Location: Stephens County, OK | Metro: Cotton County, 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 | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,180 |
| 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 |
|---|---|---|---|---|
| 3BR | $1,180 | $143,513 | 0.82% | C |
U.S. Census Bureau data (2024)
The ZIP code 73548 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, with the Fair Market Rent (FMR) set at $900 for FY 2024, which is notably lower than the typical market rent. This disparity can lead to higher turnover rates as tenants seek more affordable housing options, impacting the stability of rental income.
Vacancy exposure is another critical issue. With an average Days on Market (DOM) not available, it's crucial to understand that this metric typically indicates how long a property remains vacant before being rented. A longer DOM suggests greater financial risk due to lost rental income and increased maintenance costs during periods of vacancy.
Deferred maintenance is a risk factor given the typical home value of $125,758. Landlords must be prepared to invest in regular upkeep to ensure compliance with Section 8 requirements and maintain property standards. The median income figure is unavailable, but it's important to note that lower incomes generally correlate with higher reliance on government assistance programs, potentially increasing the need for repairs and maintenance that tenants cannot afford.
However, these risks are somewhat mitigated by the high concentration of renters in the area, with a 6.0% renter share. High renter density often translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This can help stabilize occupancy rates and reduce the likelihood of prolonged vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.