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 | $870 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,440 | $159,633 | 0.9% | C |
U.S. Census Bureau data (2024)
The ZIP code 73840, located in a county with 509 residents, stands out due to its unique demographic and economic characteristics. With 17.4% of the population renting their homes and a median income of $71,932, it reflects a community that is somewhat reliant on rental housing but also has a solid financial foundation. The median home value in this area is $124,272, indicating that homeownership is accessible to many residents.
The voucher economics in ZIP 73840 present an interesting opportunity for landlords. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,270, while the current market rent, according to Census ACS data, is only $640. This significant gap between FMR and market rent suggests that landlords accepting Section 8 vouchers could potentially see higher rental incomes compared to those charging market rates.
Given the data signature of ZIP 73840, it can be characterized as relatively stable. The modest percentage of renters and the reasonable median income indicate a balanced community where both renters and homeowners coexist comfortably. While the potential for transitional changes cannot be ruled out, the current economic indicators suggest a steady environment for real estate investment, particularly in rental properties that accept Section 8 vouchers.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.