FMR is near market; voucher and private rents are aligned.
1.04
1 BR
1 BR
1.08ratio
FMR$1,029
Market$950
vs market+$79
FMR is near market; voucher and private rents are aligned.
1.08
2 BR
2 BR
1.15ratio
FMR$1,297
Market$1,130
vs market+$167
FMR is above market; underwrite to market rent.
1.15
3 BR
3 BR
0.95ratio
FMR$1,693
Market$1,780
vs market-$87
FMR is near market; voucher and private rents are aligned.
0.95
4 BR
4 BR
0.79ratio
FMR$1,705
Market$2,150
vs market-$445
FMR is below market; voucher rent may lag private rents.
0.79
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 76797 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 76797 (Waco, TX) is $1,297 a month. That is up 4.6% from $1,240 in FY 2026. Waco is in the Waco, TX HUD Metro FMR Area. The median county two-bedroom FMR in Texas is $1,105, so ZIP 76797 is 17% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 76797
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$850
$903
+6.2%
$813–$993
1BR
$996
$1,029
+3.3%
$926–$1,132
2BR
$1,240
$1,297
+4.6%
$1,167–$1,427
3BR
$1,599
$1,693
+5.9%
$1,524–$1,862
4BR
$1,644
$1,705
+3.7%
$1,535–$1,876
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 76797
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$903
$1,029
$1,297
$1,693
$1,705
FY 2026
$850
$996
$1,240
$1,599
$1,644
FY 2025
$944
$1,106
$1,377
$1,776
$1,826
FY 2024
$875
$1,011
$1,266
$1,632
$1,686
FY 2023
$710
$787
$996
$1,307
$1,354
Questions about ZIP 76797 rents
How much will Section 8 pay for a two-bedroom in ZIP 76797?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,297, that basic range is $1,167 to $1,427 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 76797 in?
ZIP 76797 is in the Waco, TX HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 76797 for FY 2027?
The two-bedroom FMR rose 4.6%, from $1,240 in FY 2026 to $1,297 in FY 2027. Since FY 2023 it has risen 30.2%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Fair Market Rents. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set