Location: Pawnee 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 | $890 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,530 | $264,266 | 0.58% | F |
U.S. Census Bureau data (2024)
The classification of ZIP code 74038 on the axes of yield and stability reveals a nuanced market scenario. With a Fair Market Rent (FMR) of $970 for fiscal year 2024, compared to the market rent of $880, there is an immediate indication of higher potential rental income for landlords. The median home value stands at $221,992, which contrasts significantly with the median household income of $61,500. This disparity suggests that the area leans towards a higher yield but must be evaluated alongside stability factors.
The stability axis is less straightforward. Only 13.9% of the population are renters, indicating a relatively low demand for rental properties. The lack of data on days on market (DOM) further complicates the assessment of how quickly properties can be rented out. However, the median household income figure provides some insight into the financial health of the residents, which is crucial for long-term cash flow stability.
Based on these figures, ZIP 74038 does not fit neatly into a high-yield/low-stability "flip-style" market or a steady-cashflow zone. Instead, it represents a market with moderate yield potential due to the favorable FMR over market rent, but with significant challenges in terms of stability, particularly given the low percentage of renters. For landlords and small-portfolio investors, this implies that while rental income per unit might be relatively high, the overall stability and liquidity of the market are questionable. Therefore, investments should be approached with caution, focusing on areas where the local economy supports higher rents or where the investor has a strong local presence to mitigate risks associated with lower rental demand.
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.