Location: Garvin County, OK | Metro: Grady County, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 73011 presents a unique market scenario that is indicative of a dynamic housing environment. The Fair Market Rent (FMR) for the area is set at $890 for the fiscal year 2024, which reflects the government's benchmark for affordable rental housing. This figure, however, stands alone without a corresponding market rent or price-cut percentage, suggesting a lack of significant downward pressure on rents. Similarly, the absence of days on market (DOM) data implies stability in the rental market, with properties being rented out efficiently.
The median home value in ZIP 73011 is $249,871, indicating a relatively affordable market for homeownership. However, with a 7.8% renter share, it becomes evident that a notable portion of the population prefers renting over buying. This trend suggests a persistent demand for rental properties, which can be attributed to various factors including affordability, lifestyle choices, or economic conditions that favor renting.
The low renter share percentage also points to a strong potential for long-term housing pressure. In areas where the majority of residents are homeowners, there is often less immediate pressure to build new rental units, leading to a tighter rental market when demand spikes. This could mean that any increase in the number of renters or a decrease in the availability of rental properties could quickly drive up rents.
Without specific historical data, we can infer that the market in ZIP 73011 is currently balanced, neither showing signs of overwhelming supply nor extreme scarcity. The median home value suggests a middle-ground in terms of property costs, making it accessible for both first-time buyers and those looking to invest in a stable market. The FMR indicates a level playing field between what is considered fair and what the market might bear, although the lack of direct market rent data leaves room for speculation.
The 7.8% renter share, while seemingly small, is a critical piece of the puzzle. It signals that the rental market, though not dominant, remains vital and subject to pressures that could shift the balance towards higher demand if economic conditions change. For landlords and small-portfolio investors, understanding these dynamics is key to positioning themselves in a market that values both ownership and rental opportunities.
Data Sources: FMR data from HUD (2027). 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.