Section 8 Fair Market Rent (FMR) for ZIP 77039 - 2027

Location: Houston-The Woodlands-Sugar Land, TX | Metro: Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area

Investment Score for ZIP 77039

Monthly Rent (2BR)

$1,300

Median Price (2BR)

$113,157

1% Rule

1.15%

Annual Yield

13.79%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,070
1 Bedroom	$1,100
2 Bedrooms	$1,300
3 Bedrooms	$1,750
4 Bedrooms	$2,170
5 Bedrooms	$2,517
6 Bedrooms	$2,819
7 Bedrooms	$3,045
8 Bedrooms	$3,197

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,300	$113,157	1.15%	B
3BR	$1,750	$186,988	0.94%	C
4BR	$2,170	$216,213	1%	B
5BR	$2,517	$264,933	0.95%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

27,862

Median Household Income

$47,119

Housing Units

8,947

Renter Percentage

40.3%

Occupancy Rate

91.7%

Renter Occupied

3,303

The ZIP code 77039, located in Houston, Texas, is a dynamic area characterized by a mix of residential neighborhoods and commercial developments. It offers a range of housing options suitable for various demographics, including families and young professionals.

Fair Market Rent (FMR): The FMR for ZIP 77039 in fiscal year 2024 is set at $1,160, providing a benchmark for rental pricing that reflects the local housing market conditions.
Market Rent (ZORI): According to Zillow's Rent Index (ZORI), the average market rent in ZIP 77039 is $1,388, indicating that rents are above the FMR, suggesting strong demand for rental properties.
Median Home Value: The median home value in ZIP 77039 is $191,604, which is relatively low compared to other areas in Houston, making it accessible for first-time homebuyers and investors looking for affordable entry points.
Renter Share: Approximately 40.3% of households in ZIP 77039 are renters, underscoring the importance of rental properties in meeting the housing needs of the population.
Days on Market (DOM): The data does not provide a specific Days on Market figure, but this could be indicative of either a balanced market or a lack of recent sales activity that would typically affect DOM calculations.
Median Income: The median household income in ZIP 77039 is $47,119, which is below the national average, reflecting a community with diverse economic backgrounds.

The combination of a robust rental market, where average rents exceed the FMR, and a lower median home value suggests that ZIP 77039 can be a lucrative investment opportunity for landlords and small-portfolio investors. With nearly half of the households renting, there is a significant demand for rental properties, and the relatively low median income indicates a need for affordable housing options. These factors contribute to a stable rental environment, though investors should monitor the local economy and housing trends closely to capitalize on opportunities and mitigate risks.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.