Location: Runnels County, TX | Metro: San Angelo, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 76861 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $960 per month for fiscal year 2024. This figure is specific to this ZIP code, meaning it reflects the rental value determined by HUD (Housing and Urban Development) for this particular area.
In contrast, the local market rent for a two-bedroom unit, based on Census ACS (American Community Survey) data, stands at $866 per month. This indicates that the SAFMR is higher than the average market rent, which is beneficial for landlords participating in the program.
A voucher payment under Section 8 works as follows: the tenant is responsible for paying 30% of their adjusted income towards rent. The remaining amount is covered by the housing authority up to the SAFMR limit. For instance, if a tenant's adjusted income is $1,600 per month, they would pay $480 towards rent ($1,600 x 0.30).
The housing authority then pays the difference between the tenant's contribution and the SAFMR, which in this case would be $480 ($960 - $480). Additionally, there are utility allowances that can vary but typically add a small amount to the total reimbursement. For ZIP 76861, let's assume an average utility allowance of $200 per month.
This brings the total reimbursement for a landlord to $680 per month ($480 + $200), assuming the tenant's income is $1,600. Given that the local market rent is $866, the landlord would receive $680 from the housing authority plus the $480 paid by the tenant, totaling $1,160.
However, since the SAFMR is $960, the landlord will still receive the full SAFMR amount, which is $960, even though the tenant's portion plus utilities only adds up to $680. The housing authority makes up the difference to ensure the landlord receives the full SAFMR.
In summary, for a two-bedroom apartment in ZIP 76861, the typical reimbursement gap or surplus is a positive $94 per month ($960 - $866). Landlords should note that this surplus is due to the SAFMR being higher than the local market rent, providing a financial advantage over renting without a voucher.
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.