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 | $920 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $202,795 | 0.59% | F |
| 3BR | $1,570 | $273,714 | 0.57% | F |
| 4BR | $1,840 | $343,504 | 0.54% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 74135, located in Tulsa, OK, and Tulsa County, can be clearly defined using the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1130 for the fiscal year 2024. This figure is specifically tailored for this ZIP code, reflecting the localized rental market conditions.
In contrast, the local market rent for a similar unit, as measured by ZORI (Zillow Observed Rent Index), stands at $1,296. This indicates that landlords who participate in the Section 8 program will receive a payment that is slightly below the average market rent in the area.
A Section 8 voucher works by covering the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their income. For ZIP 74135, the voucher will pay up to the $1130 limit. If a tenant's income is such that their 30% contribution is less than the SAFMR, the voucher will make up the shortfall. Utility allowances are also factored into the overall payment but are separate from the base rent amount.
To illustrate, if a tenant's monthly income is $1,500, their portion of the rent would be $450 (30% of $1,500). In this scenario, the voucher would cover the remaining $680 to meet the $1130 SAFMR. However, if the actual market rent is $1,296, the landlord would receive $1,130 from the voucher plus the tenant's $450 contribution, totaling $1,580. But since the maximum allowable rent is $1130, the landlord would only be reimbursed $1130.
The typical reimbursement gap for a two-bedroom apartment in ZIP 74135 is thus $166 per month ($1296 - $1130), meaning landlords must adjust their expectations to ensure profitability while participating in the Section 8 program. This gap represents the difference landlords might experience compared to renting to non-voucher tenants at market rates.
It is important for landlords to understand these figures to manage their expectations regarding rental income and to ensure compliance with the program's guidelines. Participation in Section 8 can provide a steady stream of income and help maintain occupancy rates, though it may not match the higher local market rents.
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.