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 74152 for Section 8 investments, follow this decision tree based on the provided data.
Step 1: The Fair Market Rent (FMR) for ZIP 74152 in fiscal year 2024 is $1140. Calculate if this amount can cover the debt service on your property. Without specific property details, it's impossible to give a definitive yes or no. However, if your debt service is less than $1140, proceed to Step 2. Otherwise, the answer is no.
Step 2: Compare the FMR of $1140 to the market rent in the area. Since the market rent data is not available, we cannot make a direct comparison. However, if the market rent is above $1140, then it is favorable as you could potentially charge higher rents outside of Section 8. If the market rent is below $1140, it suggests that the area is price-sensitive, and you might struggle to find tenants willing to pay above the FMR. This scenario would make it difficult to justify a purchase solely for Section 8 tenants.
Step 3: Evaluate the demand for rental properties. With no percentage of renters or days on the market (DOM) data available, it's challenging to assess the overall demand accurately. However, if the percentage of renters is high and the DOM is low, it indicates strong demand. Conversely, if the percentage of renters is low and the DOM is high, it implies weak demand.
Without precise data on market rent and demand indicators, the final decision hinges on the specifics of your financial situation and the local rental market dynamics. If you can secure a property where $1140 FMR covers debt service and there is sufficient demand, then the investment could be viable. Otherwise, it depends on additional factors such as the property's condition, location, and potential for value appreciation.
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.