Location: Woodward County, OK | Metro: Ellis County, OK
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 | $720 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,210 | $142,633 | 0.85% | C |
U.S. Census Bureau data (2024)
The ZIP code 73832, located in Woodward County, OK, can be considered a cash-flow anchor within a Section 8 portfolio strategy. This classification is supported by the significant spread between the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for the metro area in fiscal year 2026 and the current market rental rates. According to HUD, the FMR for the 73832 metro area is $940, whereas the current market rental rate is $775. This discrepancy means landlords can potentially charge higher rents under the Section 8 program, providing a stable and above-average cash flow.
The median home value in ZIP 73832 is $124,758, indicating that it is a relatively affordable area. While this does not directly impact the rental strategy, it suggests that the area may attract a diverse range of tenants who benefit from the lower cost of living and the potential for rental assistance through Section 8.
ZIP 73832 is not particularly strong as an appreciation play or a diversifier. Appreciation plays typically require a robust housing market with increasing home values and limited supply, which is not evident from the data provided. Similarly, diversifiers often have unique characteristics that balance out a broader investment portfolio, but the lack of specific growth indicators or rental demand suggests that this ZIP code is better suited for steady, reliable cash flow rather than speculative gains.
In conclusion, ZIP 73832 is best positioned as a cash-flow anchor within a Section 8 portfolio strategy, given the favorable spread between FMR and market rental rates, ensuring a consistent and potentially above-market return on investment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.