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 | $880 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $102,571 | 1.13% | B |
| 3BR | $1,570 | $117,664 | 1.33% | A |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 73149 in Oklahoma City, OK, reveals that the HUD Fair Market Rent (FMR) of $990 for fiscal year 2024 is significantly lower than the market rent, which stands at $1,345 according to ZORI (Zillow Observed Rent Index). This indicates that landlords who accept vouchers will experience negative cash flow at the HUD FMR rate. They will need to rely on premium units or slightly above-average rents to achieve positive cash flow.
To further analyze the investment potential, consider the median home value in the area, which is $119,381. The rent-to-price ratio can be calculated by dividing the average monthly rent ($1,345) by the median home value ($119,381), resulting in approximately 1.13%. This ratio suggests that the rental market is relatively strong compared to the housing market, but it does not compensate for the gap between HUD FMR and market rent.
The data provided does not include the median days on market (DOM) or the percentage of homes that have had their prices cut. However, these metrics are crucial for understanding the rent-versus-buy dynamics in the area. A high DOM or a significant share of price cuts could indicate a struggling housing market, which might make renting more attractive to potential tenants, thus stabilizing the rental demand.
In conclusion, the strongest investor angle in ZIP 73149 is likely stability, given the consistent demand for rental properties despite the disparity between HUD FMR and market rent. While cash flow may be challenging with voucher tenants at the HUD FMR rate, the robust rental market and strong rent-to-price ratio provide a solid foundation for long-term investment.
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.