Section 8 Fair Market Rent (FMR) for ZIP 74403 - 2027

Location: Muskogee County, OK | Metro: Tulsa, OK HUD Metro FMR Area

Investment Score for ZIP 74403

Monthly Rent (2BR)

$960

Median Price (2BR)

$74,187

1% Rule

1.29%

Annual Yield

15.53%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$730
1 Bedroom	$730
2 Bedrooms	$960
3 Bedrooms	$1,210
4 Bedrooms	$1,410
5 Bedrooms	$1,636
6 Bedrooms	$1,832
7 Bedrooms	$1,979
8 Bedrooms	$2,078

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$730	$56,512	1.29%	A
2BR	$960	$74,187	1.29%	A
3BR	$1,210	$177,102	0.68%	D
4BR	$1,410	$247,289	0.57%	F
5BR	$1,636	$309,961	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

29,217

Median Household Income

$56,689

Housing Units

12,917

Renter Percentage

36.7%

Occupancy Rate

88.8%

Renter Occupied

4,214

The ZIP code 74403, located in Muskogee, Oklahoma, presents a modest yet stable housing market. The area is characterized by a mix of homeowners and renters, with rental properties playing a significant role in the local economy.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for a two-bedroom apartment is set at $910, providing a benchmark for affordable housing standards.
Market Rent: The actual market rent, measured by the Zillow Observed Rent Index (ZORI), stands at $1,261 for a similar unit, indicating that the local rental market exceeds the FMR.
Median Home Value: The median home value in ZIP 74403 is $157,365, reflecting the overall affordability of homeownership in the area.
Renter Share: Renters make up 36.7% of the population, suggesting a substantial demand for rental properties.
Days on Market (DOM): Properties typically stay on the market for 60 days, which is a reasonable duration that balances between quick turnover and thorough vetting of potential tenants.
Median Income: The median household income in the area is $56,689, providing insight into the financial capacity of residents to afford both rental and ownership costs.

Given these data points, investors can expect a balanced market where rental properties offer a slightly higher return compared to the fair market rent standards. The median home value indicates a relatively low barrier to entry for property ownership, while the renter share suggests ongoing demand for leasing options. With a 60-day DOM, landlords can anticipate a moderate but manageable process in finding suitable tenants. The median income supports the viability of current rental rates and home values, ensuring a steady stream of potential occupants and buyers. Overall, ZIP 74403 offers a promising opportunity for those looking to invest in a stable and moderately growing real estate market.

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.