Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 73031 within the Oklahoma City, OK HUD Metro FMR area reveals several key points regarding its viability for Section 8 real estate investment.
The rent math does not work in favor of Section 8 tenants due to the lack of available market rent data. The Family Monthly Rent (FMR) for the zip code in fiscal year 2024 is set at $960, but without comparative market rent figures, it's impossible to determine if this amount aligns with what potential tenants could afford in the private market.
Regarding the affordability of property acquisition, the absence of specific data on median home values, days on market (DOM), and the percentage of homes that require price cuts complicates a straightforward assessment. However, the scarcity of such detailed metrics suggests that the market might be less active or less transparent, which could indicate either a stable market with fewer fluctuations or a less liquid market where property transactions are infrequent.
Tenant demand appears to be present given the population size of 44 and a significant 33.3% renter share. This indicates that over one-third of the residents are likely seeking rental properties, making it a reasonable assumption that there is a pool of potential Section 8 tenants.
In conclusion, while the presence of a substantial renter share points towards viable tenant demand, the uncertainty around market rents and the lack of detailed acquisition cost data make it difficult to confidently recommend investment in ZIP 73031. The FMR of $960 must be considered alongside the broader economic context of the area to ensure that rental income meets investor expectations. Further investigation into local market conditions and housing costs would provide clearer guidance on the feasibility of Section 8 investments here.
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.