Section 8 Fair Market Rent (FMR) for ZIP 73170 - 2027

Investment Score for ZIP 73170

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,290
1 Bedroom	$1,400
2 Bedrooms	$1,700
3 Bedrooms	$2,300
4 Bedrooms	$2,590
5 Bedrooms	$3,004
6 Bedrooms	$3,364
7 Bedrooms	$3,633
8 Bedrooms	$3,815

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,700	$204,366	0.83%	C
3BR	$2,300	$270,830	0.85%	C
4BR	$2,590	$354,627	0.73%	D
5BR	$3,004	$533,962	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 73170 (Oklahoma City, OK) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 73170 is set by HUD for the year 2026. The FMRs for various bedroom types are as follows: - 0BR: $1240 - 1BR: $1340 - 2BR: $1640 (which represents 20.8% of the median household income) - 3BR: $2210 - 4BR: $2450 To understand how these FMRs compare to actual rents, we can look at the Zillow median price for a 2BR property, which stands at $203,771. However, this figure represents home values rather than rental rates. To get a clearer picture of rental affordability, we need to consider the price-to-FMR ratio, which is reported to be 10.4x. This suggests that the median home value is significantly higher than the FMR for rentals, indicating a potential gap between what vouchers cover and the actual cost of renting in the area. For voucher holders, the constraints are evident. The maximum rent they can pay for a 2BR unit is $1640, which is only about 20.8% of the median household income. This means that voucher holders would likely struggle to find units within their budget, especially if landlords are charging closer to the median home value. #### Affordability & Renter Profile ZIP code 73170 has a population of 41,458, with 18.2% being renters. The occupancy rate is quite high at 96.4%, suggesting that the rental market is relatively tight. Given the median household income of $94,688, most residents are likely able to afford housing without assistance. However, the 18.2% who are renters may face challenges, particularly those relying on Section 8 vouchers. The high occupancy rate indicates that there is strong demand for rental properties, but the limited number of renters relative to the overall population suggests that the market is not oversupplied. In fact, it might be slightly constrained, especially for lower-income households who rely on rental assistance programs like Section 8. #### Investor Angle From an investor's perspective, the key question is whether the ZIP code can generate positive cash flow at the FMR levels. The FMR for a 2BR unit is $1640, which is a significant portion of the median household income. However, the actual rental market dynamics suggest that landlords may be charging much higher rates, given the price-to-FMR ratio of 10.4x. To determine if this ZIP code is cash-flow positive at FMR, we must consider the typical rental rates versus the FMR. If landlords are indeed charging close to the median home value, then the FMR is likely below the market rate, making it challenging for investors to achieve positive cash flow solely based on FMR. However, the high occupancy rate and strong demand for rental properties indicate that there could still be opportunities for investors who can offer competitive units at or near FMR levels. The investment grade would be moderate, given the tight market and the potential for higher-than-FMR rents. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Investors should aim to acquire properties where the rent is slightly below or at the FMR level. For instance, a 2BR unit priced at $1600 or less would be more attractive to voucher holders and could potentially lead to higher occupancy rates and steady cash flow. 2. **Target Properties Near Public Transportation**: Given the constraints faced by voucher holders, properties located near public transportation could be more desirable. This would help reduce transportation costs for tenants and make the overall living expenses more manageable. 3. **Consider Multi-Family Developments**: With a high occupancy rate, multi-family developments could be a viable option. These projects often have economies of scale that can help manage costs and improve cash flow, even when rents are capped at FMR levels. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 73170 is to **Hold**. While the market is tight and there is strong demand for rental properties, the FMR levels are significantly below the median home value, making it difficult to achieve positive cash flow solely based on FMR. Investors should carefully evaluate the potential for higher-than-FMR rents and focus on properties that offer value to voucher holders, such as those near public transportation or priced slightly below FMR. ### Summary ZIP code 73170 presents a challenging yet potentially rewarding market for Section 8-focused investors. The high occupancy rate and strong demand for rental properties suggest that there are opportunities, but the significant gap between FMR and median home value means that investors will need to be strategic in their approach. By focusing on properties that are affordable to voucher holders and offering additional amenities, investors can position themselves to benefit from the tight rental market while providing essential housing to low-income families.

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.