Location: Payne County, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
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 | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $980 | $152,600 | 0.64% | D |
| 3BR | $1,350 | $216,328 | 0.62% | D |
| 4BR | $1,430 | $272,324 | 0.53% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 74059, Perkins, OK, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $960, while the Census ACS reports the market rent at $858. This creates a difference of $102, or approximately 11.9%, in favor of the FMR.
In this scenario, where the FMR exceeds the market rent, landlords and small-portfolio investors can leverage this situation to maximize their yields. The higher FMR allows landlords to charge closer to the government-set rate, which is $960 per month, rather than the lower market rate. This means that landlords can potentially earn an additional $102 per unit compared to what they might receive from non-voucher tenants.
The cost of housing voucher tenants below open-market rates is not a concern here, as the FMR is above the current market rate. However, it's important to consider the broader economic context of Perkins, OK. With 31.0% of residents being renters, there is a notable segment of the population that relies on rental properties. Additionally, the median home value in Perkins is $220,331, indicating that homeownership is relatively expensive, which further emphasizes the importance of affordable rental options.
The median income in Perkins, OK, stands at $51,679. Given this figure, many residents may find it challenging to afford market-rate rents without assistance. Therefore, the Section 8 program serves as a critical support mechanism for these individuals, ensuring they have access to safe and decent housing. Landlords who participate in the Section 8 program can benefit from a steady stream of reliable tenants, backed by the federal government, which helps mitigate risks associated with default and vacancy.
Investors should also be aware that the demand for affordable housing in Perkins, OK, is likely to persist due to the economic realities faced by many residents. By aligning their rental offerings with the FMR, landlords can attract tenants who are financially supported through the voucher system, thereby securing a stable and predictable cash flow.
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.