Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 74084 is located in a small neighborhood with a total population of 380 residents. The area has a relatively low percentage of renters at 20.4%, indicating that homeownership is prevalent among the local populace. The median household income stands at $51,563, suggesting that while the community is not wealthy, it is composed of individuals who have stable financial situations. However, the median home value is not available, which makes it challenging to assess the overall property values in the area.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 74084 in fiscal year 2024 is set at $890. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program. In comparison, the Census Bureau's American Community Survey (ACS) reports the average market rent for the area at $789. This discrepancy between the FMR and the market rent indicates a potential opportunity for landlords and small-portfolio investors to benefit from the higher allowable rent under Section 8, thereby increasing their profitability.
Given these economic factors, ZIP 74084 appears to be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to the market rent provides a guaranteed income stream without the need for extensive property management. On the other hand, for those interested in a more active approach, there is room to improve properties and potentially command rents closer to the FMR, thus enhancing returns on investment. However, the limited number of renters in the area means that demand for rental units is lower, so careful consideration should be given to the size of the portfolio and the number of units needed to sustain a profitable operation.
In summary, ZIP 74084 offers a niche market for Section 8 investments, with clear opportunities for profit due to the favorable FMR-to-market-rent ratio. Investors should weigh the benefits of passive income against the potential for active property improvements to maximize their returns.
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.