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 | $1,300 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $400,924 | 0.43% | F |
| 3BR | $2,320 | $384,164 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 73104 in Oklahoma City, OK, presents a dynamic housing market with specific characteristics that indicate a balance between supply and demand. The Fair Market Rent (FMR) for the area, set at $1510 for fiscal year 2024, closely aligns with the market rent of $1,571 as indicated by ZORI (Zillow Observed Rent Index). This suggests that rental rates are reflective of the local economic conditions and are not significantly inflated or deflated.
The low price-cut share of 0.2% implies that most properties are being sold close to their original asking price, indicating a strong seller's market where homes are generally priced appropriately or slightly below market value to ensure quick sales. However, the absence of day DOM (Days on Market) data means we cannot conclusively determine how quickly homes are selling, which would provide further insight into the market's velocity.
The median home value in ZIP 73104 stands at $358,512. This figure represents the midpoint of home values in the area and can be used to gauge the overall affordability and desirability of homeownership. A median home value around this amount suggests that the area is neither overly expensive nor undervalued compared to broader regional averages.
A notable feature of the ZIP code is the high renter share of 85.2%. This statistic reveals a significant preference for renting over owning among residents, which could be due to various factors including job instability, young demographics, or simply the cost of homeownership. In the context of long-term housing pressure, a high renter share typically indicates sustained demand for rental properties. Landlords and small-portfolio investors should recognize that this high percentage of renters signals a robust and consistent rental market, which can be beneficial for those looking to generate steady income through property rentals.
In summary, ZIP 73104 exhibits a rental market that is well-aligned with its FMR, suggesting a healthy equilibrium. The low price-cut share and median home value point towards a stable homeownership sector. The overwhelming majority of renters in the area highlights a persistent demand for rental properties, making it a favorable environment for those interested in the rental side of the real estate market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.