Location: Coke County, TX | Metro: San Angelo, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,490 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
U.S. Census Bureau data (2024)
The median income in ZIP code 76905 stands at $84,712, which places significant constraints on households when it comes to affording the market rate rent of $1,314 (ZORI). To put this into perspective, let's break down the financial landscape.
A household earning the median income would find it challenging to meet the ZORI without substantial financial strain. According to HUD guidelines, housing costs should not exceed 30% of a household's gross income to be considered affordable. In ZIP 76905, this threshold is approximately $2,118 per month, well above the ZORI but still indicative of the tight margins renters face.
The Federal Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1,350, slightly higher than the current market rate. This suggests that while market rents are already high relative to median income, the voucher payment standard is even more generous. For landlords, this means accepting Section 8 vouchers could potentially offer a better rental income compared to the market rate.
With 28.6% of the 14,456 population being renters, the competition among landlords is likely to be moderate. However, the affordability gap—where many renters struggle to pay market rates—could drive more tenants towards voucher programs, increasing demand for properties that accept Section 8.
Takeaway: Landlords in ZIP 76905 should consider the benefits of accepting Section 8 vouchers. While the market rate is $1,314, the voucher payment standard of $1,350 provides a slight advantage. Given the financial pressures on local renters, properties that accept vouchers may attract a larger pool of potential tenants, reducing vacancy rates and ensuring steady rental income.
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.