Location: Limestone County, TX | Metro: Waco, TX HUD Metro FMR Area
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 | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $74,049 | 1.51% | A+ |
| 3BR | $1,470 | $147,417 | 1% | C |
| 4BR | $1,500 | $297,066 | 0.5% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 76664 in Mart, TX, for fiscal year 2024 is set at $1190. This figure represents the payment standard for Section 8 housing vouchers, which means that if you participate in the Section 8 program, you will receive up to $1190 per month to cover rent and utilities for eligible tenants.
However, it's important to note that this does not necessarily mean your tenants will pay this amount in rent. The actual rent paid by tenants can vary based on their income, but the maximum you can charge under the voucher program is capped at $1190. For comparison, the average rent in the area is $941 according to recent Census data, indicating that the FMR is higher than the typical market rate, potentially offering a better financial outcome for landlords.
The renter share in Mart, TX, stands at 25.4%, meaning nearly a quarter of the population are renters. This suggests there is a decent demand for rental properties, particularly those that accept Section 8 vouchers. The median home value in the area is around $155,395, which gives an indication of the potential acquisition costs for a property. If you're looking to buy a rental property, this figure serves as a benchmark for what you might expect to pay.
To make an informed decision about entering the Section 8 rental market, verify that the property meets all the necessary criteria for participation. This includes ensuring that the rent is reasonable compared to other similar units in the area and that the unit passes a Housing Quality Standards (HQS) inspection. These steps are crucial to ensure compliance and avoid any issues down the line.
In summary, the FMR of $1190 provides a clear payment standard that can be advantageous for landlords. With the average rent at $941 and a significant portion of the population renting, the opportunity exists for a stable tenant base. Before proceeding, ensure your property is ready for the HQS inspection to guarantee eligibility for the Section 8 program.
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.