Section 8 Fair Market Rent (FMR) for ZIP 77441 - 2027

Investment Score for ZIP 77441

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	$1,610
1 Bedroom	$1,660
2 Bedrooms	$1,980
3 Bedrooms	$2,660
4 Bedrooms	$3,310
5 Bedrooms	$3,840
6 Bedrooms	$4,301
7 Bedrooms	$4,645
8 Bedrooms	$4,877

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	$1,980	$368,538	0.54%	F
3BR	$2,660	$394,230	0.67%	D
4BR	$3,310	$514,810	0.64%	D
5BR	$3,840	$735,088	0.52%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 77441 (Fulshear, TX) #### Section 8 Voucher Dynamics In ZIP code 77441, the Fair Market Rent (FMR) for a two-bedroom unit is set at $2190 per month. However, the actual median rent for a two-bedroom unit based on Zillow data is $366,625 annually, which translates to approximately $30,552 monthly. This indicates that the actual rents are significantly higher than the FMR. The price-to-FMR ratio is 14.0x, meaning that the actual rent is 14 times the FMR. For voucher holders, this means they face severe constraints in finding affordable housing within their budget. The FMR represents only about 14.3% of the median household income, which is $184,390, suggesting that even without vouchers, the cost of renting is relatively low compared to the income levels in the area. #### Affordability & Renter Profile The population of Fulshear is 41,324, with only 8.0% being renters. This low percentage of renters suggests that the market is primarily composed of homeowners, making it a tight market for rental properties. The occupancy rate stands at 97.6%, indicating that there is very little vacancy and high demand for available units. Given the median household income of $184,390, most residents can afford higher rents, but those relying on Section 8 vouchers would struggle to find suitable housing. The high median rent relative to FMR also implies that the rental market is highly competitive and not easily accessible for low-income households. #### Investor Angle From an investor perspective, the ZIP code 77441 presents a challenging scenario for cash flow if targeting Section 8 voucher holders. With the FMR for a two-bedroom unit at $2190, and the actual median rent being $30,552 per month, the gap between the two is substantial. The investment grade would be low for Section 8-focused investors due to the limited number of renters who can use these vouchers and the high competition from other types of tenants willing to pay much higher rents. The cash flow potential is negative when considering the actual market rents versus the FMR. #### Specific Actionable Insights 1. **Focus on Higher-Rent Properties**: Since the actual market rents are so much higher than the FMR, investors should consider focusing on properties that cater to the broader market rather than exclusively targeting Section 8 voucher holders. A two-bedroom unit priced at $30,552 monthly could generate significant returns, especially given the high median household income in the area. 2. **Develop Mixed-Income Housing**: To address both affordability concerns and maximize investment potential, developing mixed-income housing projects could be a viable strategy. This approach allows for a portion of units to be rented at FMR rates while others can be rented at market rates. For instance, a project might include a mix of units priced at $2190 for Section 8 tenants and $30,552 for market-rate tenants. #### Bottom Line Given the high actual rents compared to the FMR and the limited number of renters in the area, the recommendation for Section 8-focused investors is to **Skip** this ZIP code. The tight rental market and the significant disparity between FMR and actual rents make it difficult to achieve positive cash flow using Section 8 vouchers alone. Investors should look for areas where the FMR is closer to the actual market rents or where there is a larger percentage of renters who can benefit from such programs.

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.