Location: Wichita Falls, TX | Metro: Wichita Falls, TX MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $840 | $58,029 | 1.45% | A |
| 2BR | $1,030 | $67,654 | 1.52% | A+ |
| 3BR | $1,400 | $92,950 | 1.51% | A+ |
| 4BR | $1,590 | $123,182 | 1.29% | A |
U.S. Census Bureau data (2024)
The ZIP code 76301, located in Wichita Falls, TX, presents a unique snapshot within the broader context of the Wichita Falls, TX MSA. To understand its position, let's break down the key metrics:
Fair Market Rent (FMR): $910 - This figure represents the median monthly rent for a standard two-bedroom apartment in the area, as determined by the Department of Housing and Urban Development (HUD) for fiscal year 2024. The FMR is slightly below the market rent of $967, indicating that HUD's subsidy rates might be set just below what landlords could typically charge.
Market Rent: $967 - This is the average rent price for a two-bedroom apartment in the ZIP code, which is marginally higher than the FMR. This suggests that landlords could potentially earn a small profit above the subsidized rate, making it a mid-tier neighborhood in terms of rental pricing.
Average Home Value: $81,445 - The home value in ZIP 76301 is notably lower than the typical home values seen across the Wichita Falls, TX MSA. This could indicate that the area is less affluent or has a different demographic makeup compared to other parts of the metro. It also means that property investments here might have a lower barrier to entry, which could be attractive to some investors.
Renter Share: 44.7% - A significant portion of the population in 76301 are renters, which is higher than the national average and likely above the average for the entire Wichita Falls, TX MSA. Given the lower home values, this high renter share might signal a concentration of Section 8 tenants in the area, making it a sweet spot for landlords who can navigate the complexities of the program.
Based on these figures, ZIP 76301 appears to be a value pocket within the Wichita Falls, TX MSA. The combination of a high renter share and relatively low home values suggests that the area could be particularly appealing to landlords and investors interested in the Section 8 program. However, the slightly lower FMR compared to market rent indicates that there is a balance between affordability and profitability, positioning it as a mid-tier neighborhood rather than a premium sub-market.
To make informed decisions, landlords and investors should consider the local demand for affordable housing and the potential for rental income growth over time. Additionally, understanding the specific requirements and regulations of the Section 8 program will be crucial for success in this ZIP code.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.