Location: Payne County, OK | Metro: Enid, OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 73073 represents a small residential area with a total population of 706. Only 13.3% of the residents are renters, indicating a predominantly owner-occupied community. The median household income stands at $76,338, suggesting a middle-class neighborhood where residents have stable financial situations. The median home value in this area is $296,537, reflecting a modest housing market.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 73073 as of the fiscal year 2024 is set at $970. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is significantly lower at $500 per month. This discrepancy highlights an opportunity for investors who can leverage the Section 8 program to secure higher rents than the current market offers.
For hands-off voucher operators, ZIP 73073 might present challenges due to the low percentage of renters and the potential difficulty in finding properties that meet the criteria for the Section 8 program. On the other hand, for hands-on value-add buyers, there could be significant potential. By renovating and improving properties to qualify for higher FMR rates, investors can capture a premium over the existing market rents. This strategy requires active management but can yield substantial returns given the disparity between FMR and current market rates.
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.