Location: Washington County, OK | Metro: Nowata County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
The median income in ZIP code 74083 stands at $66,442, which provides a baseline for understanding the financial capacity of households in the area. However, without specific market rate figures for rentals, it's challenging to assess if the typical household can comfortably cover the cost of living there. The data indicates that the Fair Market Rent (FMR) for the metro area, as of fiscal year 2026, is set at $1,220. This figure represents the standard voucher payment, offering insight into what subsidized renters might be able to afford.
Given that only 14.4% of the 791 residents are renters, the competition among landlords is relatively low. This means that those who do choose to rent are likely to have multiple options available to them, potentially driving down rental rates due to the abundance of supply relative to demand.
The affordability gap becomes evident when comparing the median income to the FMR. A household earning the median income would struggle to allocate a significant portion of their earnings towards housing costs at the FMR level. For instance, if we assume a common rule of thumb that no more than 30% of income should go toward housing, then a household in ZIP 74083 could afford to spend approximately $1,661 per month on rent. This suggests that the FMR of $1,220 is below the maximum affordable rent for the average household, indicating that voucher recipients might face limited choices, while those paying out-of-pocket could find themselves in a more advantageous position.
For landlords considering their strategy regarding voucher versus cash-paying tenants, the data points to a nuanced decision-making process. While voucher tenants provide guaranteed income through government subsidies, the lower payment standard might result in less revenue compared to what cash-paying tenants could afford. On the other hand, the competition among landlords is low, suggesting that setting slightly above FMR rates could still attract tenants willing to pay out-of-pocket, potentially maximizing profits.
In conclusion, landlords in ZIP 74083 must weigh the benefits of guaranteed income from voucher programs against the potential for higher rents from cash-paying tenants. The low percentage of renters and the population size indicate a market where flexibility in pricing and tenant selection could be key to success.
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.