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 73156 in Unknown, OK, presents a unique challenge due to the lack of comprehensive demographic data. However, based on the available information, we can still provide insights into the suitability of this area for landlords considering Section 8 tenants.
Section 8 housing is designed to assist low-income families, the elderly, and the disabled, with the federal government subsidizing their rent. The Fair Market Rent (FMR) for this ZIP code is set at $1080 per month for FY 2024. This figure serves as a benchmark for understanding the rental market dynamics in the area.
Without specific data on population and the percentage of renters, it's difficult to definitively classify 73156 as either a renter-heavy or a homeowner-dominated area. However, the absence of detailed rental statistics suggests that the area might not be highly saturated with rental properties, which could mean fewer competition for Section 8 vouchers among landlords.
The median household income data is also unavailable, making it challenging to assess the typical financial situation of potential tenants. Nevertheless, given that Section 8 tenants generally earn less than 50% of the Area Median Income (AMI), we can infer that the majority of tenants in this program will have incomes significantly below the FMR threshold.
In terms of affordability, if we assume that the typical market rent aligns closely with the FMR of $1080, then this represents a substantial portion of the local income for Section 8 participants. For instance, if a tenant earns 40% of AMI, and assuming an AMI of around $2160 (twice the FMR), their income would be approximately $864. In this scenario, the subsidy would cover the majority of the rent, but the tenant's contribution could be a significant part of their income.
Landlords in ZIP 73156 should expect tenants who are likely to be financially dependent on the voucher system. These tenants will value stability and affordable housing options. They may require assistance with budgeting and understanding the responsibilities that come with renting a property under the Section 8 program.
To make informed decisions, landlords and small-portfolio investors should seek out additional local data or consult with local housing authorities to understand the specific dynamics of the rental market and the availability of Section 8 vouchers in the 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.