Location: Muskogee County, OK | Metro: Muskogee County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 74423 presents a unique set of challenges due to limited data availability. However, we can still derive a rough picture using the available figures.
The Fair Market Rent (FMR) for a 2-bedroom apartment in ZIP 74423 for fiscal year 2026 is set at $1,200 annually. This implies a monthly rental rate of $100 per unit under the Section 8 program. In contrast, the market rent for a similar property, based on Census ACS data, is $967 annually, which translates to approximately $80.58 per month.
Given that the median home value is not available, we cannot directly calculate the gross yield. However, we can infer that the gross yield would be higher if a landlord were to participate in the Section 8 program, compared to renting at the market rate. The annualized Section 8 rental income of $1,200 represents a stronger cash flow potential than the market rent of $967.
To further contextualize these figures, consider the 21.2% renter density in ZIP 74423. This indicates that a significant portion of the population relies on rental housing, including subsidized options like Section 8. While the days on market (DOM) figure is not available, it's reasonable to assume that properties participating in the Section 8 program might have a shorter DOM due to the high demand from renters.
In conclusion, the gross yield derived from the Section 8 FMR is superior to that of the market rent. For landlords and small-portfolio investors considering the Section 8 program, the higher rental income of $1,200 annually should be weighed against the potential administrative burdens and requirements of the program. Given the high renter density, the likelihood of finding tenants willing to accept Section 8 vouchers is strong, making the higher gross yield a tangible possibility.
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.