Tulsa is a budget-friendly market in the South with a mid-sized city of 413,066. At a 4.45% estimated cap rate, this is a moderate market where rents of $1,340/mo lag behind home prices. With a median home price of $245,000 and steady population growth supports long-term rental demand, Tulsa offers opportunities for investors who source deals carefully.
Market data powered by Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) · Updated Feb 2026
Tulsa's 0.5% rent-to-price ratio is well below the 1% rule. At median prices of $245,000, the $1,340/mo rent produces only $908/mo in NOI. Investors here need to target below-median properties or pursue value-add strategies to make the numbers work.
At current rates, a 20% down conventional loan ($49K at 7%) would result in approximately $-395/mo cash flow — negative at median prices. Larger down payments, seller financing, or buying 15–25% below median are strategies to turn the numbers positive.
The 15.2x gross rent multiplier and 6.3% vacancy rate position Tulsa as a balanced market. With annual appreciation at 2.3%, total returns (cash flow + equity growth) run approximately 6.7% before financing leverage.
Pre-filled with Tulsa medians. Adjust to match a specific property.
Factor in financing to see your actual return on invested capital in Tulsa.
Tulsa, OK has a population of 413,066 and has been growing at 0.6% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $245,000 paired with median rents of $1,340/mo produces an estimated cap rate of 4.45%.
Property taxes at 0.9% fall within the national average range and shouldn't present unusual challenges. The vacancy rate of 6.3% is moderate and within normal parameters for a healthy rental market.
At a price-to-income ratio of 4.9x, homes cost about 4.9 times the local median income of $50,200. This moderate ratio indicates a balanced rent-vs-buy market. Home values have appreciated at roughly 2.3% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: Tulsa presents moderate opportunities. Cap rates near 4.45% mean deals need careful sourcing — look for value-add rehabs or emerging neighborhoods where rents are climbing.