Location: Lawton, 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 | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $150,236 | 0.79% | D |
| 3BR | $1,630 | $251,356 | 0.65% | D |
| 4BR | $1,960 | $336,103 | 0.58% | F |
U.S. Census Bureau data (2024)
16.1% of Elgin, OK's residents are renters, indicating a moderate demand for rental properties in ZIP 73538. The Fair Market Rent (FMR) for the area stands at $1380, which is the benchmark for Section 8 payments. Comparatively, the market rent, known as ZORI, is set at $1,888, suggesting a premium of approximately $508 above the FMR. This discrepancy highlights the potential profitability for landlords willing to participate in the Section 8 program, as they can receive higher rents while still being within the government's affordability guidelines.
The median home value in Elgin, OK, is $295,110, reflecting a stable housing market where property values have not seen significant fluctuations. With a median income of $91,324, residents have the financial capacity to afford both rental and homeownership options, though the rental share remains consistent at 16.1%. The lack of data on days on market (DOM) and the low price-cut share of 0.2% indicate that the local real estate market is steady, without the need for frequent price adjustments.
Investors looking to capitalize on the rental market should consider the Section 8 program as a viable option. Despite the lower payment compared to market rates, the guaranteed income and reduced vacancy risk make it an attractive choice. Landlords who can manage their properties effectively and adhere to the program's regulations will find that the $1380 FMR provides a solid foundation for maintaining cash flow and property upkeep.
A final verdict for Section 8 participation in ZIP 73538 would be positive, given the reasonable gap between FMR and market rent, coupled with a stable real estate market and a moderate renter population. This makes Elgin, OK, a suitable location for landlords and small-portfolio investors seeking a reliable source of rental income.
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.