Section 8 Fair Market Rent (FMR) for ZIP 73072 - 2027

Investment Score for ZIP 73072

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	$1,000
1 Bedroom	$1,090
2 Bedrooms	$1,320
3 Bedrooms	$1,790
4 Bedrooms	$2,010
5 Bedrooms	$2,332
6 Bedrooms	$2,612
7 Bedrooms	$2,821
8 Bedrooms	$2,962

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
1BR	$1,090	$106,796	1.02%	B
2BR	$1,320	$182,491	0.72%	D
3BR	$1,790	$276,332	0.65%	D
4BR	$2,010	$414,954	0.48%	F
5BR	$2,332	$605,926	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 73072 (Norman, OK) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 73072, as set by HUD for 2026, provide insight into how rental costs compare to the financial assistance available through the Section 8 housing voucher program. For a two-bedroom unit, the FMR is $1320, which represents 20.2% of the median household income of $78,546. This suggests that the rent for a two-bedroom unit is relatively affordable compared to the average income in the area. However, the actual rents can be significantly higher, as evidenced by the Zillow median price for a two-bedroom property being $180,707. The price-to-FMR ratio of 11.4x indicates that the market rent for a two-bedroom property is approximately $15,000 annually higher than the FMR. This discrepancy means that tenants using Section 8 vouchers will likely face significant constraints in finding suitable housing. They may have to look for properties below the market value or negotiate with landlords willing to accept the lower FMR rates. Given the high occupancy rate of 93.2%, competition for affordable units is intense, making it challenging for voucher holders to secure housing without substantial out-of-pocket expenses. #### Affordability & Renter Profile ZIP code 73072 has a population of 50,881, with 44.2% of residents being renters. The median household income of $78,546 suggests that the area is moderately affluent, but the high percentage of renters indicates a diverse demographic. The renter profile likely includes students, young professionals, and families who find the cost of homeownership prohibitive. The high occupancy rate of 93.2% implies that the market is tight, with limited availability of rental units. This tightness could lead to higher rents and increased demand for affordable housing options. Given the FMR rates and the actual market rents, the affordability gap is significant. A two-bedroom unit's FMR is $1320, while the market rent is much higher. This makes it difficult for low-income households to find affordable housing, especially when they need to pay the difference between the FMR and the market rent. The high rent-to-income ratio also suggests that many residents are spending a substantial portion of their income on housing, potentially leading to financial strain. #### Investor Angle From an investor perspective, the ZIP code 73072 presents both opportunities and challenges. The high occupancy rate of 93.2% ensures a steady demand for rental properties, which can be beneficial for cash flow. However, the price-to-FMR ratio of 11.4x indicates that the market rents are far above the FMR, meaning that properties rented at FMR levels would likely generate negative cash flow. To determine the investment grade, we must consider the potential for long-term appreciation and the stability of the rental market. The Zillow median price for a two-bedroom unit at $180,707 suggests that property values are relatively high, which could indicate strong long-term appreciation potential. However, the tight market and high rent-to-income ratio mean that there is a risk of tenant turnover if the rent exceeds what voucher holders can afford. #### Specific Actionable Insights 1. **Focus on Properties Below Market Value**: Investors should seek properties that are priced below the market value but still within the range of the FMR. For instance, a two-bedroom unit priced at $1320 per month would be attractive to Section 8 voucher holders and could ensure stable tenancy. This strategy requires identifying undervalued properties or negotiating with sellers to purchase at a lower price. 2. **Consider Multi-Family Units**: Given the high demand for affordable housing, multi-family units such as duplexes, triplexes, or small apartment buildings could offer better returns. These units often have higher occupancy rates and can spread the risk across multiple tenants. Additionally, larger units like three-bedroom or four-bedroom homes might be more accessible to voucher holders due to the higher FMR rates ($1780 and $1970 respectively). 3. **Engage with Local Landlords**: Building relationships with local landlords who are familiar with the Section 8 program can help navigate the complexities of renting to voucher holders. Landlords who have experience with the program may be more willing to accept the lower FMR rates and understand the administrative processes involved. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 73072 is to **Hold**. While the market is tight and there is a strong demand for rental properties, the high price-to-FMR ratio makes it difficult to achieve positive cash flow when renting at FMR levels. Investors should focus on properties that are already priced below market value or consider multi-family units where the higher FMR rates for larger units can offset some of the financial constraints. Engaging with experienced local landlords can also mitigate some risks associated with the Section 8 program. Overall, the market dynamics suggest that investing in this ZIP code requires careful consideration and strategic planning to ensure profitability and sustainability.

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.