Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
The economics of Section 8 in ZIP code 74141, located in Tulsa County, Oklahoma, hinge on understanding the SAFMR (Small Area Fair Market Rent) and how it impacts landlord payments. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $1140. This rate is specific to this ZIP code, reflecting the local housing market conditions.
Section 8 vouchers aim to cover the difference between what a tenant can afford and the actual rent. The tenant's contribution is typically 30% of their adjusted income, which is then supplemented by the voucher payment to reach the SAFMR. However, the total reimbursement does not always equal the SAFMR due to utility allowances and other factors.
To illustrate, let's assume a tenant has an adjusted monthly income of $1600. Their contribution would be 30%, or $480. If the SAFMR is $1140, the voucher would cover the remaining $660. But, there's also a utility allowance that reduces the voucher's rental payment component. For FY 2024, the utility allowance for a two-bedroom unit in ZIP 74141 is $325. Thus, the voucher payment would be $660 minus the utility allowance, equating to $335.
This means the landlord receives $480 from the tenant and $335 from the voucher program, totaling $815. The shortfall is the difference between the SAFMR and the total received: $1140 - $815 = $325. In essence, landlords in ZIP 74141 face a $325 reimbursement gap per month for a two-bedroom apartment under the current SAFMR and utility allowance structure.
Note that the local market rent data is currently unavailable, but it's crucial to consider this in your decision-making process. If the market rent is higher than the SAFMR, you will have to decide whether to accept lower rent or seek non-voucher tenants willing to pay the market rate.
In summary, landlords in ZIP 74141 should expect a reimbursement gap of $325 for a two-bedroom unit when dealing with Section 8 vouchers. This gap reflects the economic realities of participating in the program and must be weighed against the stability and security provided by voucher-backed tenancy.
Data Sources: FMR data from HUD (2027).
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.