Location: Washington County, OK | Metro: Washington County, OK
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 | $780 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $84,521 | 1.09% | B |
| 3BR | $1,250 | $160,040 | 0.78% | D |
| 4BR | $1,260 | $255,205 | 0.49% | F |
U.S. Census Bureau data (2024)
The real estate landscape in Dewey, Oklahoma (ZIP 74029), presents a nuanced picture for landlords and small-portfolio investors. With a median home value of $138,241, the area remains relatively affordable compared to national averages. However, the lack of percentage of listings that have been reduced and the absence of data on the median days on market (DOM) suggest stability in the housing market but do not provide clear signals regarding future pricing power.
On the rental side, the Forward Monthly Rent (FMR) for the metro area in fiscal year 2026 is projected at $940, slightly above the current market rate of $912. This indicates that there may be room for modest rent increases as the market approaches the projected FMR. Landlords can expect a gradual upward trend in rental income, aligning with the broader economic forecasts for the region.
For long-term investors, the appreciation thesis in Dewey hinges on several factors. The stable median home values and the slight increase in projected rents suggest a steady growth environment. However, without specific data on the reduction in listings or DOM trends, it's challenging to pinpoint exact rates of appreciation. Nonetheless, the current setup implies that long-hold investors should anticipate conservative gains rather than rapid appreciation. This makes Dewey suitable for those looking to generate steady rental income and moderate capital appreciation over time.
Investors should also consider the broader economic context. A strong local economy, low unemployment, and increasing population could drive demand for both rentals and home purchases, thereby supporting property values. Conversely, external economic pressures or a downturn in the local job market could slow down the pace of appreciation.
In summary, while the median home value of $138,241 and the current rent levels point towards a stable and potentially growing market, the lack of detailed listing and DOM data means investors must proceed with caution. Long-term investments in Dewey are likely to yield consistent returns, making it an attractive option for those seeking a reliable investment portfolio.
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.