Section 8 Fair Market Rent (FMR) for ZIP 73071 - 2027

Investment Score for ZIP 73071

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$970
1 Bedroom	$1,050
2 Bedrooms	$1,280
3 Bedrooms	$1,730
4 Bedrooms	$1,950
5 Bedrooms	$2,262
6 Bedrooms	$2,533
7 Bedrooms	$2,736
8 Bedrooms	$2,873

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,280	$135,696	0.94%	C
3BR	$1,730	$221,834	0.78%	D
4BR	$1,950	$323,465	0.6%	D
5BR	$2,262	$462,081	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 73071 (Norman, OK) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 73071 in Norman, Oklahoma, for 2026 is set at $1290 for a two-bedroom unit. This represents 24.2% of the median household income of $64,007. The FMRs for other bedroom sizes are as follows: $970 for a zero-bedroom unit, $1050 for a one-bedroom unit, $1740 for a three-bedroom unit, and $1930 for a four-bedroom unit. However, the actual rents in the area are significantly higher. According to Zillow, the median price for a two-bedroom property is $134,848, which translates to a monthly rental cost of approximately $1124 based on typical mortgage rates and property management costs. This is already above the FMR of $1290 for a two-bedroom unit, indicating that the actual rent levels are higher than what the vouchers can cover. This creates a constraint for voucher holders, who might find it challenging to secure housing within their budget. They would likely need to look for properties below the FMR or negotiate with landlords willing to accept lower rent amounts. #### Affordability & Renter Profile ZIP code 73071 has a high percentage of renters at 51.8%, suggesting a significant demand for rental properties. The occupancy rate stands at 93.1%, indicating that the rental market is relatively tight. Given the median household income of $64,007, many residents are likely to be price-sensitive and dependent on affordable housing options. The high rent-to-income ratio (8.7x for a two-bedroom unit) suggests that the market is not particularly affordable for most residents. This tight market could mean that there is little room for price negotiation, and landlords have the upper hand in setting rent prices. #### Investor Angle From an investor’s perspective, the ZIP code 73071 presents a mixed picture. While the occupancy rate is high, the actual rents are much higher than the FMRs, which means that Section 8 voucher holders might struggle to find suitable housing. For investors focusing solely on Section 8 tenants, the cash flow would likely be negative unless they can find properties priced at or below the FMR. To determine if the ZIP is cash-flow positive at FMR, we need to consider the typical costs associated with owning and managing a rental property. Assuming a purchase price of $134,848 for a two-bedroom unit, and using a conservative estimate of a 4% annual mortgage interest rate, the monthly mortgage payment would be around $550. Adding property taxes, insurance, maintenance, and management fees, the total monthly expenses could easily exceed the FMR of $1290. Therefore, it is unlikely that an investor would achieve positive cash flow at the FMR level. Given these dynamics, the investment grade for this ZIP code would be considered low for Section 8-focused investors due to the negative cash flow potential. #### Specific Actionable Insights 1. **Target Lower-Rent Properties**: Investors should focus on acquiring properties that are priced at or below the FMR. For example, a two-bedroom unit priced at $1290 per month would be more attractive to Section 8 voucher holders and potentially offer better occupancy rates. 2. **Negotiate with Landlords**: Since the actual rents are higher than the FMR, investors might need to negotiate with landlords to reduce the rent to a level that is acceptable under the voucher program. This could involve offering a longer-term lease or providing additional incentives to landlords. 3. **Consider Multi-Family Units**: Given the high rent-to-income ratio, multi-family units such as apartments or complexes might be more viable options for Section 8 tenants. These units often have lower per-unit costs and can provide economies of scale for investors. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 73071 is to **skip** this market. The high actual rents compared to the FMR make it difficult to achieve positive cash flow, and the tight market conditions suggest limited opportunities to acquire properties at or below the FMR. Investors looking for more favorable conditions should consider other ZIP codes where the actual rents are closer to the FMR and where the market is less competitive.

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.