Section 8 Fair Market Rent (FMR) for ZIP 74940 - 2027
Location: Le Flore County, OK | Metro: Le Flore County, OK
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $650 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$50,677
Housing Authorities Serving ZIP 74940
The analysis of ZIP code 74940, located in the Howe, OK, Le Flore County, OK metro area, reveals key insights for potential landlords and small-portfolio investors.
- Does the rent math work? The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $940. However, the current market rent, based on Census ACS data, stands at $747. This indicates that the rent math does not currently work in favor of landlords aiming to meet the FMR, as the market rate is significantly lower. To align with the FMR, landlords would need to increase rents by approximately $193 per month, which may not be feasible given the current market conditions.
- Is acquisition affordable? The median home value in ZIP 74940 is $208,657, which presents an opportunity for acquisition at a relatively low cost compared to many other markets. However, due to the lack of data on days on market (DOM) and the percentage of homes requiring price cuts, it's challenging to assess the overall affordability and liquidity of the market. Investors should consider these factors when evaluating the feasibility of property acquisitions in this area.
- Is there tenant demand? With a total population of 2,504, and 22.0% of residents being renters, there is a limited but present tenant demand. This translates to roughly 551 rental units needed to accommodate the renting population. While the number of potential tenants is modest, it could support a niche market for landlords who can offer quality housing at competitive rates.
Based on the analysis, ZIP 74940 offers an affordable entry point into the real estate market, with median home values at $208,657. However, the discrepancy between the FMR and the actual market rent suggests that increasing rental income to match the FMR will be difficult without significant adjustments to the local rental market. Tenant demand exists, but it is limited, making it essential for investors to focus on providing attractive, competitively priced properties to appeal to the 22.0% renter share. Overall, while the area presents opportunities, particularly in acquisition costs, careful consideration must be given to the challenges posed by the current market rent and limited tenant pool.
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.