Location: Wichita Falls, TX | Metro: Wichita Falls, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 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 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 76370 in Megargel, Texas, for fiscal year 2024 is set at $940. According to recent data, the median monthly rent for a 1-bedroom apartment in this area is $680, while a 4-bedroom home averages $1,290. Comparing these figures, voucher tenants would typically cashflow at the FMR level, especially in smaller units.
The median home value in ZIP 76370 is $62,800, significantly below the national median of $338,100. This translates to a rent-to-price ratio that suggests properties in this ZIP code are undervalued relative to their rental income potential. Given the low median home values, even modest increases in rental income can have a substantial impact on cashflow.
The 1-year home appreciation rate in Megargel is 15.22%, surpassing the U.S. average of 8.27%. This strong appreciation trend indicates that investing in Section 8 properties here could yield above-average returns, making appreciation the strongest angle for investors.
Data Sources: FMR data from HUD (2027). 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.