Location: Sherman County, OR | Metro: Sherman County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The ZIP code 97029 presents several challenges for landlords considering Section 8 investments. Tenant turnover could be higher than expected due to the discrepancy between the market rent and the Fair Market Rent (FMR) of $1,510 for FY 2026, which is set for the metro area. This could mean that tenants who can afford market rates might prefer non-voucher housing, leading to increased turnover among those who rely on vouchers.
Vacancy exposure is another concern. The days on market (DOM) figure is not available, making it difficult to predict how long properties might remain vacant. A longer DOM period could lead to financial strain, especially if the property is not occupied for extended periods.
Deferred maintenance is also a significant risk. With a median income of $61,116 and an unspecified typical home value, there's potential for lower-income residents to struggle with maintaining their homes, which could translate into higher repair costs for landlords. Section 8 tenants are often required to pay 30-40% of their income towards rent, leaving limited funds for home improvements or repairs.
Despite these risks, the high renter share of 41.9% suggests a robust demand for rental housing, including Section 8 units. High renter density typically correlates with higher demand for subsidized housing, which can stabilize occupancy rates and reduce vacancy exposure.
In conclusion, the combination of potential tenant turnover, vacancy exposure, and deferred maintenance risks, along with the high renter share, positions ZIP 97029 as a moderate risk for a first-time Section 8 landlord. While there are clear challenges, the strong rental market provides a counterbalance that can mitigate some of the inherent risks.
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.