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 | $1,070 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,910 | $308,441 | 0.62% | D |
| 4BR | $2,140 | $470,824 | 0.45% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 cap-rate picture for ZIP code 73169 reveals key insights into potential investment returns. The Fair Market Rent (FMR) for a two-bedroom apartment in this area, as set by HUD for FY 2024, is $1,190 per month. This translates to an annual income of $14,280 when multiplied by 12 months. The implied gross yield based on the median home value of $354,149 would be approximately 4.03%. This calculation is derived by dividing the annual rental income ($14,280) by the median home value ($354,149).
In contrast, the market rent for a two-bedroom apartment in ZIP 73169, according to Census ACS data, stands at $1,335 per month. Annualizing this figure yields an annual income of $16,020. When this amount is divided by the median home value, the implied gross yield rises to about 4.52%. This higher yield reflects the premium landlords might expect over the subsidized rate.
Given the 19.4% renter density in ZIP 73169, it's important to consider the demand for rental properties. While the FMR represents the government-set rate for Section 8 tenants, the market rent reflects what non-subsidized tenants might pay. However, the N/A-day DOM (Days on Market) suggests there is limited data available on how quickly properties are rented out under these conditions, which could impact the reliability of market rent estimates.
Despite the uncertainty around DOM, the higher gross yield from market rent is more likely to attract investors seeking better returns. Yet, the stability of income provided by Section 8 contracts at the FMR rate offers a predictable cash flow that can be valuable for risk-averse investors. The choice between the two depends on the investor's tolerance for risk and the specific goals of their investment strategy.
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.