Location: Grant County, OK | Metro: Enid, OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 74640 are defined by the Sub-area Fair Market Rent (SAFMR) which is specifically tailored for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $900. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a unit in this ZIP code. However, it's important to understand that this does not necessarily mean the landlord will receive the full $900 from the government.
The actual reimbursement to landlords depends on several factors, including the tenant's portion of the rent and any utility allowances. Tenants typically pay 30% of their adjusted income towards rent. In ZIP 74640, if we assume an average household income where the tenant pays 30%, the local market rent of $1,583 would imply a tenant contribution of approximately $475. This leaves the government responsible for the difference between the tenant's payment and the SAFMR, which in this case would be $425 ($900 - $475).
Utility allowances can also affect the total reimbursement. These allowances vary based on the size of the unit and the location. For a two-bedroom unit, the allowance might cover part of the tenant's utilities, but this is generally a fixed amount and does not increase the overall rent reimbursement beyond the SAFMR limit. Therefore, the landlord's total reimbursement would still be capped at $900 per month, even if the utility allowance is included.
In ZIP 74640, given the local market rent of $1,583 and the SAFMR of $900, landlords will face a significant reimbursement gap. The gap between the market rent and the SAFMR reimbursement is $683 per month. This means that landlords who participate in the Section 8 program for a two-bedroom unit in this ZIP code will receive $683 less than the market rent. Thus, the typical reimbursement gap for a two-bedroom unit in ZIP 74640 is a deficit of $683 per month.
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.