Location: Wichita Falls, TX | Metro: Wichita Falls, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The median income in ZIP code 76379 stands at $70,313. Given the market rate rent of $955 per month according to the Census ACS, it becomes evident that a significant portion of the local households may struggle to afford housing without financial assistance. This is particularly relevant when considering the Federal Market Rent (FMR) standard for voucher payments, which is set at $970 for the fiscal year 2024.
The affordability gap between the median income and the market rate rent suggests that landlords could face stiff competition from properties accepting Section 8 vouchers. In ZIP 76379, with only 24.0% of the 672 residents being renters, securing tenants who can pay the full market rate might be challenging. Landlords should be aware that relying solely on cash-paying tenants could limit their pool of potential occupants.
To put this into perspective, a household earning the median income would need to allocate approximately 35% of their gross monthly income towards rent at the market rate of $955. This figure exceeds the recommended guideline of spending no more than 30% of one's income on housing costs. The FMR of $970, while slightly higher than the market rate, still represents a significant portion of the average household's earnings, making it a viable option for many.
The takeaway for landlords is clear: embracing a strategy that includes accepting Section 8 vouchers can be advantageous in ZIP 76379. Given the limited number of renters and the affordability challenges faced by the majority of households, offering both cash-pay and voucher options can help secure a steady stream of tenants. This dual approach not only broadens the tenant pool but also aligns with the realities of the local rental market, where the median income is insufficient for many to comfortably afford market rate rents.
In summary, landlords in ZIP 76379 should consider the affordability gap and the benefits of accepting Section 8 vouchers to remain competitive and ensure consistent occupancy rates.
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.