Location: Odessa, TX | Metro: Odessa, TX MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $175,840 | 0.91% | C |
| 3BR | $1,910 | $261,674 | 0.73% | D |
| 4BR | $2,190 | $327,786 | 0.67% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 79762 in Odessa, Texas, for fiscal year 2024 is set at $1560. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the government to determine the maximum subsidy for tenants.
In comparison, the local median asking rent for ZIP 79762 is currently at $1,521, according to the Zillow Observed Rent Index (ZORI). This suggests that the FMR closely aligns with the typical market rent in the area, making it a reasonable benchmark for setting your rent within the parameters of the Section 8 program.
The renter share in this ZIP code is 44.1%, indicating a strong demand for rental properties. This means that nearly half of the households in the area are renters, creating a robust market for your potential Section 8 rental property. The high renter share also implies that there are many individuals and families who could benefit from the rental assistance offered through Section 8.
If you're looking to acquire a property in ZIP 79762, the median home value is approximately $261,307. This figure provides a baseline for understanding the typical price range for homes in the area, which can help you evaluate whether a particular property is overpriced or a good deal for your investment.
Before proceeding with your first Section 8 rental, ensure that the property meets all necessary housing quality standards (HQS). These requirements are set by the U.S. Department of Housing and Urban Development (HUD) and must be met for the property to qualify for Section 8 tenancy. Verification of these standards is crucial because failing to meet them can result in reduced payments or even termination of the lease agreement.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.