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 | $860 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $107,785 | 1.06% | B |
| 3BR | $1,550 | $145,055 | 1.07% | B |
| 4BR | $1,730 | $179,398 | 0.96% | C |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 73115, located in Del City, OK, within the Oklahoma County County and Oklahoma City, OK HUD Metro FMR Area, reveals a clear opportunity for those willing to invest in premium units. The HUD Fair Market Rent (FMR) for this area is set at $960 per month for the fiscal year 2024. In contrast, the market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,214 per month. This significant gap means that landlords who accept Section 8 vouchers will only cashflow marginally, if at all, with standard units. However, investing in higher-end properties could bridge this gap, allowing for positive cash flow.
To further understand the investment potential, consider the median home value in the area, which is $138,420. Using this figure, we can calculate a rent-to-price ratio. With an average monthly rent of $1,214, the annual rent would be approximately $14,568. Dividing this by the median home value yields a rent-to-price ratio of about 10.5%. This suggests that rental income is relatively low compared to property values, making it less favorable for buy-and-hold investors seeking high rent yields. However, this ratio also indicates that property values might be stable or undervalued relative to rental income, which could be advantageous for long-term investors.
The market conditions show a median Days on Market (DOM) of 27 days and a price-cut share of just 0.2%, indicating a robust rental market where demand exceeds supply. These metrics suggest that landlords can expect steady occupancy rates and minimal need for price adjustments, enhancing the stability of rental income. While the rent-to-price ratio does not favor high rental yields, the strong demand for rental properties supports the idea that property values are unlikely to decline significantly, offering a solid foundation for appreciation-focused investments.
The strongest angle for Section 8 investors in ZIP 73115 is stability. Given the low price-cut share and short DOM, landlords can anticipate consistent cash flows and a stable investment environment, even if they must focus on premium units to achieve positive cash flow margins.
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.