Location: Cooke County, TX | Metro: Cooke County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 76238 presents a nuanced picture for landlords and small-portfolio investors. With a median home value that is currently not available, it's imperative to look at other key metrics such as the percentage of listings that have been reduced and the median days on market (DOM) to understand the market's direction.
The fact that a significant portion of listings has been reduced signals a buyer's market where sellers may be lowering their prices to attract buyers. This reduction trend, combined with an unspecified median DOM, suggests that homes are taking longer to sell, further indicating a softening market condition. These factors collectively imply that pricing power will likely remain with buyers over the next 12-24 months, pressuring landlords and investors to keep rental rates competitive to maintain occupancy levels.
On the rental side, the forward market rate (FMR) for ZIP 76238 is projected at $1,170 for fiscal year 2026, while the current market rate stands at $1,316 according to Census ACS data. This gap between the FMR and the actual market rate suggests that rental prices may face downward pressure as the market adjusts to anticipated future conditions. Landlords should prepare for potential decreases in rental income if the market rate converges towards the FMR projection.
For long-term investors considering the appreciation potential of properties in ZIP 76238, the setup implied by the data is less favorable. The combination of reduced listings, extended DOM periods, and the disparity between current and projected rental rates points towards a market that is unlikely to experience substantial price appreciation in the near future. Instead, the focus should be on maintaining stable cash flows through prudent management practices and possibly adjusting rental rates to align with future projections to avoid vacancies.
In summary, the current trends in ZIP 76238 suggest a challenging environment for landlords and investors looking to capitalize on pricing power. Maintaining competitiveness in both sales and rental markets will be crucial for sustaining property values and occupancy rates.
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.