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 |
To determine if you should buy in ZIP code 74148 for Section 8 purposes, follow this decision tree based on the available data:
1) Does FMR $1140 (zip FY 2024) clear debt service on a property?
Yes. If the Fair Market Rent (FMR) of $1140 per month covers your debt service, which includes mortgage payments, property taxes, insurance, and maintenance costs, then it makes financial sense to consider this ZIP code for Section 8 properties. Proceed to the next question.
No. If the FMR does not cover your debt service, purchasing a property in ZIP 74148 would result in a financial loss. Do not invest in this area for Section 8 purposes.
It depends. Without specific information on the cost of debt service for a property in ZIP 74148, it's impossible to give a definitive answer. Calculate your total monthly expenses and compare them to the FMR to make an informed decision.
2) Is market rent above, at, or below FMR?
Above FMR. If the market rent exceeds $1140, landlords can potentially earn more by renting to non-Section 8 tenants. This suggests that investing solely for Section 8 might not be the best strategy unless there's a high demand for subsidized housing.
At FMR. If the market rent equals the FMR, landlords can expect to break even when renting to Section 8 tenants. This scenario is neutral but could still be viable depending on the local demand for subsidized housing.
Below FMR. If the market rent is below $1140, landlords would likely find renting to Section 8 tenants more profitable than renting to market-rate tenants. This condition favors investment in Section 8 properties.
3) Are renters' percentage and days on market (DOM) sufficient?
Yes. If the percentage of renters is substantial and the DOM is relatively low, indicating quick turnover of rental listings, there is strong demand for rentals in ZIP 74148. This supports a positive outlook for Section 8 investments.
No. If the percentage of renters is low and the DOM is high, suggesting slow turnover of rental listings, demand for rentals may not support a successful Section 8 investment.
It depends. The exact percentages and DOM figures are missing. Evaluate the local rental market dynamics carefully. High demand for affordable housing can mitigate some risks associated with lower rental rates.
Note: Specific data points such as the percentage of renters and the average DOM are required to fully assess the viability of investing in ZIP 74148 for Section 8 purposes. Without these figures, precise conclusions cannot be drawn.
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.