Location: Austin-Round Rock-San Marcos, TX | Metro: Austin-Round Rock-San Marcos, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
U.S. Census Bureau data (2024)
Round Rock’s 78664 zip code anchors the northern side of this booming suburb, often defined by its proximity to major employment hubs and a family-friendly atmosphere. A key institution driving local stability is Dell Technologies, whose massive headquarters campus sits just southwest of this zip code, providing a steady base of high-income earners. The area maintains a blend of established residential neighborhoods and expanding retail corridors, reinforcing its reputation as a practical, commuter-friendly alternative to downtown Austin.
From a strictly numerical perspective, the Section 8 opportunity here shows clear upside. The FY2026 Fair Market Rate for a 2-bedroom unit is set at $1,790, yet current market rents (Zillow ZORI) average only $1,572, creating a favorable $218 premium for voucher holders. With a median home value of $342,152 and a median 2BR sale price of $258,174, entry costs remain relatively moderate. However, investors should note that properties are sitting on the market for a median of 78 days, suggesting a sales cycle that requires patience.
Demand drivers are robust, supported by a 46.3% renter share and a median household income of $87,417. This income level is well above the national average, indicating that even cost-burdened renters likely have reliable cash flow. The area is served by the highly-rated Round Rock Independent School District, a significant draw for families, while the limited public transit emphasizes the necessity of personal vehicle ownership, a trait common in suburban Texas markets.
The strongest investor angle in 78664 is cash flow via the Section 8 premium. The gap between the FMR and market rent provides a safety buffer that market-rate tenants cannot match. Combined with reasonable acquisition prices relative to the broader Austin metro, this zip code offers a solid fundamentals play for landlords seeking immediate yield rather than speculative appreciation.
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.