Location: Wasco County, OR | Metro: Wasco County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
U.S. Census Bureau data (2024)
24.2% of the residents in ZIP code 97021 are renters, indicating a significant portion of the population relies on rental housing. This makes it a viable area for landlords and small-portfolio investors looking to tap into the demand for affordable living spaces. The $1,178 market rent figure, derived from Census ACS data, provides a benchmark for what tenants are currently paying in the area. However, the $1,970 Fair Market Rent (FMR) for metro FY 2026 suggests that there's room for growth in rental pricing, aligning with the rising cost of living.
The median home value in ZIP 97021 stands at $417,485, which is a critical figure for investors considering property acquisition. It also reflects the overall economic health and desirability of the neighborhood. With a median income of $89,500, residents have the financial capacity to afford higher rents, but many still seek assistance through programs like Section 8. Despite the lack of specific data on days on market (DOM) and the percentage of price cuts, the disparity between the market rent and the FMR highlights potential opportunities for landlords to adjust their rental rates upwards while remaining competitive and attractive to tenants.
The combination of a high renter share and a robust median income supports the viability of Section 8 properties in the area. Landlords can leverage the guaranteed payment structure of Section 8 vouchers to secure stable cash flows, even as they navigate the complexities of rental regulations and tenant support services. The gap between the current market rent and the FMR further underscores the potential for landlords to benefit from participating in the Section 8 program, ensuring that rents remain affordable for tenants while providing a reliable source of income for property owners.
Given the data, ZIP 97021 presents a favorable environment for Section 8 properties, balancing affordability with economic stability.
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.