Location: Kay County, OK | Metro: Kay County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $640 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,210 |
| 5 Bedrooms | $1,404 |
| 6 Bedrooms | $1,572 |
| 7 Bedrooms | $1,698 |
| 8 Bedrooms | $1,783 |
The Fair Market Rent (FMR) for ZIP code 74602 in Unknown, OK, for fiscal year 2026 is set at $940. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8, to determine the maximum amount they will pay toward your rent. It is important to note that this is not the amount you can charge for rent, but rather the ceiling for the government subsidy.
In ZIP 74602, the median rent is currently listed as N/A, which means there is no specific data available to compare against the FMR. However, the percentage of renters in the area is N/A%, indicating a significant portion of residents rely on rental housing. This suggests a steady demand for rental properties, especially those that qualify for Section 8 assistance.
The acquisition cost for properties in this area is also noted as N/A, which typically refers to the average price you might expect to pay for a property suitable for renting. While the exact figure is not available, understanding the local real estate market is crucial. A high percentage of renters in an area can often correlate with lower property values, making it potentially easier to acquire a rental property.
To ensure the suitability of a potential Section 8 rental, verify that your property meets the HUD's Housing Quality Standards (HQS). These standards are designed to ensure that all homes rented under the Section 8 program are safe and decent. Failure to meet these criteria can result in the denial of a voucher holder's application to live in your property, which would mean lost income.
In conclusion, while the specific local rent and acquisition costs are not available, the FMR of $940 sets the limit for the government subsidy. The demand for rental properties appears strong based on the percentage of renters, and acquiring a property could be feasible given the right conditions. Before proceeding, make sure your property complies with HQS to avoid any issues with voucher holders.
Data Sources: FMR data from HUD (2027).
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.