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 | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $111,726 | 0.98% | C |
| 3BR | $1,430 | $130,233 | 1.1% | B |
| 4BR | $1,670 | $153,231 | 1.09% | B |
U.S. Census Bureau data (2024)
A landlord considering ZIP 74115 in Tulsa, OK, for a Section 8 investment must follow a structured decision-making process based on financial metrics and market conditions. Here’s how to approach the question:
Step 1: Clearing Debt Service
The Fair Market Rent (FMR) for ZIP 74115 in fiscal year 2024 is set at $980. A property valued at $117,662 must be assessed against this rent to determine if it can cover the debt service. Assuming a typical mortgage rate of 4.5%, the monthly payment on a $117,662 property would be approximately $585. This means that the $980 FMR comfortably covers the debt service, leaving a surplus of about $395 per month.
Step 2: Comparing ZORI to FMR
The Zillow Rent Index (ZORI), which reflects the median estimated rent for a home in ZIP 74115, is $1,107. This figure is above the $980 FMR. Therefore, landlords who can secure market rents are in a favorable position, as they can potentially earn more than the maximum allowed under Section 8. However, this also suggests that relying solely on Section 8 tenants might not maximize rental income.
Step 3: Assessing Rental Demand
Rental demand is strong in ZIP 74115, with 45.5% of residents being renters. The Days on Market (DOM) for rentals is listed as N/A, which typically indicates a high turnover rate or quick leasing times, suggesting a robust demand for rental properties. Given these factors, there is sufficient demand to support a Section 8 property.
Conclusion
A “Yes” to all three steps indicates that ZIP 74115 is a viable location for a Section 8 property, with the potential to also attract market-rate tenants due to the higher ZORI. However, if any step yields a “No,” reconsider the investment. For instance, if the debt service cannot be covered by the FMR, the property is too expensive relative to the program’s limits. If the ZORI is significantly below the FMR, it might indicate an overpriced market for Section 8. Finally, insufficient rental demand would mean the property might struggle to find tenants, whether they are Section 8 or market-rate.
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.