Section 8 Fair Market Rent (FMR) for ZIP 76302 - 2027

Location: Wichita Falls, TX | Metro: Wichita Falls, TX MSA

Investment Score for ZIP 76302

Monthly Rent (2BR)

$1,140

Median Price (2BR)

$107,994

1% Rule

1.06%

Annual Yield

12.67%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$940
2 Bedrooms	$1,140
3 Bedrooms	$1,530
4 Bedrooms	$1,730
5 Bedrooms	$2,007
6 Bedrooms	$2,248
7 Bedrooms	$2,428
8 Bedrooms	$2,549

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,140	$107,994	1.06%	B
3BR	$1,530	$194,238	0.79%	D
4BR	$1,730	$251,714	0.69%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

11,932

Median Household Income

$59,590

Housing Units

5,301

Renter Percentage

40.3%

Occupancy Rate

94.9%

Renter Occupied

2,027

The ZIP code 76302, located in Wichita Falls, Texas, presents a stable rental market with opportunities for both landlords and small-portfolio investors. The area is characterized by a mix of residential neighborhoods, offering various living conditions and amenities to residents.

The Fair Market Rent (FMR) for ZIP 76302 in fiscal year 2024 is set at $1,080. This figure represents the maximum amount that low-income families should pay for housing, indicating a baseline for affordable rents in the area.
The market rent, measured by Zillow's ZORI (Zestimate Owner Renter Index), stands at $1,488. This suggests that the average rent in the area exceeds the FMR, providing a margin for profit for landlords.
The median home value in ZIP 76302 is $185,899. This relatively modest figure can make property acquisition more accessible for investors looking to enter the market.
Renters make up 40.3% of the population in this ZIP code. This significant share indicates a strong demand for rental properties, which can be beneficial for those investing in rental units.
The median income for residents in ZIP 76302 is $59,590. While this income level supports a healthy rental market, it also implies that many renters will be sensitive to price changes, making competitive pricing essential.

Synthesizing these points, investors in ZIP 76302 can expect a balanced rental market where demand is robust but competition is present. With a median home value under $200,000, the area offers entry-level investment opportunities. However, landlords must remain mindful of the fair market rent guidelines while aiming to capitalize on the higher market rent levels. Given the substantial renter share and median income, maintaining affordability and competitiveness in pricing will be key to success. This ZIP code provides a solid foundation for those seeking to invest in a stable rental environment with growth potential.

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.