Section 8 Fair Market Rent (FMR) for ZIP 97026 - 2027

Location: Salem, OR | Metro: Salem, OR MSA

Investment Score for ZIP 97026

N/A
Monthly Rent (2BR)
$2,030
Median Price (2BR)
$N/A
1% Rule
0%
Annual Yield
0%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$1,540
1 Bedroom$1,550
2 Bedrooms$2,030
3 Bedrooms$2,810
4 Bedrooms$3,080
5 Bedrooms$3,573
6 Bedrooms$4,002
7 Bedrooms$4,322
8 Bedrooms$4,538

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms Monthly FMR Median Price 1% Rule Grade
3BR $2,810 $416,010 0.68% D
4BR $3,080 $452,708 0.68% D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
3,959
Median Household Income
$90,461
Housing Units
1,283
Renter Percentage
13.4%
Occupancy Rate
92.1%
Renter Occupied
158

In ZIP code 97026, the economics of Section 8 vouchers are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $1,600 per month for the fiscal year 2024. This figure represents the maximum amount that the federal government will reimburse landlords under the Housing Choice Voucher program for this specific ZIP code.

The local market rent for a two-bedroom unit in ZIP 97026, according to the Census ACS, is $1,772 per month. Landlords should note that while the market rent is higher, the government's reimbursement is capped at the SAFMR level.

A Section 8 voucher works by covering the difference between what a tenant can afford and the actual rent. Tenants are generally expected to pay 30% of their adjusted income towards rent. If a tenant's share of the rent for a $1,600 two-bedroom apartment is $480, then the voucher would cover the remaining $1,120. However, the total reimbursement includes the tenant's portion plus any utility allowances.

Utility allowances vary but typically range from $200 to $300 per month. Assuming an allowance of $250, the total reimbursement for a landlord would be the sum of the tenant's portion ($480) and the utility allowance ($250), which equals $730. This leaves the government responsible for paying the remaining $870 to reach the SAFMR cap of $1,600.

Given that the local market rent is $1,772, landlords might find themselves with a shortfall when renting to tenants using a Section 8 voucher. The reimbursement gap for a two-bedroom apartment in ZIP 97026 is $172 per month, calculated as the difference between the market rent ($1,772) and the SAFMR reimbursement ($1,600).

To summarize, landlords in ZIP 97026 can expect a reimbursement of up to $1,600 for a two-bedroom apartment under the Section 8 program. With a tenant paying $480 and a utility allowance of $250, the government covers $870. This results in a monthly surplus for the landlord if they rent below the SAFMR, but a gap of $172 if they rent at the local market rate.

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.