Location: Muskogee County, OK | Metro: Okmulgee County, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 74428 stands out in terms of its demographic and economic characteristics, which can inform investment decisions for landlords and small-portfolio investors. With a total of 808 residents, this area has a relatively low rental rate at 16.1%, indicating that a majority of the population owns their homes. The median income in ZIP 74428 is $57,636, while the median home value is significantly higher at $230,733, suggesting a community where homeownership is valued but comes at a premium.
When it comes to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 74428 in fiscal year 2024 is set at $890. This is notably above the current market rent of $500, as reported by the Census Bureau's American Community Survey (ACS). For landlords, this means that accepting Section 8 vouchers could potentially provide a better return on investment compared to the typical market rent. The discrepancy between the FMR and the actual market rent highlights an opportunity to capitalize on government subsidies, ensuring a steady stream of income that exceeds local market rates.
Based on the data, ZIP 74428 presents a stable environment for real estate investments. The low rental rate combined with a high median home value suggests a mature market with established homeowners. However, the presence of Section 8 vouchers indicates some level of transitional dynamics, particularly for those who might be seeking rental assistance. This mix of stability and transition offers a balanced scenario where landlords can benefit from both the security of a stable housing market and the financial incentives provided by the Section 8 program.
To summarize, ZIP 74428 is characterized by a predominantly homeowner population with a significant gap between the Fair Market Rent and the actual market rent. This makes it an attractive option for landlords who wish to receive higher rents through the Section 8 program. The overall data signature leans towards a stable market with elements of transition, particularly among renters.
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.