Section 8 Fair Market Rent (FMR) for ZIP 74133 - 2027

Investment Score for ZIP 74133

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,150
1 Bedroom	$1,220
2 Bedrooms	$1,490
3 Bedrooms	$1,950
4 Bedrooms	$2,280
5 Bedrooms	$2,645
6 Bedrooms	$2,962
7 Bedrooms	$3,199
8 Bedrooms	$3,359

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,490	$168,466	0.88%	C
3BR	$1,950	$274,383	0.71%	D
4BR	$2,280	$355,543	0.64%	D
5BR	$2,645	$490,202	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 74133 (Tulsa, OK) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 74133 in Tulsa, OK, is set by HUD for 2026. For a two-bedroom unit, the FMR is $1500 per month. This figure represents 24.3% of the median household income in the area, which is $74,005. The FMR is designed to reflect the average rent for a modest apartment in the local housing market. However, it is important to note that actual rents can vary significantly from these figures. In ZIP 74133, a significant portion of the population relies on rental housing, with 49.3% of residents being renters. Given that the occupancy rate is 94.2%, there is a high demand for rental properties, which could potentially drive actual rents above the FMR. If landlords charge more than the FMR, voucher holders will face constraints in finding affordable housing. They would need to either find units priced below the FMR or negotiate with landlords who are willing to accept the voucher amount. #### Affordability & Renter Profile ZIP 74133 has a median household income of $74,005, indicating a moderate economic status for the area. With 49.3% of the population renting, it suggests that a substantial number of residents are likely to be seeking affordable housing options. The median rent for a two-bedroom unit is $1500, which is 24.3% of the median income. This implies that for many residents, especially those relying solely on their income without additional financial support, housing costs represent a significant portion of their budget. The price-to-FMR ratio of 9.5x for a two-bedroom unit indicates that the median home value ($170,545) is quite high relative to the monthly rental cost. This suggests that the market is relatively tight, with limited supply meeting the high demand for both rentals and homeownership. Given the high occupancy rate, it is likely that the rental market is competitive, and landlords have some leverage in setting higher rents. #### Investor Angle From an investor perspective, the key question is whether the FMR allows for positive cash flow. To determine this, we must consider the typical expenses associated with owning and managing a rental property. These include mortgage payments, property taxes, insurance, maintenance, and other operational costs. Assuming a conservative estimate of total monthly expenses at 70% of the FMR, the expenses would be around $1050 per month for a two-bedroom unit. This leaves a potential net cash flow of $450 per month if the property is rented out at the FMR. However, if actual rents exceed the FMR, investors could see even better returns. Conversely, if actual rents are below the FMR, investors might struggle to cover their expenses. The investment grade of a property in this ZIP code would depend on factors such as the condition of the property, its location, and the overall demand for rental units. Given the high occupancy rate and the significant percentage of renters, the investment grade is likely to be strong, assuming the property meets the necessary standards for Section 8 eligibility. #### Specific Actionable Insights 1. **Focus on Two-Bedroom Units**: Given the high demand for rental properties and the fact that two-bedroom units are most commonly sought after by families, investing in two-bedroom units is a prudent strategy. The FMR for a two-bedroom unit is $1500, which is 24.3% of the median income. This means that the majority of residents can afford this type of unit, making it a safer bet for steady rental income. 2. **Negotiate with Landlords**: Since the occupancy rate is high, there is a possibility that actual rents could be higher than the FMR. Investors should be prepared to negotiate with landlords to ensure that rents do not exceed the FMR by too much, which could make it difficult for voucher holders to find suitable housing. Additionally, investors should consider offering incentives to landlords to encourage them to accept Section 8 vouchers. 3. **Consider Property Condition and Location**: Properties that are well-maintained and located in desirable areas are more likely to attract tenants and command higher rents. Investors should prioritize properties that meet these criteria to maximize their chances of securing long-term tenants and achieving positive cash flow. #### Bottom Line For Section 8-focused investors, ZIP code 74133 presents a mixed picture. On one hand, the high demand for rental properties and the significant percentage of renters suggest a robust market. On the other hand, the high price-to-FMR ratio indicates that the cost of acquiring a property is relatively high compared to the rental income it generates. Given these dynamics, the recommendation for investors is to **Hold**. While there is potential for positive cash flow, the high acquisition costs and the risk of actual rents exceeding the FMR make it a challenging environment for new investments. Existing investors with properties already in the area may benefit from the high demand, but new investors should carefully evaluate the costs and benefits before entering the market.

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.