Location: Bryan County, OK | Metro: Bryan County, OK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 74747 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $940 per month for fiscal year 2026. This is the maximum amount that the housing authority will pay for a two-bedroom unit in this specific ZIP code. However, the local market rent, based on Census ACS data, is significantly lower at $675 per month.
A landlord participating in the Section 8 program should understand that the total payment received includes both the tenant's portion and any utility allowances. Typically, the tenant is responsible for paying 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500, the tenant would contribute approximately $450 towards rent. Utility allowances vary but can be estimated around $200-$250 per month.
This means that the total reimbursement a landlord might receive for a two-bedroom unit under a Section 8 voucher could range from $650 to $700 per month ($450 tenant contribution + $200-$250 utilities). Given that the local market rent is $675, the landlord would be covering a minimal gap or receiving a slight surplus when the utility allowance is higher.
To illustrate, if the landlord charges the market rate of $675 and the tenant contributes $450, the housing authority would cover the remaining $225 plus the utility allowance. Thus, with a $225 utility allowance, the landlord would receive the full $675 market rent. If the utility allowance is $200, the landlord would still receive $625, which is slightly below the market rate but only by $50.
In summary, for a two-bedroom apartment in ZIP 74747, the SAFMR is set at $940, while the local market rent is $675. The typical reimbursement gap or surplus is negligible, with landlords either receiving the full market rent or covering a minor shortfall of up to $50 per month. Participation in Section 8 ensures steady rental income, albeit slightly below the market rate, with the added benefit of reduced vacancy risk and guaranteed rent payments through the government subsidy.
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.