Location: Craig 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 | $700 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $155,429 | 0.59% | F |
| 3BR | $1,150 | $274,305 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 74369, located in Welch, OK, presents an interesting landscape for landlords and small-portfolio investors considering Section 8 tenants. With a population of 1,741, the area has a notable 27.6% of residents who are renters, indicating a significant demand for rental properties. The median household income in this ZIP code is $54,250, which provides a baseline for understanding the financial capabilities of potential tenants.
The market rent in Welch, OK, stands at $583, representing approximately 11% of the median household income. This suggests that typical rents are relatively affordable for most residents, especially those relying on Section 8 housing vouchers. For context, the Fair Market Rent (FMR) for the area is $940 (as of FY 2026, metro), meaning that the current market rent is about 62% of the FMR. This discrepancy highlights the affordability of the ZIP code compared to broader metropolitan averages, making it attractive for voucher holders.
Landlords in ZIP 74369 can expect a tenant pool primarily composed of individuals and families who rely heavily on government assistance to secure housing. These tenants will likely have their rent subsidized by Section 8 vouchers, which cover a portion of the monthly rent based on the tenant's income. Given the lower market rent relative to the median income, these subsidies are crucial for enabling access to housing for low-income residents.
The analysis reveals that Welch, OK, is a renter-heavy ZIP with deep voucher demand, rather than a homeowner-dominated area. The combination of a substantial rental population and a lower-than-average market rent makes it a suitable location for landlords willing to participate in the Section 8 program. Tenants here will be characterized by their reliance on housing vouchers and a need for affordable living spaces, with rents consuming a significant but manageable portion of their income.
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.