Location: Choctaw County, OK | Metro: Choctaw County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The ZIP code 74738 presents a unique opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 375, it's evident that the number of potential renters is limited; however, the 11.3% rental rate suggests a significant portion of residents rely on rental housing. This makes it a niche market but one with dedicated demand for rental units.
The median household income in ZIP 74738 is $22,857, which is notably lower than the average income in many areas. When considering the Fair Market Rent (FMR) of $960 for the fiscal year 2026 in the metro area, we can infer that the typical rent in this ZIP code should align closely with this figure to remain accessible to the majority of residents.
While specific market rent figures are not provided, it's reasonable to assume that rents in ZIP 74738 will be lower than or equal to the FMR to cater to the local income levels. If we take the FMR as a benchmark, it represents approximately 42% of the median household income when annualized. This means that a substantial portion of the local income would go towards rent, highlighting the necessity for affordable housing options such as those subsidized by Section 8 vouchers.
The scarcity of specific market rent data underscores the importance of the FMR as a guideline for landlords. At $960, the FMR is set to ensure that the rent is affordable for those with low incomes, making it a critical consideration for property owners in ZIP 74738. Given the lower median income, landlords should prepare for a tenant pool that heavily relies on government assistance for housing. These tenants will likely have their rent subsidized through the Section 8 program, ensuring that they can afford to live in the area without excessive financial strain.
In summary, ZIP 74738 is a small market with a defined need for affordable rental housing. Landlords should expect a tenant profile that is largely dependent on Section 8 vouchers due to the low median income. The FMR serves as a reliable indicator for setting rents that are both competitive and affordable in this context.
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.