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 | $1,020 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,100 | $92,122 | 1.19% | B |
| 2BR | $1,340 | $164,083 | 0.82% | C |
| 3BR | $1,820 | $239,638 | 0.76% | D |
| 4BR | $2,040 | $409,125 | 0.5% | F |
| 5BR | $2,366 | $751,408 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 73120 in Oklahoma City, OK, encompasses a diverse residential area with a total population of 35,559. Nearly half of the residents—48.3%—are renters, indicating a significant demand for rental properties. The median household income here stands at $64,745, suggesting a middle-class community capable of supporting various types of housing. The median home value in the area is $241,732, reflecting a stable real estate market where homeownership is attainable but also highlighting the presence of rental opportunities.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for ZIP 73120 for fiscal year 2024 is set at $1,090. This figure contrasts with the market rent, known as the Zillow Observed Rent Index (ZORI), which is currently $1,283. For landlords and small-portfolio investors, this means there's a discrepancy between government-supported rental rates and the actual market rates, presenting both challenges and opportunities.
The practical implications of these numbers suggest that ZIP 73120 is better suited for a hands-on value-add buyer rather than a hands-off voucher operator. With the FMR below the market rent, voucher holders might struggle to find affordable units, leading to a potential mismatch for landlords relying solely on Section 8 vouchers. However, those willing to manage their properties actively can leverage the higher market rents to attract non-voucher tenants or create mixed-income communities that include both voucher and market-rate renters. This approach requires a deeper understanding of local tenant needs and a willingness to engage in property management activities that ensure a steady cash flow and maintain property values.
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.