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 | $730 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,250 | $206,548 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 74116 represents a significant opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 3,617, over half (55.4%) of residents are renters, indicating a strong demand for rental properties. This high percentage of renters suggests that there is a robust pool of potential Section 8 tenants who rely on housing vouchers to find suitable homes.
The median household income in ZIP 74116 stands at $55,156, which is critical when assessing the affordability of typical rents. The current market rent averages $783 per month, representing approximately 14.2% of the median monthly income ($55,156 / 12 = $4,596). This figure indicates that the average renter in this area can afford the market rent without it becoming an overwhelming financial burden.
However, comparing the market rent to the Fair Market Rent (FMR) set by HUD for fiscal year 2024 provides further insight into the financial landscape. The FMR for ZIP 74116 is $930, meaning that market rents are below this benchmark, leaving room for landlords to potentially increase their rental rates while still remaining competitive and affordable for voucher holders. Landlords should be aware that the FMR serves as a guideline for maximum allowable rent under Section 8, so setting rents at or slightly below $930 will attract more voucher holders.
A landlord in ZIP 74116 should expect tenants who are financially stable enough to cover the difference between the market rent and any subsidy they receive. Given the income levels and rent costs, these tenants are likely to be working individuals or families who may include essential workers, students, or those on fixed incomes such as Social Security recipients. The combination of a high percentage of renters and a below-FMR market rent makes this ZIP code particularly attractive for Section 8 participation, ensuring a steady stream of qualified applicants seeking affordable housing options.
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.