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 HUD Fair Market Rent (FMR) for ZIP code 74187 in Tulsa, OK, for fiscal year 2024 is set at $1140. This figure represents the maximum amount that a Section 8 voucher holder can pay towards rent in this area. However, without current market rent data, it's challenging to provide an exact comparison. Assuming market rents are above the HUD FMR, voucher tenants would likely only cashflow with premium units or units below the market average but above the HUD FMR.
The median home value in ZIP 74187 is currently not available. To derive the rent-to-price ratio, we would need this information. The rent-to-price ratio helps investors understand how rental income compares to property values, which is crucial for assessing potential returns on investment. Without the median home value, we cannot calculate this ratio accurately.
The days on market (DOM) and the percentage of price cuts are also not provided. These metrics are important for understanding the dynamics between renting and buying in the area. High DOM or frequent price cuts suggest a buyer-friendly market, while low DOM and minimal price reductions indicate a seller's market. Such insights can help investors decide whether to focus on rental properties or aim for property appreciation through home value increases.
In summary, based on the HUD FMR of $1140, Section 8 investors in ZIP 74187 should expect marginal cashflow at best, unless they target premium units or units with below-market rents. The lack of specific market rent data and median home value makes it difficult to fully assess the rent-to-price ratio and the overall health of the rental market. However, given the information available, the strongest angle for investors in this area appears to be stability, assuming consistent HUD funding and tenant demand.
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.