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 | $920 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $120,617 | 1.04% | B |
| 3BR | $1,680 | $210,239 | 0.8% | D |
| 4BR | $1,900 | $361,307 | 0.53% | F |
| 5BR | $2,204 | $501,820 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 76308, located in Wichita Falls, TX, positions itself distinctly within the larger Wichita Falls, TX MSA metro area. Its Fair Market Rent (FMR) for the fiscal year 2024 is set at $1080, which is notably lower than the market rent of $1,362. This difference suggests that 76308 offers rental properties at a discount compared to what the market demands, potentially making it attractive for tenants seeking affordable housing options.
The median home value in 76308 stands at $218,556, which is below the average for the Wichita Falls, TX MSA. This indicates that homeownership is relatively more affordable in this ZIP code. However, with a renter share of 47.7%, it's clear that a significant portion of the population in 76308 chooses to rent rather than own their homes. This high percentage of renters combined with below-average home values can be indicative of a Section 8 sweet spot, where there is a substantial demand for subsidized housing.
To further contextualize, the typical ZIP codes within the Wichita Falls, TX MSA likely have higher market rents and home values. The discrepancy between the FMR and market rent in 76308 highlights an opportunity for landlords who can manage their properties efficiently, offering rents close to the FMR but still within reach of potential Section 8 tenants. This makes 76308 a value pocket within its metro, where investors can find good deals on both rental and purchase properties.
The high renter share also points towards a robust demand for rental units, particularly those that can accommodate Section 8 vouchers. For small-portfolio investors, this means that there is a steady pool of potential tenants who rely on government subsidies for housing. Therefore, focusing on maintaining quality rental units at rates competitive with the FMR could yield consistent returns and a stable tenant base.
In summary, 76308 presents itself as a value pocket within the Wichita Falls, TX MSA. Its below-average home values and high renter share create conditions favorable for Section 8 investments. Landlords and investors should consider the economic benefits of serving this demographic while ensuring they meet all regulatory requirements for Section 8 participation.
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.