Section 8 Fair Market Rent (FMR) for ZIP 73132 - 2027

Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area

Investment Score for ZIP 73132

Monthly Rent (2BR)

$1,180

Median Price (2BR)

$162,021

1% Rule

0.73%

Annual Yield

8.74%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$890
1 Bedroom	$970
2 Bedrooms	$1,180
3 Bedrooms	$1,600
4 Bedrooms	$1,790
5 Bedrooms	$2,076
6 Bedrooms	$2,325
7 Bedrooms	$2,511
8 Bedrooms	$2,637

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,180	$162,021	0.73%	D
3BR	$1,600	$226,191	0.71%	D
4BR	$1,790	$268,399	0.67%	D
5BR	$2,076	$300,066	0.69%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

27,834

Median Household Income

$60,419

Housing Units

12,650

Renter Percentage

47.7%

Occupancy Rate

92.7%

Renter Occupied

5,593

The ZIP code 73132 in Oklahoma City, OK, presents a robust opportunity for real estate investors interested in the Section 8 housing market. This area is characterized by a mix of urban convenience and suburban living, offering both rental and homeownership options that cater to a diverse population.

The Fair Market Rent (FMR) for ZIP 73132 for fiscal year 2024 is set at $1,010, providing a clear benchmark for landlords participating in the Section 8 program.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,118, suggesting a competitive rental market slightly above the FMR.
The median home value in the area is $235,774, which reflects a stable housing market with moderate property values.
Renters make up 47.7% of the housing stock, indicating a significant portion of the population relies on rentals, a positive sign for landlords.
The days on market (DOM) for rental listings is 34 days, showing a relatively quick turnover rate for rental properties.
The median household income in ZIP 73132 is $60,419, providing insight into the financial capacity of potential tenants and their ability to meet rental obligations.

In summary, ZIP 73132 offers a balanced real estate investment scenario with a strong rental demand and a competitive market rent that exceeds the FMR. The median income level supports the likelihood of timely rent payments, while the high renter share and low DOM suggest active tenant interest and swift property occupancy. These factors collectively indicate a favorable environment for landlords and small-portfolio investors looking to enter or expand within the Section 8 housing sector in Oklahoma City.

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.