Bexar County/San Antonio/78232

78232

ZIPSAFMR

Bexar County, TX

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ZIP Investment Score

59Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,270	$850	1.6%
1 BR	$1,390	$1,450	1.0%
2 BR	$1,670	$1,610	0.4%
3 BR	$2,160	$2,010	1.1%
4 BR	$2,510	$2,460	0.1%
5 BR	$2,887	Not available	0.1%
6 BR	$3,319	Not available	0.1%
7 BR	$3,817	Not available	0.1%
8 BR	$4,390	Not available	0.1%

Purchase Price Calculator

Maximum purchase price

$177,329

Cost breakdown

+Likely effective rent$1,610

HUD FMR$1,670

Market rentUsed$1,610

Est. payment standard (98%)$1,630

-Principal and interest-$897

Loan amount$141,863

Down payment$35,466

Rate6.50%

Term30 years

-Operating costs-$513

Property taxes-$177

Insurance-$175

Utilities$0

HOA$0

Management-$161

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$25,918(73.1% ROI)

Projected value

$190,964

Return breakdown

Property appreciation+$13,635

Loan principal paid down+$5,083

Rental cash flow+$7,200

5-year hold

+$44,366(125.1% ROI)

Projected value

$200,631

Return breakdown

Property appreciation+$23,302

Loan principal paid down+$9,064

Rental cash flow+$12,000

10-year hold

+$95,264(268.6% ROI)

Projected value

$226,996

Return breakdown

Property appreciation+$49,667

Loan principal paid down+$21,597

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.49ratio

FMR$1,270

Market$850

vs market+$420

FMR is above market; underwrite to market rent.

1.49

1 BR

0.94ratio

FMR$1,390

Market$1,480

vs market-$90

FMR is near market; voucher and private rents are aligned.

0.94

2 BR

1.04ratio

FMR$1,670

Market$1,610

vs market+$60

FMR is near market; voucher and private rents are aligned.

1.04

3 BR

1.07ratio

FMR$2,160

Market$2,010

vs market+$150

FMR is near market; voucher and private rents are aligned.

1.07

4 BR

1.02ratio

FMR$2,510

Market$2,460

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.02

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 78232 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 78232 (San Antonio, TX) is $1,670 a month. That is up 0.6% from $1,660 in FY 2026. San Antonio is in the San Antonio-New Braunfels, TX HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 104 ZIP codes in Bexar County, 78232 has the 25th-highest two-bedroom rent (county range $1,020–$2,160). The median county two-bedroom FMR in Texas is $1,105, so ZIP 78232 is 51% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 78232
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,250	$1,270	+1.6%	$1,143–$1,397
1BR	$1,370	$1,390	+1.5%	$1,251–$1,529
2BR	$1,660	$1,670	+0.6%	$1,503–$1,837
3BR	$2,130	$2,160	+1.4%	$1,944–$2,376
4BR	$2,480	$2,510	+1.2%	$2,259–$2,761

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 78232
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,270	$1,390	$1,670	$2,160	$2,510
FY 2026	$1,250	$1,370	$1,660	$2,130	$2,480
FY 2025	$1,270	$1,400	$1,710	$2,170	$2,560
FY 2024	$1,210	$1,350	$1,650	$2,090	$2,500
FY 2023	$1,060	$1,220	$1,480	$1,880	$2,290

Two-bedroom rent in nearby Bexar County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 78232
78226	$1,210	−27.5%
78227	$1,250	−25.1%
78228	$1,240	−25.7%
78229	$1,510	−9.6%
78230	$1,550	−7.2%
78231	$1,470	−12.0%
78232Current	$1,670	—
78233	$1,620	−3.0%
78234	$2,160	+29.3%
78235	$1,610	−3.6%
78236	$2,160	+29.3%
78237	$1,160	−30.5%

Questions about ZIP 78232 rents

How much will Section 8 pay for a two-bedroom in ZIP 78232?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,670, that basic range is $1,503 to $1,837 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 78232 in?

ZIP 78232 is in the San Antonio-New Braunfels, TX HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 78232 for FY 2027?

The two-bedroom FMR rose 0.6%, from $1,660 in FY 2026 to $1,670 in FY 2027. Since FY 2023 it has risen 12.8%.

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

County fair market rent San Antonio, TX fair market rent TX statewide rents What is SAFMR?Data sources