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 | $920 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,640 | $301,021 | 0.54% | F |
| 4BR | $1,820 | $468,351 | 0.39% | F |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP code 73093 reveals a stark contrast between the federal market rent (FMR) and the actual market rent. With an annualized 2BR FMR of $1090 for FY 2024 and a market rent of $2,052 based on Census ACS data, the implications for gross yield are significant.
Using the median home value of $333,983, we can calculate the gross yield for both scenarios. For the FMR scenario, the annual rent would be $13,080, leading to a gross yield of approximately 3.92%. In contrast, the market rent scenario generates an annual rent of $24,624, resulting in a gross yield of around 7.37%.
The gross yield calculation based on the market rent is more realistic. Despite the low renter density of 17.2%, the higher gross yield indicates a potentially better investment opportunity. The FMR-based yield is considerably lower, reflecting the limited income available under the Section 8 program. This suggests that relying solely on FMRs might not be sufficient to cover the costs associated with property ownership, such as maintenance, insurance, and property taxes.
Given the higher gross yield derived from market rents, it's advisable for landlords and small-portfolio investors to consider the potential for renting to non-Section 8 tenants where feasible. However, for those committed to the Section 8 program, understanding the lower gross yield is crucial for financial planning and ensuring the property remains profitable.
The lack of data on days on market (DOM) makes it difficult to assess the speed at which properties in this area are rented out. Nonetheless, the gross yield comparison clearly shows that market rents provide a significantly better return on investment compared to FMRs. Investors should weigh these figures carefully when deciding whether to participate in the Section 8 program or pursue other rental strategies.
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.