Location: Payne County, OK | Metro: Noble 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 | $850 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $185,400 | 0.58% | F |
| 3BR | $1,490 | $249,154 | 0.6% | F |
| 4BR | $1,570 | $336,943 | 0.47% | F |
| 5BR | $1,821 | $519,875 | 0.35% | F |
U.S. Census Bureau data (2024)
The potential pitfalls for a Section 8 landlord in ZIP code 74075, Stillwater, OK, are significant. Tenant turnover is a major concern, with the market rent at $1,472 compared to the Fair Market Rent (FMR) for FY 2026 at $1,100. This discrepancy can lead to higher vacancy rates and financial strain on tenants who may struggle to afford the difference between the two rates.
Vacancy exposure is another critical issue. With an average Days on Market (DOM) of only 9 days, landlords might assume that rental properties will be filled quickly. However, this figure does not account for the time needed to process Section 8 applications and move-in procedures, which can extend vacancy periods and reduce cash flow.
Deferred maintenance is also a risk factor. The typical home value in the area is $252,852, but the median household income is just $46,053. This income level suggests that many residents may not have the financial means to cover extensive repairs or upgrades, leading to increased maintenance costs for landlords.
Despite these challenges, the high renter share of 59.4% in Stillwater indicates a strong demand for rental housing. This high concentration of renters often translates into robust demand for Section 8 vouchers, providing a stable pool of potential tenants. Additionally, the local government's commitment to affordable housing initiatives can help mitigate some of the risks associated with Section 8 investments.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.