Section 8 Fair Market Rent (FMR) for ZIP 74947 - 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)

Population

115

Median Household Income

$38,750

Housing Units

Renter Percentage

32.6%

Occupancy Rate

84.3%

Renter Occupied

The median income in ZIP code 74947 stands at $38,750, which paints a clear picture of the financial landscape for renters in this area. At a market rate of $775 per month, as reported by the Census ACS, many households would find it challenging to afford housing without assistance. This is especially true when considering that the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $940, significantly higher than what most residents earn.

Affordability: A median income of $38,750 means that a typical household would struggle to pay the market rent of $775, let alone the FMR of $940. To put this into perspective, a household earning the median income would spend nearly 25% of their monthly income on rent at the market rate, and over 30% if paying the FMR. This exceeds the general guideline that no more than 30% of a household’s income should go towards housing costs.
Renters' Share: With 32.6% of the population being renters, there is a notable segment of the community that relies on affordable housing options. The small population size of 115 suggests limited demand, but also highlights the importance of every unit in this tight market.
Affordability Gap: The difference between the median income and both the market rate and FMR indicates a significant affordability gap. This gap means that many renters would need financial assistance to cover their housing costs, leading to increased competition among landlords for those who can pay the full market rate or FMR.

The takeaway for landlords considering voucher versus cash-pay strategies in ZIP code 74947 is clear: given the low median income and high rents, many potential tenants will be seeking housing through vouchers. Landlords who accept vouchers can tap into a broader pool of tenants, though they must be prepared to receive payments closer to the lower end of the FMR scale. For those who prefer cash-paying tenants, the strategy may work, but only for units priced at or below the market rate of $775. In either case, understanding the local economic realities is crucial for making informed decisions about rental pricing and tenant selection.

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.