Section 8 Fair Market Rent (FMR) for ZIP 73402 - 2027

FY 2027 Fair Market Rent Rates

1050 In ZIP code 73402, the Fair Market Rent (FMR) for a one-bedroom apartment in the metro area for fiscal year 2026 is set at $1,050. This figure serves as a benchmark for rental prices in the area, indicating the maximum amount that a Section 8 voucher holder can pay towards their housing costs. Given the lack of specific data on market rents, median home values, and other key metrics such as the percentage of renters, median income, days on market (DOM), and the percentage of homes that have had their prices cut, it's challenging to provide a comprehensive analysis of the local real estate market. However, focusing on what we do know, landlords and small-portfolio investors should align their rental pricing strategies with the FMR to ensure compliance and maximize the potential tenant pool. The absence of detailed market data suggests either a lack of significant activity or reliable reporting mechanisms in this region, which could be a risk factor for investment decisions. Despite these limitations, the FMR provides a solid starting point for setting rental rates that are both fair and legally defensible under the Section 8 program. It is crucial to monitor any updates to the FMR as they can impact rental income and the attractiveness of properties to Section 8 tenants. Given the current data, the Section 8 program appears viable in ZIP 73402, contingent upon aligning rental prices with the established FMR.

1050 With the Fair Market Rent fixed at $1,050 for a one-bedroom unit, landlords must consider this figure when setting their own rental rates to remain competitive and attractive to Section 8 participants. Although the specific percentage of renters and median income levels are not available, the FMR gives a clear indication of the affordability threshold in the area. Investors should also be aware that without precise market data, there is an increased reliance on the FMR as a guide for pricing, which might limit opportunities to adjust rates based on local market conditions. The unknown days on market and price-cut share percentages imply that the local real estate market dynamics are unclear, making it difficult to predict how quickly properties will sell or rent. Nevertheless, the presence of a defined FMR means that landlords can confidently participate in the Section 8 program, knowing the maximum allowable rent for one-bedroom units.

1050 Based on the available data, landlords and small-portfolio investors in ZIP 73402 should set their one-bedroom rental rates at or below $1,050 to comply with the Section 8 Fair Market Rent guidelines. This ensures that they can attract tenants using Section 8 vouchers without the risk of being deemed too expensive by the program. While the lack of detailed market data presents challenges, the defined FMR provides a clear path forward for those interested in the Section 8 program. For a landlord or investor, adhering to the FMR is essential for participating in the Section 8 program and securing a steady stream of rental income. Therefore, the Section 8 verdict for ZIP 73402 is positive, as long as rental properties are priced competitively within the given FMR parameters.

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.