Location: Washita County, OK | Metro: Washita County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
A skeptical investor analyzing ZIP code 73624 might raise several concerns regarding the feasibility of investing in rental properties within this area, particularly in relation to the Section 8 housing program. Here are the most common objections and the data that addresses them.
Objection 1: Will the Fair Market Rent (FMR) of $960 for the metro area in fiscal year 2026 cover the mortgage on a home?
The data does not provide a direct comparison between the FMR and the average mortgage costs in ZIP 73624. However, it's important to note that FMRs are set based on the local housing market conditions and aim to reflect the cost of typical rental units. To accurately determine if the FMR will cover the mortgage, an investor would need to consider the specific property's value, the prevailing interest rates, and the terms of the mortgage. Without the exact mortgage figures, we cannot definitively state whether the FMR will cover the mortgage, but it serves as a benchmark for what is considered a fair rent in the area.
Objection 2: Is there enough renter demand at 50.5%?
The 50.5% figure likely represents the percentage of households renting within ZIP 73624. This indicates a moderate level of demand for rental properties. While a higher percentage might suggest greater demand, 50.5% still signals a significant portion of the market is composed of renters. The stability of demand can be further assessed by examining trends in population growth and job opportunities, which would require additional data beyond what is currently available.
Objection 3: Will vouchers keep pace with market rents of $844?
The data shows that the voucher amount is set below the market rent at $844. This discrepancy means that landlords participating in the Section 8 program may need to subsidize the difference between the voucher payment and the actual market rent. It's critical for investors to understand that while vouchers provide a guaranteed source of income, they may not always match the market rate. To ensure financial viability, landlords should consider the long-term trends in voucher adjustments and the potential for changes in federal funding levels.
In conclusion, while the data provides insights into the rental market dynamics of ZIP 73624, it is essential for investors to conduct thorough due diligence, including evaluating individual property values, understanding local economic conditions, and being prepared for the possibility of lower-than-market rental incomes when using vouchers.
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.