Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
The ZIP code 73137 in Oklahoma presents unique challenges for both renters and landlords when it comes to housing affordability. The median income data is currently unavailable, which makes it difficult to assess the average household's financial capacity to cover housing costs. Similarly, the market rate for rent in this area is also unreported, leaving a significant gap in understanding how much local residents are paying for housing.
However, we can look at the Housing Choice Voucher program, commonly known as Section 8, which offers some insight into rental affordability. For fiscal year 2024, the Fair Market Rent (FMR) standard for ZIP 73137 is set at $1080. This figure represents the maximum amount that a voucher holder can pay towards their rent, which is typically 30% of their adjusted income. If the market rate for rent is higher than $1080, then households receiving vouchers would find it challenging to afford market-rate rents without additional support.
The percentage of renters and the total population in ZIP 73137 are also not available, which means we cannot precisely gauge the size of the rental market or the level of competition among landlords. Nonetheless, the lack of specific income and rent data suggests a need for landlords to be flexible and consider various payment strategies to attract tenants.
For landlords considering whether to accept vouchers or focus on cash-paying tenants, the takeaway is clear: accepting vouchers can provide a steady stream of rental income, albeit at a fixed rate. While the $1080 FMR might seem lower than potential market rates, it ensures a reliable tenant who is less likely to default on rent payments due to financial instability. On the other hand, focusing on cash-paying tenants could lead to higher rents but also introduces greater risk and variability in income.
In conclusion, landlords in ZIP 73137 should carefully weigh the benefits of voucher acceptance against the potential for higher market-rate rents. Given the uncertainty around median incomes and market rates, embracing voucher programs can offer a stable approach to managing rental properties in this area.
Data Sources: FMR data from HUD (2027).
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.