Location: Oklahoma City, 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 | $1,170 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,550 | $170,780 | 0.91% | C |
| 3BR | $2,100 | $281,396 | 0.75% | D |
| 4BR | $2,360 | $411,443 | 0.57% | F |
| 5BR | $2,738 | $515,217 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 73020 in Choctaw, OK, stands out within Oklahoma County due to its unique demographic and economic characteristics. With a population of 25,645, it has a relatively low rental rate of 11.3%, indicating that most residents prefer homeownership. The median income in the area is $104,601, which is higher than the national average, suggesting a financially stable community. The median home value is also quite high at $297,940, reflecting the overall affluence of the neighborhood.
When considering the impact of Section 8 vouchers, the data shows a significant discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR for ZIP 73020 is set at $1,300, while the ZORI (Zillow Rent Index) indicates a market rent of $1,670. This means that landlords who accept Section 8 vouchers will receive less rent than the market rate, potentially impacting their profitability. However, the higher median income and home values suggest that the demand for rental properties may still be strong, particularly for those that offer amenities or are located in desirable areas.
Based on the data, the ZIP code 73020 appears to be in a stable condition. The high median income and home values indicate a community that is financially secure and likely to remain so. While the rental rate is low, the potential for growth exists, especially if more affordable housing options become available. Landlords should carefully consider the economics of accepting Section 8 vouchers, weighing the lower rent against the stability of long-term tenants and the broader economic context of the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.