Section 8 Fair Market Rent (FMR) for ZIP 74130 - 2027
Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,000 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$46,691
Housing Authorities Serving ZIP 74130
A skeptical investor considering ZIP 74130 might have several concerns regarding the feasibility of investing in properties through the Section 8 program. Let's address these objections directly with the available data.
- Will FMR $1070 (zip FY 2024) cover the mortgage on a $98,163 home? The Fair Market Rent (FMR) for ZIP 74130 is set at $1070 for fiscal year 2024. To determine if this will cover the mortgage, we need to consider the typical interest rates and loan terms. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly payment on a $98,163 home would be approximately $520. This means that the FMR of $1070 is sufficient to cover the mortgage and leaves room for other expenses such as maintenance, insurance, and property taxes. However, it's important to note that the actual mortgage payment can vary based on down payment, credit score, and other factors.
- Is there enough renter demand at 32.5%? With a rental demand rate of 32.5%, an investor might question whether there is sufficient tenant interest to maintain occupancy levels. While 32.5% might seem low, it indicates that over a third of the population in ZIP 74130 is looking for rental housing. This percentage suggests a reasonable level of demand, especially when considering the potential for steady Section 8 tenants who are less likely to vacate due to financial instability. It's also worth noting that the rental demand rate alone does not provide a complete picture; the number of Section 8 vouchers available and the competition among landlords must be considered.
- Will vouchers keep pace with $1,138 market rents? The Section 8 voucher amount of $1070 for ZIP 74130 is lower than the market rent of $1,138. This discrepancy means that landlords would either need to absorb the difference or find ways to reduce their costs to make up for the shortfall. The gap between voucher amounts and market rents is a common challenge, but it's crucial to monitor local trends and policy updates to anticipate any adjustments that could bridge this gap. Additionally, some landlords might find value in the stability and security provided by Section 8 tenants despite the lower rent.
The data shows that while there are challenges, particularly with the gap between voucher amounts and market rents, the FMR is adequate to cover the mortgage on a home valued at $98,163, and the rental demand rate indicates a viable tenant pool. Investors should carefully weigh these factors against their own financial goals and risk tolerance.
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.