Location: Washington County, OK | Metro: Tulsa, OK HUD Metro FMR Area
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 | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $82,192 | 1.14% | B |
| 3BR | $1,270 | $124,627 | 1.02% | B |
| 4BR | $1,300 | $218,664 | 0.59% | F |
U.S. Census Bureau data (2024)
To determine if a landlord should invest in ZIP 74003 (Bartlesville, OK) for Section 8 properties, follow these steps:
Step 1: Does the Fair Market Rent (FMR) of $940 cover the debt service on a $108,009 property?
Yes. The FMR of $940 is sufficient to cover the debt service on a property valued at $108,009. Assuming an average mortgage rate, this rental income will meet monthly obligations comfortably.
No. If the FMR of $940 does not cover the debt service on a property valued at $108,009, then investing in this ZIP code for Section 8 is not advisable. Debt service must be covered by rental income to ensure financial stability.
Step 2: Is the market rent of $984 (ZORI) above, at, or below the FMR?
Above FMR. If ZORI is higher than the FMR, at $984, landlords can consider renting to non-Section 8 tenants to maximize income. However, they must also be prepared to find and retain qualified Section 8 tenants.
At or Below FMR. If ZORI is close to or lower than the FMR, landlords should focus on Section 8 tenants to ensure their rental income meets their financial needs. Rents are likely to be set at or near the FMR level.
Step 3: Are 41.3% renters combined with a 47-day Days on Market (DOM) indicative of enough demand?
It depends. With 41.3% of residents being renters and an average DOM of 47 days, there is moderate demand for rental properties in ZIP 74003. This indicates that properties are rented relatively quickly, but the percentage of renters is not exceptionally high. Landlords should assess their ability to manage properties effectively and attract tenants within this timeframe.
Yes. If a landlord is confident in their ability to manage properties and the 47-day DOM aligns with their investment timeline, then the demand is sufficient. The 41.3% renter population suggests a stable market, and quick turnover can be beneficial.
No. If a landlord requires a high renter population or expects a shorter DOM, then ZIP 74003 may not meet their criteria. The demand is present but not overwhelming, and landlords need to be realistic about the investment's potential returns and challenges.
The analysis concludes that ZIP 74003 presents a viable opportunity for Section 8 investments, contingent upon the landlord's financial situation and expectations regarding tenant demographics and market conditions.
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.