Location: Mills County, TX | Metro: Mills County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
ZIP code 76864, located within the Mills County, TX metro, presents a unique set of characteristics that distinguish it from other ZIP codes in the area. The Fair Market Rent (FMR) for ZIP 76864 is set at $980 for fiscal year 2026, which is notably higher than the market rent of $771. This indicates that the government's estimate of what constitutes a fair rent is significantly above what the market currently supports, suggesting a potential opportunity for landlords who can offer affordable units.
The absence of a home value figure for ZIP 76864 suggests limited data on single-family homes or that the area primarily consists of rental properties. This aligns with the 17.4% renter share, which is relatively high compared to typical ZIP codes in Mills County, TX. A higher renter share often points towards areas where rental housing is more prevalent and possibly more sought-after.
When considering ZIP 76864 within the broader context of its metro, the combination of a high FMR with a below-metro average market rent and a significant renter share points to it being a value pocket for Section 8 participants. Value pockets are areas where the cost of living is lower than the government's subsidy rates, making them attractive to those receiving housing assistance. The discrepancy between the FMR and the actual market rent implies that there is a gap where properties could be rented at a rate subsidized by Section 8, yet still remain below the overall market rent of the county.
This analysis provides a clear picture of ZIP 76864 as an area that could benefit both landlords seeking stable tenants and small-portfolio investors looking to capitalize on the demand for affordable rental housing. The key takeaway is that despite the lack of specific home value data, the high renter share and favorable rent-to-FMR ratio indicate a strong alignment with Section 8 requirements.
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.