Location: Cooke County, TX | Metro: Sherman-Denison, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 76240, Gainesville, TX, in fiscal year 2024 is set at $1290. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the benchmark used to determine the subsidy amount.
In comparison, the local Zillow Observed Rental Index (ZORI) stands at $1,431. This means that the average rent for similar properties in the area exceeds the Section 8 limit, indicating that participating in the program might mean accepting a lower rent than the market rate.
The demand for rentals in Gainesville, TX, is robust, with 32.6% of residents being renters. This high percentage suggests a strong need for affordable housing options, making Section 8 rentals particularly relevant. However, it also implies competition among landlords who might prefer higher-paying tenants.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in the area is $278,307. This gives you an idea of the acquisition cost for a typical home in ZIP 76240. While this investment might seem significant, remember that the long-term stability of Section 8 payments can be beneficial for cash flow management.
Before proceeding with your first Section 8 rental, ensure you verify the property meets all Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and must be met for a property to qualify for the program. Failure to comply can result in penalties and loss of income.
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.