Location: Sherman-Denison, TX | Metro: Sherman-Denison, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,730 |
| 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)
5.4% of the residents in ZIP code 76245 are renters, indicating a modest demand for rental properties. In this area, the Fair Market Rent (FMR) for Section 8 is set at $950 per month for the fiscal year 2024. This figure is notably lower than the average market rent, which stands at $1,563 according to Census ACS data, suggesting that landlords can still attract tenants outside of the Section 8 program if they choose to do so. The median home value in ZIP 76245 is $209,180, reflecting a relatively stable housing market where property values have not seen significant fluctuations.
$92,212 is the median income in this ZIP code, which is an important consideration for landlords looking to assess the financial stability of potential tenants. While the median income is not directly tied to the success of Section 8 properties, it does provide context on the economic conditions of the area. Despite the lack of available data on days on market (DOM), the low price-cut share of 0.2% indicates that homes in this area are generally selling at or close to their asking price, which is a positive sign for real estate investors.
The disparity between the $950 FMR and the $1,563 market rent highlights the opportunity for landlords to potentially earn higher returns by renting to non-Section 8 tenants. However, the Section 8 program guarantees timely payments through the Housing Authority, reducing the risk of late or missed rent payments. Given the $209,180 median home value and the 5.4% renter share, the real estate market in ZIP 76245 appears to be balanced, with opportunities for both single-family rentals and homeownership investments.
In conclusion, for landlords and small-portfolio investors, ZIP code 76245 presents a viable option for Section 8 properties, with the $950 FMR providing a steady, if modest, income stream. The stable housing market and the low risk of needing to reduce prices further support this decision. Verdict: ZIP 76245 is a suitable location for Section 8 investments.
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.