Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 74071 are straightforward. For a two-bedroom unit, the SAFMR (Small Area Fair Market Rent) is set at $900 per month for FY 2024. This figure is specifically tailored for this ZIP code, reflecting the local rental market conditions.
Section 8 vouchers operate on a formula where the tenant pays approximately 30% of their adjusted income towards rent, while the remaining amount is covered by the government subsidy. However, the total rent cannot exceed the SAFMR for the area. If the market rent for a 2BR property is higher than $900, the landlord will only receive up to $900 as reimbursement from the government program. Conversely, if the market rent is lower, the landlord receives the actual market rent plus any applicable utility allowances.
To illustrate, let's assume a tenant has an adjusted monthly income of $1,200. Thirty percent of this would be $360, which is the amount the tenant would pay toward the rent. The government would then cover the difference between the tenant's payment and the SAFMR. In this case, the government would pay $540 ($900 - $360).
Utility allowances vary but typically range from $100 to $200 per month depending on the region and household size. Assuming a utility allowance of $150, the landlord would receive $540 from the government and $360 from the tenant, totaling $710 per month. This is less than the SAFMR of $900, indicating a potential reimbursement shortfall for landlords renting properties above the SAFMR.
If the market rent is exactly $900, and the utility allowance is $150, the landlord would receive the full SAFMR plus utilities, totaling $1,050 per month. However, since the tenant pays only $360, the government would subsidize $540, leaving the landlord with the same $710 net income.
In ZIP 74071, given the SAFMR of $900, landlords can expect a reimbursement gap if they charge more than this amount. The gap represents the difference between the market rent and the SAFMR, which the landlord must absorb. Conversely, if the market rent is below $900, landlords might see a surplus where the government subsidy plus tenant payments exceed the actual rent charged.
To summarize, in ZIP 74071, the typical reimbursement for a two-bedroom voucher is $710 per month, considering a 30% tenant contribution and a utility allowance of $150. Landlords should carefully consider their pricing strategy to ensure profitability while adhering to the SAFMR guidelines.
Data Sources: FMR data from HUD (2027). 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.