Location: Kiowa County, OK | Metro: Lawton, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 73507, located in Lawton, OK, presents an interesting scenario when viewed from the perspective of renters. The median income here is $62,132. Given the market rate for rent at $989 per month (ZORI), it becomes evident that affordability is a significant concern for many residents.
Comparatively, the Federal Market Rent (FMR) for the zip code in fiscal year 2024 is set at $940. This figure represents the amount that housing authorities will typically pay to landlords on behalf of tenants who receive rental assistance through Section 8 vouchers. While the FMR is slightly lower than the ZORI, both figures are close, indicating that voucher payments are nearly at par with market rates.
With 42.1% of the population being renters and a total population of 21,046, there is a notable demand for rental properties. However, the affordability gap means that not all potential tenants can afford the market rate without assistance. This creates a competitive landscape for landlords, as they must consider whether to accept Section 8 vouchers or seek cash-paying tenants.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a viable strategy given the proximity of FMRs to market rates. It ensures a steady stream of rental income and helps address the affordability concerns of a significant portion of the tenant pool. For those preferring cash-paying tenants, the strategy should involve offering value-added services or amenities that justify the higher rent above the FMR.
Data Sources: FMR data from HUD (2027). 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.