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 | $1,180 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $231,918 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 73102 in Oklahoma City, OK, presents an interesting scenario when analyzed from the renter's perspective. The median household income stands at $59,338, which is significantly lower than the market rate for rent, currently set at $1,357 per month (ZORI). This means that the average renter would spend approximately 26% of their monthly income on rent alone, making it challenging for many households to afford living here without financial strain.
To put this into context, the voucher payment standard for this ZIP code in fiscal year 2024 is $1,360, which closely matches the market rate of $1,357. This indicates that for those who qualify for housing assistance, the vouchers will cover the majority of the rent, alleviating some of the financial burden.
Given that 92.6% of the population in ZIP 73102 are renters and the total population is 3,812, there is a high demand for rental properties. This creates a competitive environment for landlords, as they must consider both the number of potential tenants and the affordability gap that exists between the median income and the rent rates.
The affordability gap suggests that landlords should be prepared to offer a mix of cash-paying tenants and those utilizing Section 8 vouchers. While cash-paying tenants might provide a smoother transaction process, the high percentage of renters in the area implies that relying solely on cash-paying tenants could limit the pool of available residents. On the other hand, accepting Section 8 vouchers can help landlords tap into a larger segment of the local market, ensuring a steady stream of qualified tenants who can afford the rent through government assistance.
In conclusion, landlords in ZIP 73102 should consider adopting a strategy that includes both cash-paying and voucher-paying tenants. This approach will help them navigate the competitive landscape and cater to the diverse financial situations of potential renters, ultimately leading to a more stable occupancy rate and sustainable rental income.
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.