Location: Tulsa, 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 | $1,160 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $205,267 | 0.73% | D |
| 3BR | $1,970 | $291,288 | 0.68% | D |
| 4BR | $2,300 | $418,107 | 0.55% | F |
| 5BR | $2,668 | $546,012 | 0.49% | F |
U.S. Census Bureau data (2024)
The neighborhood in ZIP code 74008, located in Bixby, OK, is characterized by a population of 34,006 residents, with 23.8% being renters. The median household income in this area stands at $104,000, reflecting a relatively affluent community. Median home values are notably high at $349,664, indicating that homeownership is a significant aspect of the local economy.
Turning to the economic landscape of renting, the Fair Market Rent (FMR) for ZIP code 74008 for fiscal year 2024 is set at $1,320. This figure represents the government's estimate for rental costs and is often used in determining eligibility for housing assistance programs such as Section 8. In contrast, the actual market rent, as measured by Zillow's ZORI index, is significantly higher at $1,867 per month. This disparity suggests that landlords in Bixby can expect a premium over the FMR when leasing properties to tenants without vouchers.
Given these statistics, ZIP 74008 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the lower FMR compared to the market rent means they can still achieve reasonable returns while providing affordable housing options. Meanwhile, value-add buyers can leverage the high median income and market rents to renovate and upgrade properties, thereby attracting higher-paying tenants and increasing their investment's overall value.
Landlords should consider the demographics and economic indicators carefully. With a significant portion of the population owning homes and a strong median income, there is a solid foundation for rental investments. However, the difference between FMR and market rent also presents opportunities for those willing to manage properties more actively, enhancing their appeal and commanding higher rents.
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.