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 economics of Section 8 in ZIP code 73144, located in Oklahoma City County, are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $1080 per month for fiscal year 2024. This SAFMR is specific to this ZIP code, meaning it reflects the rental rates in this precise area.
While the local market rent is currently not available, we can still walk through the typical payment structure for a landlord participating in the Section 8 program. The voucher system operates on a formula where the tenant is responsible for paying a portion of the rent, usually around 30% of their income, while the Housing Authority covers the difference up to the SAFMR limit.
To illustrate, if a tenant's monthly income is $1500, they would be expected to pay approximately $450 towards the rent. The Housing Authority would then cover the remaining balance up to the SAFMR, which is $630 in this case. It's important to note that the total reimbursement cannot exceed the SAFMR, even if the actual rent charged is higher. Therefore, if the rent exceeds $1080, the landlord will not receive the excess amount from the Housing Authority.
In addition to the base rent, there are utility allowances. These vary based on the type of utilities required and the season. For instance, during winter months, the allowance might be higher due to increased heating costs. However, specific utility allowance figures for ZIP 73144 are not provided in the data. Typically, these allowances range from $100 to $300 per month depending on the circumstances.
Given the SAFMR of $1080, if a landlord charges exactly this amount, the reimbursement from the Housing Authority plus the tenant's contribution would equal the full rent. If the local market rent is higher than $1080, landlords will experience a reimbursement gap, meaning they will not receive the full amount they charge. Conversely, if the market rent is lower than $1080, landlords may see a surplus, receiving more than the market rent but capped at the SAFMR.
To summarize, for a two-bedroom apartment in ZIP 73144, landlords can expect a reimbursement of up to $1080 per month from the Housing Authority, with the tenant contributing an additional amount based on their income. Any rent above $1080 will not be covered by the voucher, leading to a potential gap in the landlord's revenue.
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.