Location: Ottawa County, OK | Metro: Craig 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 | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $272,089 | 0.4% | F |
| 3BR | $1,390 | $423,979 | 0.33% | F |
| 4BR | $1,450 | $700,818 | 0.21% | F |
U.S. Census Bureau data (2024)
21.0% of residents in ZIP code 74331, Cleora, OK, are renters, indicating a modest demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,060, which provides a benchmark for rental pricing. However, the actual market rent based on Census ACS data stands at $946, suggesting that landlords may need to adjust their expectations slightly. The median home value in this area is $357,899, reflecting a stable housing market that could be attractive for property investments. With a median income of $61,272, tenants in Cleora have the financial capability to afford rents close to the FMR, but the gap between the FMR and market rent should be noted.
The low price-cut share of 0.2% indicates that once a property is listed at an appropriate price, it tends to sell without needing significant reductions. This stability can be beneficial for both landlords and small-portfolio investors looking to enter the market. Given the data, the discrepancy between the FMR and market rent suggests a competitive environment where landlords must offer competitive pricing to attract tenants.
In conclusion, for landlords and small-portfolio investors, ZIP 74331 presents a balanced opportunity with a reasonable tenant base and stable property values. However, setting rents closer to the $946 market rate rather than the higher FMR of $1,060 will likely yield better occupancy rates. The verdict on Section 8 eligibility in Cleora, OK, is positive, provided landlords align their rents with the current market conditions.
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.