Location: Payne 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,210 | $138,741 | 0.87% | C |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP 74030 revolves around the significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 74030 in fiscal year 2024 is set at $890, while the Census ACS reports the market rent at $500. This creates a gap of $390, or approximately 78%, between the two figures.
If the FMR exceeds the market rent, as it does in ZIP 74030, it indicates that voucher tenants can potentially pay more than what the open market dictates. This makes the area a yield play for landlords and small-portfolio investors. By renting to voucher holders, landlords can receive higher payments compared to the typical market rate, thus increasing their cash flow and investment returns.
However, the FMR being higher than the market rent also implies that landlords might incur costs associated with housing voucher tenants below open-market rates. These costs include maintaining property standards and ensuring compliance with Housing Quality Standards (HQS), which can be more stringent than those required by general rental agreements.
The analysis is anchored in the broader context of ZIP 74030: 25.9% of residents are renters, the median home value is $109,429, and the median income stands at $45,357. Given these figures, the potential for higher yields through Section 8 vouchers is substantial, but landlords must be prepared to manage the additional responsibilities that come with participating in the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.