Location: Waco, TX | Metro: Waco, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The ZIP code 76798 presents an interesting scenario for both renters and landlords. Given the median income is not available, it's challenging to assess the financial capability of households to meet the market rate rent, which is also listed as N/A. However, we do know the Fair Market Rent (FMR) standard set for voucher payments in this area for fiscal year 2024 is $1210. This figure serves as a benchmark for what the government deems affordable for low-income families.
The lack of specific income and market rate data suggests there might be significant variability in the economic conditions of the residents. Without precise numbers on the median income and market rate, it's difficult to quantify the exact affordability gap. But the voucher payment standard provides a clear point of reference for rental prices that the government considers reasonable for assisted housing.
With a population of 2,883 and a percentage of renters at N/A%, landlords must consider the competition they face in the market. The affordability gap implies that many renters might rely on government assistance to cover their housing costs. Landlords who accept vouchers could benefit from a steady stream of tenants who are guaranteed to pay a substantial portion of their rent through the voucher program.
The takeaway for landlords considering whether to adopt a voucher vs. cash-pay strategy is that accepting vouchers can provide a reliable source of income, especially if the majority of potential tenants are likely to require some form of financial assistance. The $1210 voucher payment aligns with the government's assessment of what is affordable in the area, making it a safe bet for landlords looking to ensure consistent occupancy and income. However, landlords should also explore the local market dynamics further to understand the mix of renters who might pay above the voucher amount, thus potentially maximizing their revenue.
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.