Location: Grady County, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
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 | $660 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,270 | $197,921 | 0.64% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 73002 in fiscal year 2024 is set at $920. This figure represents the payment standard for Section 8 housing vouchers, which is the amount that the government will pay towards your tenant's rent. However, it is important to note that this does not mean you must charge exactly $920; rather, it is the maximum amount the voucher will cover.
In comparison, the average rent in ZIP 73002, according to the latest Census American Community Survey (ACS), is $680. This indicates that the FMR is higher than the typical market rate, providing a potential opportunity for landlords to receive a subsidy above the local average rent.
The 17.8% share of renters in the area suggests there is a consistent demand for rental properties, including those that accept Section 8 vouchers. Given this demand, landlords can expect a steady stream of applicants interested in subsidized housing options.
When considering the acquisition cost of a property in ZIP 73002, the median household income is approximately $172,332. This high median income can be an indicator of the financial health of the area and potentially the ability to command higher rents once a tenant's voucher contribution is accounted for.
Before making a final decision on whether to participate in the Section 8 program with a rental property in ZIP 73002, it is crucial to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these requirements can result in penalties and loss of rental income.
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.