Location: Noble County, OK | Metro: Pawnee County, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 74651 stands out with its relatively low population of 849 residents, where 20.8% of the residents are renters. The median income in this area is $76,458, and the median home value is $129,742, indicating a mix of modest and middle-income homeownership and rental markets.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 74651 in fiscal year 2024 is set at $890. This contrasts sharply with the actual market rent, which is estimated at $508 according to the Census Bureau's American Community Survey (ACS). This discrepancy suggests that landlords participating in the Section 8 program could receive higher rents compared to the local market average, making it a potentially attractive option for property owners in this area.
The data signature for ZIP 74651 reads as stable. With a significant portion of the population renting, there is a consistent demand for affordable housing. The Section 8 program can provide a reliable source of rental income for landlords, especially given the higher FMR compared to the actual market rates. For small-portfolio investors, this ZIP code presents an opportunity to leverage government assistance programs for a steady cash flow while serving a community with a need for affordable housing solutions.
To summarize, ZIP 74651 offers a unique blend of modest economic conditions and a sizeable rental market, making it a viable location for Section 8 properties. The higher FMR relative to market rates provides a financial incentive for landlords, aligning well with the stable demographic trends observed in the area.
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.