Section 8 Fair Market Rent (FMR) for ZIP 74834 - 2027

Location: Lincoln County, OK | Metro: Lincoln County, OK HUD Metro FMR Area

Investment Score for ZIP 74834

Monthly Rent (2BR)

$980

Median Price (2BR)

$120,733

1% Rule

0.81%

Annual Yield

9.74%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$880
2 Bedrooms	$980
3 Bedrooms	$1,300
4 Bedrooms	$1,520
5 Bedrooms	$1,763
6 Bedrooms	$1,975
7 Bedrooms	$2,133
8 Bedrooms	$2,240

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$980	$120,733	0.81%	C
3BR	$1,300	$218,482	0.6%	F
4BR	$1,520	$315,331	0.48%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

7,952

Median Household Income

$61,291

Housing Units

3,314

Renter Percentage

20.2%

Occupancy Rate

92.9%

Renter Occupied

623

The economics of Section 8 housing in ZIP code 74834, located in Chandler, OK, within Lincoln County, operate under a specific framework that landlords need to understand to manage their properties effectively. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $890. This SAFMR figure is crucial because it is tailored specifically for this ZIP code, reflecting local housing conditions more accurately than broader regional averages.

Local market rents, according to the Census ACS, stand at $857 for a two-bedroom unit. This indicates that the SAFMR slightly exceeds the average local rent, which could be beneficial for landlords participating in the Section 8 program.

A Section 8 voucher pays a significant portion of the rent directly to the landlord, but there are several components to consider when calculating the total reimbursement:

Tenant Portion: Tenants are required to pay 30% of their adjusted income towards rent. For instance, if a tenant's monthly income is $1,500, they would contribute $450 (30% of $1,500).
Voucher Reimbursement: The voucher will cover the difference between the tenant's contribution and the SAFMR. In the example above, the voucher would reimburse the landlord $440 ($890 - $450).
Utility Allowances: The voucher also includes an allowance for utilities. These amounts vary based on the size of the unit and local costs. For a two-bedroom apartment, the utility allowance might be around $200 per month, though exact figures can differ.

To illustrate, if a landlord charges $890 for rent and the tenant contributes $450, the voucher covers the remaining $440. Adding the utility allowance of approximately $200, the landlord receives a total of $640 ($440 + $200) from the voucher program plus the tenant’s payment of $450, totaling $1,090. This means that the landlord receives $200 more than the SAFMR, creating a surplus of $200 per month over the SAFMR amount.

However, if the landlord charges less than the SAFMR, say $857, the surplus would be smaller. The landlord would receive $407 from the voucher program ($857 - $450) plus the utility allowance of $200, totaling $607. This results in a surplus of $57 over the local market rent of $857.

In conclusion, landlords in ZIP 74834 can expect a surplus when renting a two-bedroom apartment at the SAFMR rate of $890, with the voucher covering the majority of the rent and providing additional utility allowances. The surplus is typically $200 per month over the SAFMR rate, or $57 over the local market rent, depending on the rental price set by the landlord.

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.