Location: Mayes County, OK | Metro: Cherokee 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 | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,430 | $295,508 | 0.48% | F |
U.S. Census Bureau data (2024)
A household in ZIP code 74364, with a median income of $63,542, faces a challenging rental market where the average rent is priced at $1,094. This market rate, derived from the Census American Community Survey (ACS), represents a significant portion of their monthly budget. To put this into perspective, the median household would have an approximate monthly income of $5,295, assuming income is evenly distributed throughout the year. Renting at the market rate would consume nearly 21% of their monthly earnings.
Comparatively, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 stands at $1,010. This figure, which is the basis for Section 8 voucher payments, is slightly lower than the market rate but still represents a considerable expense for tenants. The difference between the market rate and the FMR indicates an affordability gap that could impact the ability of households to secure housing without financial assistance.
In ZIP 74364, only 10.1% of the 1,931 residents are renters, suggesting a relatively low demand for rental properties. This demographic detail means that landlords might face stiff competition in attracting tenants willing to pay the market rate. Given the limited number of renters, those who rely on Section 8 vouchers could play a pivotal role in the local rental market.
The takeaway for landlords considering whether to accept voucher payments or focus on cash-paying tenants is clear. While the FMR of $1,010 is below the market rate of $1,094, it remains a substantial amount for many households. Accepting vouchers can ensure steady, government-backed rental income, though it might require landlords to adjust their expectations slightly downward. On the other hand, targeting cash-paying tenants could yield higher rents but comes with the risk of reduced demand given the high cost of living relative to income levels. Landlords should weigh these factors carefully, considering the balance between financial stability and potential rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.