Location: Montague County, TX | Metro: Wichita Falls, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 76228 in Montague County, TX reveals several key insights for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area is set at $1100 for fiscal year 2024. However, the market rent as per Census ACS data is lower at $988. This indicates that while landlords can aim for the higher FMR rate, the actual market conditions suggest a slightly lower achievable rent. Landlords should consider setting rents closer to the market rate to ensure occupancy.
Regarding the affordability of acquisitions, the median home value in ZIP 76228 is $250,983. Unfortunately, the data on days on market (DOM) and the percentage of homes needing price cuts are not available. Despite this gap in information, the median home value suggests a moderate investment cost, which could be attractive for those looking to enter a stable market without excessive capital requirements.
The third point concerns tenant demand. With a population of 1,263, the renter share stands at 17.7%. This means that approximately 223 individuals in the zip code are likely seeking rental housing. While the number is relatively low, it does represent a consistent base of potential tenants given the size of the community.
Verdict: The rent math in ZIP 76228 leans towards the lower end of the spectrum, with market rents being less than the FMR. Acquisition costs are moderate, with a median home value of $250,983, making it an accessible market for investors. Tenant demand is present but limited, suitable for a niche market strategy. Investors should focus on properties that can command close to the $988 market rent to ensure profitability and occupancy stability.
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.