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 | $850 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $131,631 | 0.78% | D |
| 3BR | $1,400 | $262,930 | 0.53% | F |
| 4BR | $1,590 | $370,304 | 0.43% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 76305 in Texas for fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will be receiving; rather, it's the payment standard used by the housing authority to determine the subsidy amount.
To put this into perspective, the average rent for a two-bedroom apartment in ZIP 76305, based on Census American Community Survey (ACS) data, is $921. This indicates that the FMR is slightly below the market rate, which could affect your decision if you're looking to maximize income. However, the Section 8 program ensures timely payments through the housing authority, providing financial stability for your rental property.
The demand for rental properties in ZIP 76305 is strong, with 25.3% of residents being renters. This suggests that there is a significant portion of the population who might benefit from the Section 8 program and could be interested in renting from you. The potential tenant pool is substantial, making it easier to find and retain tenants compared to non-subsidized rentals.
If you're considering purchasing a property in this area for a Section 8 rental, the median home value is around $246,551. This figure can help you estimate the initial investment required to acquire a rental property. Keep in mind that the property must meet certain quality standards, known as the Housing Quality Standards (HQS), to be eligible for the Section 8 program.
Before deciding to participate in the Section 8 program with a rental property in ZIP 76305, you should verify that your property meets these HQS requirements. This includes ensuring that all necessary repairs are completed and that the property complies with safety and health regulations. Doing so will ensure that you can enter into a lease agreement without any unexpected delays or complications.
In summary, the FMR of $910 provides a benchmark for subsidies but does not represent the total rent you'll receive. With an average market rent of $921, the demand for rental units at 25.3% of the population, and a median home value of $246,551, ZIP 76305 offers a viable option for landlords and small-portfolio investors interested in Section 8 rentals. Confirming your property meets the HQS requirements is a critical step to take before proceeding.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.