Location: Woodward County, OK | Metro: Major County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The ZIP code 73838 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern due to the discrepancy between the market rent and the Fair Market Rent (FMR) set at $1,150 for FY 2026. This could result in higher vacancy rates, especially since the days on market (DOM) data is currently unavailable, making it difficult to gauge how quickly properties might be filled. The median home value of $265,752 contrasts sharply with the median income of $95,588, indicating a potential strain on residents' ability to afford maintenance costs, which could lead to deferred maintenance issues.
Despite these risks, there is a silver lining. The ZIP code has a high renter share of 7.9%, suggesting a robust demand for rental housing, including those supported by vouchers. A higher concentration of renters often translates into greater interest in affordable housing options, thereby increasing the likelihood of finding tenants who qualify for Section 8.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.