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 | $700 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $86,930 | 1.06% | B |
| 3BR | $1,140 | $184,943 | 0.62% | D |
| 4BR | $1,540 | $263,753 | 0.58% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 74048, located in Nowata, Oklahoma, reveals a unique blend of yield and stability that positions it as an intriguing market for both landlords and small-portfolio investors.
On the yield axis, the Federal Market Rent (FMR) for ZIP 74048 in fiscal year 2024 is set at $1,130. This figure stands notably higher than the local market rent of $775, indicating a potential for higher rental income if properties can secure FMR rates. Furthermore, the average home value of $156,308 suggests a relatively affordable entry point into the housing market, which could be leveraged for investment opportunities.
Moving to the stability axis, ZIP 74048 has a significant portion of its population renting, with 31.5% of residents being tenants. While the number of days on the market (DOM) is not available, the median household income of $52,888 provides some insight into the economic health of the area. This income level is moderate and suggests a stable but not robust rental market.
Considering these factors, ZIP 74048 leans towards being a steady-cashflow zone. The disparity between the FMR and market rent indicates that achieving higher yields might require strategic positioning or improvements to properties to justify higher rents. However, the significant percentage of renters and moderate income levels suggest a reasonably stable demand for rental housing.
To summarize, while there is potential for higher yields through securing FMR rates, the stability of the rental market in ZIP 74048 makes it more suitable for those seeking consistent cash flow rather than high-risk, high-reward investments. The economic indicators point towards a balanced approach where investments can be made with confidence in ongoing rental demand without the volatility seen in lower-income areas.
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.