Section 8 Fair Market Rent (FMR) for ZIP 77047 - 2027

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

Investment Score for ZIP 77047

Monthly Rent (2BR)

$1,850

Median Price (2BR)

$180,920

1% Rule

1.02%

Annual Yield

12.27%

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	$1,520
1 Bedroom	$1,560
2 Bedrooms	$1,850
3 Bedrooms	$2,490
4 Bedrooms	$3,090
5 Bedrooms	$3,584
6 Bedrooms	$4,014
7 Bedrooms	$4,335
8 Bedrooms	$4,552

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	$1,850	$180,920	1.02%	B
3BR	$2,490	$235,218	1.06%	B
4BR	$3,090	$286,710	1.08%	B
5BR	$3,584	$303,038	1.18%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

34,987

Median Household Income

$78,538

Housing Units

13,529

Renter Percentage

27.6%

Occupancy Rate

95.6%

Renter Occupied

3,572

The ZIP code 77047 is located in Houston, Texas, and represents a vibrant urban neighborhood that balances affordability with proximity to major employment centers. This area is particularly attractive for Section 8 real-estate investors due to its supportive housing policies and a mix of residential properties that cater to both homeowners and renters.

The Fair Market Rent (FMR) for ZIP 77047 in fiscal year 2024 is set at $1,590, which aligns closely with the average rental assistance provided to tenants through the Section 8 program.
The market rent, as measured by ZORI (Zillow Observed Rent Index), stands at $1,957, indicating that the area's rental market is slightly above the subsidized rates but still offers opportunities for cost-effective investments.
The median home value in ZIP 77047 is $251,977, making it a relatively affordable location for property acquisition compared to other parts of Houston.
Renters make up 27.6% of the population, showing a significant demand for rental properties and a steady stream of potential tenants.
The days on market (DOM) for rental listings is 37 days, suggesting a moderate speed in finding tenants, which can be beneficial for maintaining cash flow.
The median household income is $78,538, providing a solid economic base for residents to afford housing, even when relying on rental assistance programs.

Investors looking to enter the ZIP 77047 market should find it favorable given the alignment between the Fair Market Rent and the ZORI, along with the reasonable median home values. The substantial renter share and manageable DOM indicate a healthy rental market, while the median income supports the viability of tenants receiving rental assistance. These factors collectively suggest a promising investment climate for those interested in Section 8 properties.

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.