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 | $890 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $131,388 | 0.88% | C |
| 3BR | $1,510 | $222,665 | 0.68% | D |
| 4BR | $1,760 | $343,952 | 0.51% | F |
| 5BR | $2,042 | $389,457 | 0.52% | F |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP 74066 (Sapulpa, OK) for Section 8 investments, follow this decision tree:
1) Does FMR $1080 (zip FY 2024) clear debt service on a $211,106 property?
Yes: If the Fair Market Rent (FMR) of $1080 can cover the total monthly mortgage payment, including principal, interest, taxes, and insurance, then the property is financially viable under Section 8 guidelines. For a $211,106 property, assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly mortgage payment would be approximately $1,130 without considering taxes and insurance. Thus, the FMR does not fully cover the debt service.
No: The FMR of $1080 is insufficient to clear the debt service on a $211,106 property. This makes the investment risky without additional income sources or subsidies.
It Depends: If your financing terms include lower rates or down payments that reduce the monthly mortgage burden, the FMR might suffice. However, based on standard financing assumptions, the answer leans towards no.
2) Is market rent $1,175 (ZORI) above, at, or below FMR?
Above: With a Zillow Observed Rental Index (ZORI) of $1,175, the market rent exceeds the FMR. This suggests that landlords could potentially command higher rents outside of Section 8, providing flexibility and higher returns.
At: If market conditions change and ZORI aligns closely with the FMR, landlords would face limited pricing power, making Section 8 the primary rental option.
Below: A ZORI below $1080 would indicate that market rents are lower than what Section 8 allows, which is unlikely given the $1,175 figure. In such a scenario, landlords might struggle to find tenants willing to pay the ZORI price.
3) Are 26.9% renters + 21-day DOM enough demand?
Yes: With 26.9% of the population being renters and a Days on Market (DOM) of 21 days, there is sufficient demand. A DOM of 21 days indicates that properties are renting quickly, suggesting strong tenant interest.
No: If the percentage of renters is significantly lower or the DOM is much longer, it would signal weak demand. However, the current data shows adequate demand.
It Depends: The viability of demand also depends on other factors such as local economic conditions, job growth, and competition. But based on the provided data, the demand appears to be sufficient.
In conclusion, while the FMR of $1080 may not fully cover the debt service on a $211,106 property, the market rent at $1,175 provides a buffer. The demand, indicated by 26.9% renters and a quick DOM of 21 days, supports the investment. Therefore, a landlord should consider these points carefully before deciding to invest in Sapulpa, OK.
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.