Location: Okmulgee 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 | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $167,514 | 0.59% | F |
| 3BR | $1,330 | $254,418 | 0.52% | F |
| 4BR | $1,460 | $459,913 | 0.32% | F |
U.S. Census Bureau data (2024)
The ZIP code 74047 encompasses a suburban area within Mounds, Oklahoma. With a total population of 7,227, it's a relatively small community where only 18.0% of residents are renters. The median household income stands at $72,292, indicating a middle-class demographic. The median home value in this ZIP code is $275,870, reflecting the overall economic status of the homeowners in the area.
Turning to the rental economics, the Fair Market Rent (FMR) for ZIP 74047 as of fiscal year 2024 is set at $1,060. This figure represents the maximum allowable rent for a Section 8 housing voucher in the area. In contrast, the market rent based on Census American Community Survey (ACS) data is significantly lower at $788. This discrepancy between FMR and market rent suggests an opportunity for landlords who can offer quality properties at or near the FMR rate, potentially attracting tenants with vouchers.
Given these conditions, ZIP 74047 could be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to the market rent means they can charge more without significantly increasing their management efforts. On the other hand, for hands-on value-add buyers, there is potential to improve properties and charge closer to the FMR, thereby maximizing rental income while still being attractive to voucher holders. However, with only 18.0% of the population renting, competition for tenants with vouchers may be less intense, making it easier for landlords to fill vacancies.
In summary, ZIP 74047 presents a balanced opportunity for landlords and small-portfolio investors, particularly those willing to work with Section 8 vouchers. The economic profile of the area supports a steady demand for affordable housing, and the disparity between FMR and market rent offers a margin for profit.
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.