Location: Mayes County, OK | Metro: Craig County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 74350 are governed by the SAFMR (Small Area Fair Market Rent) for a two-bedroom unit, which is set at $940 for fiscal year 2026. This SAFMR is specifically tailored for this ZIP code, reflecting the unique cost dynamics of the area. In comparison, the local market rent for a similar two-bedroom unit is reported at $775 according to the latest Census ACS data.
A Section 8 voucher works by covering the difference between the tenant's contribution and the actual rent charged. For a two-bedroom unit, the tenant is typically required to pay 30% of their adjusted income towards rent. Let’s assume an adjusted income of $1,500 per month; the tenant would contribute $450 ($1,500 x 0.30).
The SAFMR of $940 is the maximum amount that the program will subsidize. Therefore, if the landlord charges $940 or less, the voucher will cover the remaining balance after the tenant’s contribution. If the landlord charges exactly $940, the voucher would cover $490 ($940 - $450). However, if the landlord sets the rent higher than $940, the voucher will still only cover up to $940, leaving the landlord to absorb the excess.
In addition to the base subsidy, there are utility allowances that can vary based on the size of the unit and the region. For ZIP 74350, the utility allowance for a two-bedroom unit is $350 per month. This allowance is intended to help cover electricity, gas, water, and sewer costs, but it does not directly affect the landlord’s reimbursement unless the tenant chooses to use it for utilities.
To summarize, if a landlord charges $940 for a two-bedroom unit, the total reimbursement would be $840 ($490 for rent + $350 for utilities). However, if the landlord charges $775, the reimbursement would be $775, including the utility allowance. Landlords should note that charging above the SAFMR rate of $940 will result in a surplus for the landlord, but the voucher will only cover up to $940, creating a potential gap that must be covered by the tenant.
Given these parameters, the typical reimbursement gap or surplus for a two-bedroom unit in ZIP 74350 is as follows: If the landlord sets the rent at the SAFMR rate of $940, the landlord receives $840 in total reimbursement, leaving a gap of $100. If the landlord sets the rent at the market rate of $775, the landlord receives the full $775, resulting in no gap and potentially a surplus if the tenant's contribution exceeds the market rate.
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.