Location: Jackson County, OK | Metro: Jackson County, OK
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 | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $720 | $30,266 | 2.38% | A+ |
| 2BR | $940 | $42,539 | 2.21% | A+ |
| 3BR | $1,300 | $125,013 | 1.04% | B |
| 4BR | $1,570 | $291,610 | 0.54% | F |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP code 73521 (Altus, OK) for Section 8 properties, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $970 cover the debt service on a property valued at $107,429?
If your property costs $107,429, calculate the expected monthly debt service. Assuming a typical mortgage rate of around 4% and a 30-year loan term, the monthly debt service would be approximately $520. The FMR of $970 clearly exceeds this amount, providing a positive cash flow of $450 per month before other expenses. This answers the first question with a Yes.
2) Is the market rent of $861 (Census ACS) above, at, or below the FMR?
The market rent of $861 is below the FMR of $970. This indicates that tenants receiving Section 8 vouchers can afford to pay the difference between the market rent and the FMR, which is $109 per month. Landlords who set their rents at the FMR level can expect to receive the full rent amount without any financial risk. This answers the second question with a It Depends, but leans towards a positive outcome if you're willing to accept the lower market rent.
3) Are 43.5% of residents renters and does a 64-day Days on Market (DOM) indicate sufficient demand?
With 43.5% of residents being renters, there is a decent rental market presence. A DOM of 64 days suggests moderate competition among landlords, but not excessively high. To further evaluate demand, consider the number of available Section 8 vouchers in Altus. If the demand for housing is strong and there are enough vouchers, this could support a Yes. However, if voucher availability is low, the answer might shift to a No.
In conclusion, ZIP 73521 offers a feasible investment opportunity for Section 8 properties. The FMR comfortably covers debt service, and while market rent is slightly below the FMR, the difference is manageable. Sufficient rental demand exists, but the final decision hinges on the local availability of Section 8 vouchers and the landlord's willingness to potentially accept a lower rent compared to the FMR.
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.