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 | $1,030 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $152,501 | 0.88% | C |
| 3BR | $1,760 | $254,647 | 0.69% | D |
| 4BR | $2,050 | $510,556 | 0.4% | F |
| 5BR | $2,378 | $660,812 | 0.36% | F |
U.S. Census Bureau data (2024)
To determine if a landlord should invest in ZIP code 74132 (Tulsa, OK) for Section 8 properties, follow this decision tree based on the provided data:
1. Does FMR $1210 (zip FY 2024) clear debt service on a $300,453 property?
No. The Fair Market Rent (FMR) of $1210 per month does not cover the debt service for a property valued at $300,453. Assuming a typical mortgage rate of around 5%, the monthly mortgage payment would be approximately $1650, which is higher than the FMR. This makes the investment unprofitable without additional subsidies or lower interest rates.
2. Is market rent $1,200 (Census ACS) above, at, or below FMR?
At. The market rent of $1200 per month is equal to the FMR of $1210. This means that the rental income from a Section 8 tenant will match the local market rates, but it still won't cover the debt service for a property priced at $300,453.
3. Are 43.6% renters + N/A-day DOM enough demand?
It depends. With 43.6% of the population being renters, there is significant demand for rental housing. However, the lack of data on days on the market (DOM) makes it difficult to assess the speed at which properties are rented out. If the DOM is low, it indicates strong demand and high turnover, which could be beneficial for landlords. Conversely, a high DOM suggests weaker demand and longer vacancy periods, which could negatively impact cash flow.
If you answered no to question 1, the investment in ZIP 74132 for Section 8 properties is not recommended due to insufficient rental income to cover debt service. If you answered at to question 2, it confirms that the rental income matches the market rates, but this alone is not sufficient to justify the investment. Finally, if you answered it depends to question 3, you need to seek additional information on the DOM to make an informed decision. In conclusion, the primary concern is the inability of the FMR to cover the debt service on a property valued at $300,453.
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.