Section 8 Fair Market Rent (FMR) for ZIP 76932 - 2027

Location: Reagan County, TX | Metro: Reagan County, TX

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$810
2 Bedrooms	$1,010
3 Bedrooms	$1,320
4 Bedrooms	$1,470
5 Bedrooms	$1,705
6 Bedrooms	$1,910
7 Bedrooms	$2,063
8 Bedrooms	$2,166

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,232

Median Household Income

$57,813

Housing Units

1,309

Renter Percentage

30.0%

Occupancy Rate

78.9%

Renter Occupied

310

In evaluating whether to purchase properties in ZIP code 76932 for Section 8 investment, follow this decision tree:

Step 1: The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,020. This figure needs to be compared against the debt service of a property priced at $179,141. If the monthly debt service is less than $1,020, then the answer to the first question is yes. For instance, if the monthly debt service is $800, the FMR of $1,020 does indeed cover it, making the investment feasible from a financial standpoint.

Step 2: Next, consider the current market rent which stands at $746 according to the Census ACS. Compare this with the FMR of $1,020. In this case, the market rent is below the FMR. This suggests that there is room for rental increases to align with the FMR, but also indicates that the current market conditions might not fully support the higher FMR immediately upon purchase. Landlords must weigh the potential for future rent increases against the risk of lower initial returns.

Step 3: Assess the demand. In ZIP 76932, 30.0% of residents are renters. However, the Days on Market (DOM) is listed as N/A, which means there's no available data to gauge how quickly rental units are typically filled. Without this information, it's difficult to determine if the rental rate can sustain the number of Section 8 tenants needed to fill the units.

Decision Pathways:

If the monthly debt service is less than $1,020, and you're willing to accept lower initial rents with the expectation they will rise to meet the FMR, and you believe the 30.0% rental rate is sufficient without needing DOM data to confirm demand, then the answer is Yes.
If the monthly debt service exceeds $1,020, or you're unwilling to wait for market rents to catch up to the FMR, then the answer is No.
If you're uncertain about the future alignment of market rents with the FMR, or if you need more concrete evidence regarding the speed at which rental units are filled, then the answer is It Depends. Additional research into local real estate trends and possibly acquiring more recent DOM data would be advisable before making an investment decision.

The key to making a sound investment decision lies in balancing these factors. Ensure the FMR can cover your debt service, evaluate the gap between current market rents and the FMR, and assess whether the rental population is large enough to sustain demand.

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.