Section 8 Fair Market Rent (FMR) for ZIP 97002 - 2027

Location: Salem, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,470
1 Bedroom	$1,510
2 Bedrooms	$1,910
3 Bedrooms	$2,630
4 Bedrooms	$2,940
5 Bedrooms	$3,410
6 Bedrooms	$3,819
7 Bedrooms	$4,125
8 Bedrooms	$4,331

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

6,358

Median Household Income

$70,137

Housing Units

2,457

Renter Percentage

21.4%

Occupancy Rate

97.2%

Renter Occupied

512

Housing Authorities Serving ZIP 97002

Housing Authority of the City of Salem (Salem, OR) - 3,329 Section 8 vouchers
Housing Authority of Clackamas County (Oregon City, OR) - 2,550 Section 8 vouchers
Marion County Housing Authority (Salem, OR) - 1,223 Section 8 vouchers

The ZIP code 97002, located in Portland, Oregon, is a vibrant urban area characterized by its blend of residential neighborhoods and proximity to downtown amenities. This location offers a mix of older homes and newer developments, attracting a diverse population including young professionals, families, and retirees.

Fair Market Rent (FMR): The FMR for ZIP 97002 in fiscal year 2024 is set at $1,660, providing a benchmark for rental prices in the area.
Market Rent: According to Census ACS data, the average market rent for properties in ZIP 97002 stands at $1,683, slightly above the FMR, indicating strong demand for rentals.
Median Home Value: The median home value in this ZIP code is $692,641, reflecting a robust housing market with significant equity potential for homeowners.
Renter Share: Renter share in ZIP 97002 is 21.4%, suggesting that while homeownership is prevalent, there remains a substantial segment of the population seeking rental accommodation.
Median Income: With a median household income of $70,137, residents have disposable income to support higher rents, making it attractive for landlords and investors.

The combination of a high median home value and a modest renter share indicates that ZIP 97002 is primarily a homeownership-driven market. However, the close alignment between the Fair Market Rent and the actual market rent, along with the relatively high median income, signals a healthy rental market. Landlords and small-portfolio investors can expect steady rental income, though competition from owner-occupied homes may limit rapid growth in rental occupancy rates. Overall, the area presents a balanced investment opportunity with solid fundamentals.

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.