Location: Nowata 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 | $710 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $137,769 | 0.67% | D |
| 3BR | $1,210 | $248,154 | 0.49% | F |
| 4BR | $1,400 | $313,938 | 0.45% | F |
U.S. Census Bureau data (2024)
ZIP 74016, located in Nowata County, OK, can serve as a cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for a two-bedroom unit in ZIP 74016 for fiscal year 2024 is $890. In comparison, the market rent for a similar unit is $837, resulting in a spread of $53 per month. Additionally, the median home value in this ZIP code is $214,771, indicating a relatively stable housing market.
The low spread between the FMR and market rent suggests that properties in ZIP 74016 can provide consistent cash flow when rented to tenants covered by the Section 8 program. With a median income of $60,671, there is a sufficient tenant pool eligible for Section 8 assistance. The renter share of 29.5% also supports the viability of rental properties in this area.
Furthermore, the price-cut share of 0.2% and the lack of significant days on market (DOM) indicate that the rental market is steady and unlikely to experience sharp fluctuations. This makes ZIP 74016 an ideal location for landlords and small-portfolio investors looking to secure reliable cash flow through the Section 8 program.
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.