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 | $910 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $206,747 | 0.58% | F |
| 3BR | $1,630 | $348,483 | 0.47% | F |
| 4BR | $1,830 | $487,007 | 0.38% | F |
| 5BR | $2,123 | $579,768 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 73165 is situated in a high-income neighborhood of Oklahoma City, OK, with a total population of 8,357 residents. This area is predominantly owner-occupied, with only 4.7% of the households being renters. The median household income in this ZIP code stands at a robust $125,434, indicating a community that is well above the national average in terms of financial stability. The median home value in 73165 is also impressively high at $378,840, reflecting the affluent nature of the neighborhood.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 73165 as set by HUD for fiscal year 2024 is $1,170. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is slightly lower at $1,023. This suggests that while there is a demand for rentals, it is not as high as in other areas, given the low percentage of renters in the neighborhood. The gap between the FMR and the market rent implies that landlords who accept Section 8 vouchers can still achieve competitive rents, albeit not at the peak of the FMR.
When considering whether this neighborhood is suitable for a hands-off voucher operator or a hands-on value-add buyer, several factors come into play. The low proportion of renters in the area means that the pool of potential Section 8 tenants is limited, which could be a challenge for a hands-off operator relying on steady occupancy rates. On the other hand, the high median income and home values suggest that there is room for a hands-on buyer to improve properties and potentially command higher rents, even if they do not align with the FMR. For those willing to actively manage their properties and invest in improvements, the neighborhood offers an opportunity to capitalize on its affluent characteristics and the existing demand for quality housing.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.