Location: Le Flore County, OK | Metro: Latimer County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,230 |
| 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)
A household in ZIP code 74563, with a median income of $44,063, faces significant challenges in affording the market rate rent of $756 per month. This figure represents the average rental cost based on Census American Community Survey (ACS) data. However, when comparing this to the Fair Market Rent (FMR) standard set at $970 for the metro area in fiscal year 2026, it becomes evident that there is a notable affordability gap.
The disparity between the median income and the market rate rent suggests that many residents may struggle to find housing without financial assistance. Given that only 20.2% of the 1,910 population are renters, landlords must consider how this affects their competitive landscape. The limited number of renters means that landlords need to carefully evaluate their pricing strategies to attract tenants who can afford the rent.
The affordability gap implies that landlords might face a choice between relying on cash-paying tenants who may be few and far between due to the high costs relative to income, or accepting Section 8 voucher holders who receive government assistance to cover their rent. Accepting voucher holders at the FMR rate of $970 could provide a more stable tenant base, especially since the market rate of $756 is already a stretch for the typical household income.
Landlords in ZIP 74563 should recognize that while the FMR rate is higher than the market rate, it aligns better with the financial capabilities of potential tenants. By considering the acceptance of Section 8 vouchers, landlords can tap into a more reliable pool of renters, ensuring occupancy and reducing the risk of vacancies. The takeaway is clear: focusing on voucher programs can be a strategic advantage in a market where the income levels of residents do not easily support the current rental costs.
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.