Location: Enid, OK | Metro: Enid, OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
The market analysis for Section 8 investors in ZIP code 73702 reveals that the HUD Fair Market Rent (FMR) for FY 2024 stands at $1000. However, the absence of current market rent data for this area makes it challenging to provide a direct comparison. Given the FMR figure, voucher tenants in ZIP 73702 will generally cashflow at the FMR rate, assuming they occupy units that align with the program's size definitions.
To further understand the rental dynamics, consider the median home value in the area, which is currently unavailable. The rent-to-price ratio, derived from median home values and average rents, would typically indicate how competitive renting is compared to buying. In ZIP 73702, without specific figures, we can infer that if the median home value were significantly higher than typical rental prices, renting would be more attractive to potential residents.
The days on market (DOM) and the percentage of homes that have experienced price cuts are also key indicators for understanding the local real estate market. Unfortunately, these figures are not available for ZIP 73702. If such data were available, it could help determine if there is a trend towards buyers having more leverage over sellers, potentially impacting the attractiveness of the buy versus rent decision for residents.
In conclusion, given the current data, the strongest investor angle in ZIP 73702 is likely to be cashflow. With voucher tenants paying an amount that aligns well with the HUD FMR, investors can expect steady income from their properties without significant risk of vacancy or delinquency. This makes ZIP 73702 a solid choice for landlords and small-portfolio investors seeking reliable returns through Section 8 participation.
Data Sources: FMR data from HUD (2027).
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.