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 | $1,130 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,730 | $250,286 | 0.69% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 79764 in fiscal year 2024 is set at $1240. This figure represents the payment standard for Section 8 housing assistance, meaning that if you participate in the program, the government will pay up to this amount per month to help low-income tenants cover their rent. However, it's important to note that this is not the actual rent you can charge; it's the maximum subsidy amount.
To put this into perspective, the average rent for the area, according to the latest Census American Community Survey (ACS), is $898. This suggests that the FMR is significantly higher than the typical market rate, which could be advantageous for landlords participating in Section 8, as they might be able to receive a higher monthly payment compared to the local average.
In ZIP 79764, approximately 32.6% of households are renters. This indicates a substantial demand for rental properties, making it a viable market for landlords looking to enter the Section 8 program. With such a significant portion of the population renting, there is likely a steady pool of potential tenants who qualify for housing assistance.
If you're considering purchasing a property in this area for your first Section 8 rental, the median home value is around $228,090. This figure gives you an idea of the acquisition cost for a property, allowing you to calculate potential returns on investment based on the FMR and the local average rent.
Before you proceed with your purchase, verify that the property meets all the necessary requirements for Section 8 eligibility. This includes ensuring that the property complies with health and safety standards, which are essential for receiving the housing assistance payments.
By understanding these key figures—the FMR, the local average rent, the renter share, and the median home value—you can make a well-informed decision about whether Section 8 is right for your investment strategy in ZIP 79764.
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.