Section 8 Fair Market Rent (FMR) for ZIP 74962 - 2027

Location: Cherokee County, OK | Metro: Fort Smith, AR-OK MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$690
1 Bedroom	$700
2 Bedrooms	$920
3 Bedrooms	$1,240
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,398

Median Household Income

$54,080

Housing Units

2,421

Renter Percentage

20.8%

Occupancy Rate

71.8%

Renter Occupied

362

The town of Vian, Oklahoma, located in ZIP code 74962, offers a unique blend of rural charm and accessibility to urban amenities. This area is particularly appealing to investors interested in the Section 8 housing market, as it provides a stable demand for affordable rental properties. Below is a detailed market analysis based on recent data points.

The Fair Market Rent (FMR) for ZIP 74962 is set at $890 per month for fiscal year 2024, indicating the maximum amount that a landlord can charge for a voucher tenant.
The average market rent in Vian, according to the Census Bureau's American Community Survey (ACS), stands at $762 per month, suggesting a competitive advantage for Section 8 properties due to higher potential rents.
The median home value in Vian is $203,135, making it an attractive option for first-time homebuyers and investors looking for affordable entry points.
Renters constitute 20.8% of the housing market in Vian, highlighting a significant portion of the population that relies on rental properties, including those supported by Section 8 vouchers.
The median household income in Vian is $54,080, which supports the affordability of the FMR and indicates a stable economic base for tenants.

In summary, Vian, OK, presents a favorable environment for Section 8 investments. The discrepancy between the FMR and the market rent suggests a potential for slightly higher returns on investment when compared to the general rental market. Additionally, the median home value and median income indicate a healthy balance between property costs and tenant affordability, reducing the risk of vacancy and default. With a substantial renter share, there is a consistent demand for rental properties, especially those that cater to low-income families through the Section 8 program. These factors collectively paint a picture of a resilient market where Section 8 investments can thrive.

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.