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 | $950 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,230 | $115,457 | 1.07% | B |
| 3BR | $1,610 | $166,736 | 0.97% | C |
| 4BR | $1,880 | $202,401 | 0.93% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 74128, located in Tulsa, OK, and Tulsa County, revolve around the Subsidized Average Fair Market Rent (SAFMR) and the local market rent rates. For fiscal year 2024, the SAFMR for a two-bedroom apartment in this specific ZIP code is set at $1120. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a two-bedroom unit in this area.
In contrast, the local market rent for a two-bedroom apartment, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1256. This suggests that landlords who participate in the Section 8 program might face a slight shortfall compared to the average rental price in the area.
A landlord should understand that the total reimbursement received from a voucher is composed of both the tenant's portion of the rent and the utility allowances. Typically, the tenant is responsible for paying 30% of their income towards rent. If we assume an average monthly income for a tenant eligible for Section 8 assistance, this would equate to approximately $336 (30% of $1120) paid by the tenant towards the rent. The remaining balance, up to the SAFMR, is covered by the government.
Beyond the base rent, there are also utility allowances that can vary but generally provide additional support. These allowances do not directly increase the total rent reimbursement but help cover costs such as electricity, gas, water, and sewer services, which tenants might otherwise struggle to afford. This ensures that the total living expenses for tenants remain manageable.
To illustrate, if a landlord charges $1120 for rent and includes a utility allowance of $100 (hypothetical figure for illustration purposes), the government would cover the entire $1120 rent, while the tenant would contribute $336. In this scenario, the landlord receives the full rent plus the utility allowance, totaling $1220, which is slightly below the local market rent of $1256.
The typical reimbursement gap for a two-bedroom apartment in ZIP 74128, therefore, is $36. This means landlords participating in the Section 8 program could see a slight reduction in rental income compared to the local market rates, unless they adjust their utility allowances to bridge the gap.
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.