Location: Grant County, OK | Metro: Enid, OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP code 73761 in relation to Section 8 housing reveals several potential challenges that landlords must consider. Tenant turnover is a significant concern when comparing the market rent, which is currently not available, to the Fair Market Rent (FMR) of $1,000 for fiscal year 2024. This uncertainty can lead to fluctuations in rental income, impacting cash flow stability.
Vacancy exposure is another critical issue, particularly given the lack of data on days on market (DOM). Without a clear understanding of how quickly properties can be rented out, there's a risk of extended periods without tenants, leading to lost rental income and increased expenses.
Deferred maintenance poses a substantial threat due to the typical home value of $130,626 and a median income of $75,000. Landlords may find themselves responsible for significant repairs and upgrades without adequate financial resources to cover these costs, especially if the tenants' incomes do not fully support the property's upkeep.
However, the high renter share of 23.8% in ZIP 73761 suggests a robust demand for rental housing, including those supported by Section 8 vouchers. This high density of renters typically translates into a greater pool of voucher holders looking for housing, potentially mitigating some of the risks associated with tenant turnover and vacancy rates.
In conclusion, despite the potential risks, the high renter share in ZIP 73761 indicates a moderate risk for a first-time Section 8 landlord. The presence of a large number of renters increases the likelihood of finding suitable voucher recipients, but the uncertainties around market rents and the need for maintenance should be carefully managed.
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.