Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The median income in ZIP code 74446 is $39,485, which places significant constraints on rental affordability. At a market rate of $1,008 per month, the typical household would struggle to meet housing costs comfortably, especially considering that housing expenses should ideally not exceed 30% of one’s income. This means that the average household in 74446 could spend up to $1,184.63 monthly on rent based on their income, but the actual market rate is slightly below this threshold.
In contrast, the Fair Market Rent (FMR) set at $890 for zip code 74446 for fiscal year 2024 represents a more affordable option for many renters. This figure is well within the recommended spending limit and allows households to allocate funds to other essential needs without compromising on housing.
Given that 25.2% of the 436 residents are renters, the demand for affordable housing is substantial. The affordability gap between the market rate of $1,008 and the FMR of $890 indicates a competitive landscape for landlords who wish to attract tenants. Many potential renters might find the market rate too high and opt for properties that accept Section 8 vouchers, thereby reducing the pool of available cash-paying tenants.
Landlords in ZIP 74446 must consider these factors when deciding whether to accept Section 8 vouchers. While the FMR payment of $890 is lower than the market rate, it ensures a steady stream of reliable tenants who can afford their rent. Landlords should weigh the benefits of guaranteed payments against the potential drawbacks of accepting vouchers, such as increased administrative tasks and the possibility of less flexibility in setting rental terms.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a strategic move to fill vacancies in a competitive market where many renters cannot afford the higher market rates. By doing so, landlords ensure occupancy and financial stability, even if it means receiving a slightly lower rent payment than the market rate.
Data Sources: FMR data from HUD (2027). 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.