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 | $700 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,250 | $190,493 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 74022 presents a dynamic rental market with specific characteristics that reveal underlying housing pressures. The Fair Market Rent (FMR) for the area is set at $890 for the fiscal year 2024, indicating the government's benchmark for what is considered affordable rent. In contrast, the actual market rent, as reported by the Census American Community Survey (ACS), stands at $638. This suggests that the rental market in ZIP 74022 is currently below the government's affordability threshold, potentially due to an oversupply of rental units or lower-than-average income levels.
The median home value in ZIP 74022 is $178,001, which can be seen as a reflection of the overall economic conditions and property values in the area. While there is no specific data on the percentage of price-cut share or days on market (DOM) for rentals, the gap between the FMR and the market rent implies that landlords might have some flexibility in setting their rental rates, possibly offering incentives to attract tenants.
A significant indicator of the long-term housing pressure is the 10.9% renter share in ZIP 74022. This relatively low percentage of renters compared to homeowners suggests a market where homeownership is more prevalent. However, this also indicates that there could be a growing need for rental properties if the trend towards renting continues, as it often does in areas experiencing economic shifts or population growth. With fewer renters, landlords might face less competition for tenants, but they also risk having a smaller pool of potential renters if they do not adjust their offerings to meet the needs of those who prefer or require renting.
The dynamics of ZIP 74022's market suggest a balance between supply and demand that is skewed slightly towards supply. Landlords and small-portfolio investors should consider these factors when evaluating the potential for rental income and property appreciation in this area. The current market conditions provide an opportunity to attract tenants with competitive pricing and amenities, while the low renter share hints at a stable, homeowner-oriented community that may eventually see increased demand for rental properties.
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.