FMR is near market; voucher and private rents are aligned.
0.94
1 BR
1 BR
0.84ratio
FMR$1,350
Market$1,600
vs market-$250
FMR is below market; voucher rent may lag private rents.
0.84
2 BR
2 BR
0.91ratio
FMR$1,600
Market$1,750
vs market-$150
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
1.17ratio
FMR$2,160
Market$1,840
vs market+$320
FMR is above market; underwrite to market rent.
1.17
4 BR
4 BR
1.22ratio
FMR$2,670
Market$2,180
vs market+$490
FMR is above market; underwrite to market rent.
1.22
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
--
ZIP 77387 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 77387 (Spring, TX) is $1,600 a month. That is down 5.3% from $1,690 in FY 2026. Spring is in the Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,497. Among 31 ZIP codes in Montgomery County, 77387 is tied for the 11th-highest two-bedroom rent (county range $1,070–$2,040). The median county two-bedroom FMR in Texas is $1,105, so ZIP 77387 is 45% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 77387
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,370
$1,320
−3.6%
$1,188–$1,452
1BR
$1,420
$1,350
−4.9%
$1,215–$1,485
2BR
$1,690
$1,600
−5.3%
$1,440–$1,760
3BR
$2,270
$2,160
−4.8%
$1,944–$2,376
4BR
$2,840
$2,670
−6.0%
$2,403–$2,937
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 77387
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,320
$1,350
$1,600
$2,160
$2,670
FY 2026
$1,370
$1,420
$1,690
$2,270
$2,840
FY 2025
$1,330
$1,390
$1,660
$2,210
$2,790
FY 2024
$1,160
$1,230
$1,470
$1,940
$2,490
FY 2023
$1,130
$1,200
$1,430
$1,880
$2,440
Two-bedroom rent in nearby Montgomery County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 77387?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,497, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,347 to $1,647 a month; under the ZIP-level Small Area FMR of $1,600 it would be $1,440 to $1,760. 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 77387 in?
ZIP 77387 is in the Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,497.
How much did fair market rent change in ZIP 77387 for FY 2027?
The two-bedroom FMR fell 5.3%, from $1,690 in FY 2026 to $1,600 in FY 2027. Since FY 2023 it has risen 11.9%.
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 Small Area Fair Market Rents and area FMRs. 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