Location: Payne County, OK | Metro: Pawnee County, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 74045 in fiscal year 2024 is set at $890. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the Housing Choice Voucher Program to determine the rent subsidy.
To put this into perspective, let's consider the local rental market. The median rent for similar properties in this area is currently N/A, which means we don't have a direct comparison to the FMR. However, given that renters make up 15.6% of the population, there is a significant demand for affordable housing options. This percentage suggests that nearly one in six residents rely on rental income, making it a stable segment of the market.
When acquiring a property for a Section 8 rental, the acquisition cost is also a critical factor. Unfortunately, the specific cost for properties in ZIP 74045 is currently N/A. Nevertheless, understanding the FMR helps you gauge whether the property's potential rent aligns with the program's guidelines. If your property's market value is close to or below $890, it's more likely to be approved for the Section 8 program.
Before you decide to participate in the Section 8 program, one crucial step is to verify that your property meets all the required standards. This includes ensuring that the rent does not exceed the FMR and that the unit passes a thorough inspection for health and safety. The Housing Authority will conduct an inspection to ensure compliance with these standards, so having a well-maintained property is essential.
In summary, the FMR of $890 provides a clear guideline for the maximum rent you can charge under Section 8. With a significant portion of the population renting, there is strong demand for affordable units. Ensure your property complies with all necessary requirements to avoid delays or disqualification.
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.