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 | $980 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $174,240 | 0.74% | D |
| 3BR | $1,750 | $248,431 | 0.7% | D |
| 4BR | $1,960 | $314,678 | 0.62% | D |
| 5BR | $2,274 | $402,787 | 0.56% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 73162 in Oklahoma City, OK, for fiscal year 2024 is set at $1140. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a government subsidy for low-income tenants. It is important to note that this is not the actual rent you will receive; rather, it is the ceiling price for the subsidized portion of the rent.
In comparison, the local market rent, known as the Zillow Rental Index (ZORI), is currently $1,677. This suggests that the unsubsidized market rent in your area is significantly higher than the Section 8 limit. If you decide to participate in the Section 8 program, you should be prepared to accept a lower rent than what the market might otherwise offer.
The 28.0% renter share indicates that nearly one in every three households in ZIP 73162 rents their home. This provides insight into the demand for rentals in your area. With such a substantial percentage of renters, there is likely a strong interest in affordable housing options, making Section 8 properties a viable choice for many potential tenants.
If you're looking to acquire a property in this ZIP code, the median home value stands at $271,034. This figure reflects the typical cost of purchasing a home in your area. Before committing to a Section 8 rental, it's crucial to ensure that the property meets all necessary criteria for the program, including passing a Housing Quality Standards (HQS) inspection. This verification step ensures compliance with the program's requirements and avoids any delays in securing tenants.
To summarize, the FMR of $1140 sets the payment standard for Section 8 rentals in ZIP 73162, while the local market rent is $1,677. The 28.0% renter share highlights a robust demand for rental properties, and the median home value of $271,034 gives you an idea of the acquisition cost. Your next step should be to confirm that your property meets the HQS standards, ensuring a smooth process when enrolling in the Section 8 program.
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.