by HUD for 2026 as follows: - 0BR: $1930 - 1BR: $1990 - 2BR: $2330 - 3BR: $3070 - 4BR: $3810 These figures represent the maximum rent that a Section 8 voucher holder can pay based on the size of the unit. However, the actual rents in the market can be significantly higher. For instance, the Zillow median price for a 2BR property in Grapevine, TX is $336,195, which translates into a monthly mortgage payment of approximately $1,400 assuming a 4.5% interest rate and a 20% down payment. When factoring in property taxes, insurance, and maintenance costs, the total monthly cost for a landlord could easily exceed $2,000. Given the Price-to-FMR ratio of 12.0x, it is clear that the actual rental prices in the market far exceed the FMR. This means that voucher holders face significant constraints in finding affordable housing. They would have to look for units priced below the FMR, which are likely to be scarce given the high median home value and the overall tightness of the rental market. #### Affordability & Renter Profile With a median household income of $111,160, the residents of Grapevine, TX are relatively affluent compared to many other areas. The 47.6% renter population indicates a substantial demand for rental properties. However, the occupancy rate of 94.3% suggests that the market is quite tight, with few vacant units available. The affordability of housing for renters, especially those relying on Section 8 vouchers, is a concern. The FMR for a 2BR unit is $2330, which represents only 25.2% of the median income. This implies that while the FMR is affordable relative to the median income, the actual rents are much higher, making it challenging for voucher holders to find suitable housing. Given the high median home value and the tight rental market, it is likely that the typical renter profile includes young professionals, families, and individuals who are willing to pay premium rents due to the area's desirability. The scarcity of affordable units means that there is a strong likelihood that many voucher holders will struggle to secure housing within their budget. #### Investor Angle From an investor perspective, the ZIP code 76051 presents both opportunities and challenges. The FMR for a 2BR unit is $2330, but the actual market rents are much higher, with the Zillow median price indicating a potential rental rate closer to $2,800 per month. This discrepancy between FMR and market rates means that landlords who rely solely on Section 8 vouchers will have limited cash flow, if any, unless they manage to keep operating costs extremely low. To determine the investment grade, we need to consider the potential returns and risks associated with the market. Given the high median home value and the tight rental market, there is a risk that landlords might struggle to fill units with voucher holders alone. Additionally, the administrative burden and potential delays in receiving payments from the government can impact the financial viability of such investments. #### Specific Actionable Insights 1. **Focus on Lower-Rent Properties**: Investors should focus on acquiring properties that can be rented out at or below the FMR. This will ensure that they can attract Section 8 voucher holders and maintain a steady stream of income. For example, a 2BR unit priced at $2330 or less would be ideal. 2. **Diversify Tenant Mix**: To mitigate the risk of relying solely on Section 8 tenants, investors should consider diversifying their tenant mix. This could include attracting tenants who are willing to pay market rates and supplementing these with Section 8 voucher holders. A balanced approach would help stabilize cash flows and reduce dependency on government payments. 3. **Optimize Operating Costs**: Given the tight margins when renting at FMR, it is crucial to optimize operating costs. This includes reducing maintenance expenses, minimizing utility costs where possible, and ensuring efficient management practices. For instance, a landlord could aim to keep total operating costs under $1,000 per month for a 2BR unit, thereby maximizing profitability even at lower rent levels. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 76051 is to **Skip**. The high median home values and the tight rental market make it difficult to find properties that can be rented out at or below the FMR without significant financial strain. While there is a substantial renter population, the constraints imposed by the FMR and the high market rents suggest that cash flow will be challenging to achieve. Investors should consider other markets with more favorable conditions for Section 8 properties.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.