Location: Woodward County, OK | Metro: Woodward County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
In ZIP code 73841, there are several factors that could pose challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern due to the disparity between the market rent of $733 and the Fair Market Rent (FMR) of $940 for fiscal year 2026 in the metropolitan area. This difference suggests that tenants might prefer properties that offer higher subsidies, leading to frequent moves and higher vacancy rates.
Vacancy exposure is another critical issue. With no data available on the number of days on market (DOM), it's challenging to predict how long a property might remain vacant. However, the typical home value of $86,902 and median income of $76,731 indicate that properties may require substantial maintenance to meet the standards expected by both tenants and the government. Landlords must be prepared to invest in deferred maintenance, which can be costly and time-consuming.
Despite these risks, the high renter share of 35.0% in ZIP 73841 presents an opportunity. High renter density often translates into increased demand for rental properties, including those that accept Section 8 vouchers. This demand can help mitigate the risk of vacancies and ensure a steady stream of potential tenants.
The verdict for ZIP 73841 is a moderate risk for a first-time Section 8 landlord. While the potential for high tenant turnover and the need for significant maintenance exist, the strong renter market provides a buffer against prolonged vacancies.
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.