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 | $1,040 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,110 | $98,172 | 1.13% | B |
| 2BR | $1,350 | $192,249 | 0.7% | D |
U.S. Census Bureau data (2024)
Tulsa's ZIP code 74119 is a densely populated area with a total of 3,670 residents. Over three-quarters of these residents, specifically 73.3%, are renters, indicating a strong demand for rental properties. The median household income in this neighborhood is $56,234, which is relatively modest but still provides a stable economic base. The median home value stands at $170,850, reflecting a mix of affordable and moderate-cost housing options.
The rent economics in ZIP 74119 are particularly interesting for investors. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1,090, while the actual market rent, measured by the Zillow Observed Rent Index (ZORI), is higher at $1,371. This difference suggests that there is a segment of the market where tenants might be willing to pay above the FMR for better quality or location.
Given the high percentage of renters and the disparity between FMR and market rents, ZIP 74119 could appeal to both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of a significant number of Section 8 tenants means steady cash flow with less tenant turnover risk. However, for those looking to actively manage their investments, the opportunity to upgrade properties and charge closer to the ZORI level presents a chance for higher returns.
To conclude, ZIP 74119 offers a blend of stability and potential growth for real estate investors. Its demographic makeup supports a robust rental market, and the economic indicators suggest that there is room for both passive and active investment strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.