Location: Stephens County, OK | Metro: Lawton, 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 | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $730 | $52,396 | 1.39% | A |
| 2BR | $930 | $57,459 | 1.62% | A+ |
| 3BR | $1,280 | $143,135 | 0.89% | C |
| 4BR | $1,530 | $199,927 | 0.77% | D |
U.S. Census Bureau data (2024)
ZIP code 73501, located in Lawton, Oklahoma, stands out within Comanche County due to its significant rental population and relatively high median home values compared to the median income. With a total of 20,397 residents, 54.8% of whom rent their homes, the area has a notable demand for affordable housing options. The median income in ZIP 73501 is $49,741, while the median home value is $116,829, indicating a disparity between earnings and property costs.
The economic landscape for Section 8 landlords in ZIP 73501 is influenced by the Federal Market Rent (FMR) and the Zillow Rent Index (ZORI). For fiscal year 2024, the FMR is set at $890, which is notably lower than the market rate of $1,196 as indicated by the ZORI. This means that landlords participating in the Section 8 program will receive less rent per unit than the average market price, but still benefit from the stability and reliability of government-backed payments.
The data signature for ZIP 73501 suggests a stable environment for landlords and small-portfolio investors. Despite the difference between the FMR and market rates, the high percentage of renters and the steady demand for affordable housing indicate that there is a reliable tenant pool. Additionally, the consistent median home value points towards a stable real estate market, making it a secure investment location. However, the gap between the FMR and market rates also implies a transitional phase where affordability is a key concern for many residents, creating opportunities for landlords who can offer competitive rents within the Section 8 limits.
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.