Location: Ottawa County, OK | Metro: Ottawa County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $970 for ZIP 74360 will cover the mortgage on a home. However, the median home value in ZIP 74360 is quite low at $34,400. Given this figure, it is unlikely that a typical home in this area would have a mortgage payment that exceeds the FMR. To accurately determine if the FMR can cover the mortgage, one would need to consider the specific interest rates and down payments involved.
Another objection could be regarding the renter demand at 0.0%. While the percentage seems low, it's important to note that ZIP 74360 supports both business and residential activity. There are 3 business establishments employing about 38 people with an annual payroll of $821,000. This suggests a modest but steady employment base which could support rental demand. Additionally, the fact that there are currently 212 apartments listed for rent indicates some level of demand. The low percentage may reflect a smaller overall population rather than a lack of interest in rentals.
The third concern might be whether housing vouchers will keep pace with market rents in ZIP 74360. The data provided does not offer specific figures for this ZIP code, but the national trend shows that the Housing Choice Voucher Program aims to help very low-income families obtain decent, safe, and sanitary housing in the private market. The program receives federal funding from HUD to administer the voucher program, indicating a commitment to maintaining affordability. However, without specific data on voucher utilization and trends in ZIP 74360, it is difficult to definitively state how well vouchers will align with market rents here.
In summary, while the data presents challenges such as low median home values and modest employment figures, these factors do not necessarily preclude successful investment opportunities. Careful consideration of local mortgage costs, employment trends, and voucher utilization should inform any investment decisions in ZIP 74360.
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.