Location: Kay County, OK | Metro: Kay County, OK
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $640 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $75,602 | 1.22% | A |
| 3BR | $1,200 | $161,287 | 0.74% | D |
| 4BR | $1,200 | $211,166 | 0.57% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 74647, which includes Newkirk, OK, stands at $63,145. At the current market rate of $713 per month (as reported by the Census ACS), a household earning the median income would spend approximately 14.3% of their monthly income on rent. This calculation is based on an average monthly income of $5,262 ($63,145 divided by 12 months).
In contrast, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $940. If a household were to pay this amount through a housing voucher, they would be spending around 17.9% of their monthly income on rent. This represents a significant increase over the market rate.
The affordability gap between the market rate and the FMR is substantial. The difference of $227 per month means that a household could either spend more on rent, leaving less for other expenses, or choose to live in a more affordable property. Given that only 21.7% of the 3,534 population are renters, competition among landlords is likely to be fierce for the limited number of tenants available.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While vouchers provide a guaranteed payment stream, the higher rent amounts associated with FMRs may deter potential tenants who are already stretched financially. Landlords might find more success in attracting and retaining tenants by setting rents closer to the market rate of $713, especially if they can offer amenities or services that add value without significantly increasing costs. This approach can help landlords remain competitive in a market where many households are looking for ways to manage their expenses effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.