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 | $940 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,000 | $134,780 | 0.74% | D |
| 2BR | $1,220 | $148,257 | 0.82% | C |
| 3BR | $1,600 | $232,064 | 0.69% | D |
| 4BR | $1,870 | $352,832 | 0.53% | F |
| 5BR | $2,169 | $495,971 | 0.44% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 74017, which includes Claremore, OK, and is part of the Rogers County County, Tulsa, OK HUD Metro FMR Area, is set at $1110 for fiscal year 2024. In comparison, the market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1300. This means that voucher tenants will only cashflow marginally at the FMR rate, given the higher market rents.
To understand the investment dynamics better, consider the median home value in ZIP 74017, which is $229,337. The rent-to-price ratio can be calculated using the HUD FMR, giving us approximately 6.6%, and using the ZORI, it drops to about 5.2%. These ratios suggest that the area offers a reasonable return on investment when compared to the cost of property.
The median days on market (DOM) for properties in this area is 39 days, indicating a relatively quick turnover for homes. Additionally, the share of listings that had their prices cut is only 0.2%, suggesting that the housing market is stable and there is little pressure to reduce asking prices. This stability is beneficial for investors as it minimizes the risk of significant price fluctuations.
In conclusion, while voucher tenants will experience marginal cash flow at the HUD FMR rate, the strong rent-to-price ratio and stable market conditions make ZIP 74017 an attractive investment for its stability and potential for steady returns.
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.