Location: Enid, OK | Metro: Enid, OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The median income in ZIP code 73743 stands at $45,313, indicating a moderate economic status among residents. However, without a specific market rate for rental properties in this area, it's challenging to provide an exact comparison to the voucher payment standard. The Fair Market Rent (FMR) set for ZIP 73743 in fiscal year 2024 is $1000, which represents the government's benchmark for housing affordability.
This FMR is intended to cover a reasonable portion of the rental market, ensuring that low-income households can find suitable housing. Given the median income, it's likely that many households would struggle to afford market-rate rentals, especially if those rates exceed the FMR significantly. This suggests a substantial affordability gap, where the majority of renters cannot pay above the FMR without financial strain.
With 31.7% of the population being renters and only 89 people living in the area, competition among landlords could be fierce. Fewer potential tenants mean that landlords must carefully consider their pricing strategies to attract and retain renters. Offering units within or slightly above the FMR could help landlords secure tenants in a tight market.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While voucher payments are guaranteed at the FMR of $1000, they might offer a steadier stream of income compared to chasing fewer cash-paying tenants who may have limited budgets. Landlords should weigh the benefits of guaranteed payments against the administrative burden of accepting vouchers, considering the local economic conditions and tenant preferences.
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.