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 | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $880 | $71,730 | 1.23% | A |
| 2BR | $1,070 | $97,653 | 1.1% | B |
| 3BR | $1,450 | $129,544 | 1.12% | B |
| 4BR | $1,630 | $153,776 | 1.06% | B |
U.S. Census Bureau data (2024)
The rent math in ZIP 73119, located within the Oklahoma City, OK HUD Metro FMR area, does not align favorably for landlords. The Fair Market Rent (FMR) set at $980 for fiscal year 2024 falls short of the market rent, which is measured at $1,080 using ZORI (Zillow Observed Rental Index). This indicates that landlords participating in the Section 8 program would receive less than the market rate, potentially leading to financial strain.
Acquisition in this ZIP code is relatively affordable, with a median home value of $111,088. However, the lack of available data on days on market (DOM) and the low percentage of homes requiring price cuts (0.3%) suggest limited turnover and competition among buyers. This makes it challenging to find undervalued properties, even though the overall cost of entry is low.
Tenant demand in ZIP 73119 is robust, with a population of 30,398 individuals and a significant 49.9% of residents renting their homes. This high proportion of renters ensures a steady pool of potential tenants for Section 8 properties, mitigating risks associated with vacancy.
Overall, while there is strong tenant demand in ZIP 73119, the discrepancy between the FMR and market rent poses a challenge for landlords. Despite the affordability of property acquisition, the financial dynamics of the Section 8 program may not be optimal for maximizing rental income. Small-portfolio investors should carefully weigh these factors before committing to this area.
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.