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 | $790 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $860 | $65,474 | 1.31% | A |
| 2BR | $1,040 | $83,900 | 1.24% | A |
| 3BR | $1,410 | $115,208 | 1.22% | A |
| 4BR | $1,580 | $164,873 | 0.96% | C |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 73108 in Oklahoma City, OK, might have several concerns regarding the viability of investing in the area, particularly in relation to Section 8 housing. Let's address these concerns directly with the available data.
Objection 1: Will FMR $920 (zip FY 2024) cover the mortgage on a $96,979 home?
The Fair Market Rent (FMR) for ZIP 73108 in fiscal year 2024 is set at $920. This figure represents the average rent that a tenant could reasonably be expected to pay. To determine if this will cover the mortgage on a $96,979 home, we must consider the interest rates and loan terms. Assuming a typical 30-year fixed-rate mortgage at an interest rate of 4%, the monthly payment on a $96,979 home would be approximately $467. Therefore, the FMR of $920 can indeed cover the mortgage payment, leaving a significant buffer for property taxes, insurance, and maintenance costs.
Objection 2: Is there enough renter demand at 61.9%?
The rental vacancy rate in ZIP 73108 is currently 61.9%. While this percentage might seem high, it's important to understand that it reflects the overall rental market, which includes both market-rate rentals and those assisted by Section 8 vouchers. The demand for affordable housing, especially through programs like Section 8, remains strong. However, the data does not provide a direct measure of the demand specifically for Section 8 properties. Given the national trend towards increasing demand for affordable housing, it's reasonable to assume that there will be sufficient demand to fill Section 8 units.
Objection 3: Will vouchers keep pace with $800 market rents?
The current market rent for ZIP 73108 is $800, which is slightly below the FMR of $920. The Section 8 program adjusts its voucher amounts annually based on HUD's Fair Market Rents. Since the FMR is higher than the current market rent, it suggests that vouchers should be sufficient to cover the rent at this level. However, the data does not provide a projection of how voucher amounts will change in the future. It's prudent to monitor local HUD announcements for any changes in voucher policies that could impact the ability to cover market rents.
In summary, while the data provides some assurance on covering mortgage payments and current rental demand, it does not offer a complete picture of future trends or specific demand for Section 8 properties. Careful monitoring of local HUD adjustments and market conditions will be necessary to ensure continued viability of investments in ZIP 73108.
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.