Location: Seminole County, OK | Metro: Pottawatomie 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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $118,164 | 0.86% | C |
| 3BR | $1,360 | $221,458 | 0.61% | D |
| 4BR | $1,610 | $291,119 | 0.55% | F |
| 5BR | $1,868 | $359,435 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 74804, located in Shawnee, OK, represents a significant tenant pool for landlords and small-portfolio investors. With a population of 23,227, nearly one-third (31.7%) of residents are renters, indicating a substantial demand for rental properties. This makes it a viable market for Section 8 tenants, who often rely on housing vouchers due to lower income levels.
The median household income in Shawnee is $67,631, which contrasts with the average market rent of $1,143. To put this into perspective, the typical rent consumes approximately 20.2% of the local median income. This figure is derived from the calculation: ($1,143 / $67,631) * 100 = 20.2%. Given that the Fair Market Rent (FMR) for the metro area is set at $1,000 for FY 2026, the actual market rent in Shawnee exceeds the FMR by $143, suggesting that landlords might need to adjust their expectations regarding rental subsidies.
In terms of the tenant profile, landlords can expect a mix of individuals and families who are likely to have incomes below the median, making them eligible for Section 8 vouchers. The discrepancy between the median income and the market rent indicates that tenants will be seeking affordable housing options, particularly those supported by government assistance. This implies that the majority of tenants will be heavily reliant on their vouchers to cover the cost of rent, which is slightly above the FMR threshold.
To conclude, Shawnee, OK (ZIP 74804) offers a decent opportunity for landlords interested in Section 8 tenants. The high percentage of renters and the alignment of market rents with the FMR suggest a robust demand for subsidized housing. Landlords should prepare for tenants who will require the full extent of their vouchers to afford living in the area, thus ensuring that rental properties are priced competitively within the subsidy limits.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.