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 | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,010 | $125,777 | 0.8% | C |
| 2BR | $1,230 | $167,388 | 0.73% | D |
| 3BR | $1,670 | $239,781 | 0.7% | D |
| 4BR | $1,870 | $350,973 | 0.53% | F |
| 5BR | $2,169 | $502,345 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 73069 in Norman, OK, is characterized by a significant rental population, with 54.3% of residents being renters. This indicates that it is a renter-heavy area, likely to have a robust demand for housing vouchers under the Section 8 program. Given the median household income of $58,888, the typical market rent of $1,367 represents approximately 23.2% of the average monthly income. This percentage is calculated by dividing the annual median income by 12 to find the monthly income, then dividing the market rent by this figure.
To put this into perspective, the Fair Market Rent (FMR) for ZIP 73069, as set by HUD for FY 2024, is $1,040. This means that the actual market rent exceeds the FMR by about 31.4%. Landlords should note that while there is strong demand for rental properties, the gap between market rent and FMR suggests that tenants relying solely on vouchers may struggle to afford the higher market rates without additional income sources or supplemental assistance.
In terms of tenant profiles, landlords in ZIP 73069 can expect a mix of low-income families, individuals, and seniors who qualify for Section 8 vouchers. These tenants will typically have an income below the area median income (AMI), often around 30-50% of AMI. They will be looking for affordable housing options that fit within their budget constraints, which are significantly influenced by the voucher amount. Therefore, landlords should be prepared to offer competitive rents close to or slightly above the FMR to attract and retain these tenants effectively.
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.