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 | $840 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $950 | $66,706 | 1.42% | A |
| 2BR | $1,150 | $78,496 | 1.47% | A |
| 3BR | $1,550 | $148,744 | 1.04% | B |
| 4BR | $1,750 | $294,102 | 0.6% | F |
U.S. Census Bureau data (2024)
The ZIP code 76309, located in Wichita Falls, TX, presents a nuanced rental market scenario. The median household income stands at $54,159, while the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is set at $1,002 per month. This means that on average, a household would spend nearly 22% of their annual income on rent alone, which is a significant portion.
Comparatively, the Fair Market Rent (FMR) for ZIP 76309, as determined by HUD for fiscal year 2024, is $1,010. This figure represents the payment standard for housing vouchers, indicating that voucher holders could potentially cover a slightly higher rent than the market rate suggests. However, it's important to note that voucher payments typically do not exceed the FMR, so landlords should expect payments capped at $1,010.
In ZIP 76309, 42.7% of the 13,395 residents are renters. This substantial proportion of the population highlights the importance of rental properties in the area. Given the median income and the market rent, there exists an affordability gap for many households. This gap can lead to increased competition among landlords, as they vie for tenants who are willing and able to pay the market rate or accept voucher payments.
The takeaway for landlords is clear: understanding the dynamics between market rents and voucher payment standards is crucial. While some tenants might prefer the flexibility and reliability of cash-paying arrangements, others will be drawn to the stability offered by voucher-backed rentals. Landlords should consider both options carefully, weighing the benefits of consistent cash flow against the administrative aspects of accepting vouchers. In ZIP 76309, where the median income closely aligns with the market rent, offering a mix of both strategies can help secure a steady stream of tenants amidst a competitive landscape.
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.