Location: Delaware County, OK | Metro: Adair County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 74347 is centered around the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $940, while the Census ACS reports the market rent at $1,016. This creates a gap of $76, or approximately 8%, where landlords can either benefit or face challenges depending on their perspective.
If the FMR were higher than the market rent, it would suggest a yield play due to the influx of voucher tenants who could potentially drive up occupancy rates and provide a steady stream of income. However, in ZIP 74347, the FMR is lower than the market rent, indicating that landlords might need to accept a reduction in rental income to participate in the Section 8 program. The $76 difference means landlords must decide whether the benefits of guaranteed payments and stable tenancy outweigh the cost of renting below open-market rates.
This analysis is anchored in the broader context of ZIP 74347, where 13.5% of residents are renters, and the median home value stands at $199,714. With a median income of $47,526, the financial strain on renters is evident, making affordable housing options like Section 8 vouchers crucial for maintaining a balanced rental market. Landlords must consider these factors when deciding to participate in the Section 8 program, weighing the long-term stability against short-term financial gains.
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.