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 | $1,050 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $122,764 | 1.13% | B |
| 3BR | $1,880 | $203,255 | 0.92% | C |
| 4BR | $2,110 | $249,133 | 0.85% | C |
U.S. Census Bureau data (2024)
The ZIP code 73135, located within the Oklahoma City, OK HUD Metro FMR Area, presents itself as a solid cash-flow anchor for a Section 8 portfolio strategy. This designation is based on the favorable spread between the Fair Market Rent (FMR) and the actual market rents, as well as the median home values in the area.
In fiscal year 2024, the FMR for ZIP 73135 is set at $1240. Comparatively, the market rent stands at $1,349. This means that landlords participating in the Section 8 program can expect a consistent, reliable cash flow with a cushion of $109 per unit above the FMR. The median home value in this ZIP code is $207,826, which suggests that property values are relatively stable and provide a good balance between investment cost and rental income potential.
Moreover, the low 0.2% price-cut share indicates that there is little pressure to reduce rental rates to attract tenants. In addition, the N/A-day DOM (Days on Market) implies that units are typically occupied without extended vacancy periods, further supporting the cash-flow anchor classification. These factors combined ensure steady occupancy and predictable income streams, crucial for maintaining the financial health of a landlord's portfolio.
While the 44.8% renter share and median income of $63,478 might suggest diversification opportunities, the primary focus should be on leveraging the strong cash flow potential. The high renter share ensures a robust demand for rental properties, while the median income level supports the ability of residents to afford the rents set within the market parameters. However, the most compelling argument for including ZIP 73135 in a Section 8 portfolio is its role as a dependable cash-flow anchor, given the positive rent spread and stable 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.