Section 8 Fair Market Rent (FMR) for ZIP 78465 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 in ZIP code 78465, located in Corpus Christi, Texas, are governed by the SAFMR (Small Area Fair Market Rent) which is specific to this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $1350. This figure represents the maximum amount that the housing authority will reimburse a landlord per month under the Section 8 program.

To understand the actual payment a landlord receives, it's important to break down the components of the voucher. A tenant participating in the Section 8 program typically pays 30% of their adjusted income towards rent. The remainder, up to the SAFMR limit, is covered by the housing assistance payment. Additionally, there are utility allowances which can vary but are usually around $300-$400 per month depending on the tenant's situation and the housing authority's guidelines.

Let's assume a hypothetical scenario where a tenant's portion of the rent is $405 (30% of an adjusted income of $1350), and the utility allowance is $350. In this case, the total reimbursement to the landlord would be the tenant's portion ($405) plus the utility allowance ($350), totaling $755. However, the housing authority will only pay up to the SAFMR limit of $1350. Therefore, the landlord would receive the difference between the tenant's portion and the SAFMR, which is $945, plus the utility allowance of $350, making the total monthly reimbursement $1295.

This calculation shows that landlords in ZIP 78465 should expect to receive approximately $1295 per month for a two-bedroom apartment, assuming the tenant's income is at the adjusted maximum level and utility allowances are standard. If the market rent in the area were higher than the SAFMR, landlords would face a reimbursement gap, meaning they would not receive the full market rent for their property.

Given the SAFMR of $1350 and the reimbursement structure described, landlords can anticipate a reimbursement gap if the local market rent exceeds $1350. Since the local market rent data is currently unavailable, landlords should monitor the market closely to ensure they are not operating at a loss due to the reimbursement cap. Conversely, if the local market rent is below $1350, landlords could potentially see a surplus in their rental income.

Data Sources: FMR data from HUD (2027).

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.