Section 8 Fair Market Rent (FMR) for ZIP 74137 - 2027
Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
Investment Score for ZIP 74137
D
Monthly Rent (2BR)
$1,420
Median Price (2BR)
$178,825
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 | $1,090 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 2BR |
$1,420 |
$178,825 |
0.79% |
D |
| 3BR |
$1,860 |
$320,750 |
0.58% |
F |
| 4BR |
$2,170 |
$487,795 |
0.44% |
F |
| 5BR |
$2,517 |
$733,416 |
0.34% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$102,798
To determine if you should buy in ZIP 74137 (Tulsa, OK) for Section 8 investments, follow these steps:
Step 1: Debt Service Coverage Ratio (DSCR)
- If Yes: The Fair Market Rent (FMR) of $1260 for the fiscal year 2024 does not clear the debt service on a property valued at $429,419. This indicates that the rental income alone would not cover the mortgage payments and other expenses associated with the property. Therefore, purchasing in this area is not advisable unless you can secure additional sources of income.
- If No: Proceed to Step 2.
Step 2: Market Rent vs. FMR
- If Market Rent ($1,177 ZORI) is Above FMR: The market rent is below the FMR, which means that the potential Section 8 voucher holders could pay more than what the market currently demands. This could be beneficial for landlords who want to ensure a steady stream of income from tenants who receive assistance.
- If Market Rent is At or Below FMR: The market rent is at or below the FMR, indicating that the local rental market price is competitive with or lower than what the government deems fair for the area. This makes it less likely for landlords to see significant financial benefits over market rates when participating in the Section 8 program.
Step 3: Rental Demand
- If Yes: With 31.1% of residents being renters and an average of 38 days on the market before a property is rented, there is sufficient demand to support Section 8 investments. These figures suggest that properties in this area are rented relatively quickly, which could indicate strong tenant interest and a stable rental market.
- If No: If the percentage of renters or the days on the market are significantly different, it would impact the viability of Section 8 investments. However, based on the provided data, the demand is adequate.
In conclusion, the decision to invest in ZIP 74137 for Section 8 properties hinges on the ability to cover debt service with the given FMR and market conditions. Given the data, landlords should be cautious about the financial feasibility of such investments due to the low DSCR, but the competitive market rent and sufficient demand make it a viable option for those who can manage the financials.
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.