Location: Hood River County, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $359,448 | 0.53% | F |
| 3BR | $2,640 | $432,646 | 0.61% | D |
U.S. Census Bureau data (2024)
Cascade Locks, Oregon's ZIP code 97014 is a small, tight-knit community with a total population of 1,459 residents. Only 20.0% of these residents are renters, indicating a predominantly owner-occupied environment. The median household income stands at $75,000, reflecting a middle-class community with a moderate level of economic stability. Median home values in this area are notably high at $404,797, suggesting that homeownership is a significant investment.
From an investor perspective, the rent economics in ZIP 97014 are particularly interesting. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,660, which is substantially higher than the actual market rent of $1,074 reported by the Census Bureau's American Community Survey (ACS). This gap between FMR and market rent indicates that there is potential for rental income to rise if the market adjusts to meet the FMR standards, benefiting Section 8 investors who can leverage the higher voucher rates.
The disparity between the FMR and the current market rent suggests that ZIP 97014 might be better suited for a hands-on value-add buyer rather than a hands-off voucher operator. A hands-on approach could involve improving property quality to justify higher rents closer to the FMR, thus maximizing returns. For hands-off operators, the existing market conditions may not provide sufficient margins due to the lower market rent compared to the FMR.
In conclusion, Cascade Locks' ZIP 97014 offers a unique opportunity for Section 8 investors willing to take a proactive role in managing their properties. The economic indicators point towards a stable but modestly priced market, with room for growth through strategic improvements and positioning of rental units.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.