Location: Sherman County, OR | Metro: Sherman County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
U.S. Census Bureau data (2024)
The ZIP code 97033 in Sherman County, OR, can serve as a cash-flow anchor within a Section 8 portfolio strategy. This designation is based on the significant gap between the Fair Market Rent (FMR) and the current market conditions.
In ZIP 97033, the FMR for FY 2026 is set at $1,160. However, the median home value and market rent data are currently unavailable. Despite this, we know that the majority of rental properties in this ZIP code are priced between $300 and $499 per month, including utilities. This suggests that the rental market is considerably below the FMR, making it an attractive area for landlords participating in the Section 8 program.
The low market rents indicate that the area is likely to have a high demand for affordable housing, which aligns well with the Section 8 program's goal of providing subsidized housing to low-income families. By anchoring a portion of the portfolio in ZIP 97033, landlords can ensure steady cash flow from the government subsidies, even if the local rental market is not robust enough to support higher rents.
Additionally, with a renter share of 32.7%, there is a notable population of renters who could benefit from the Section 8 program, further solidifying the potential for consistent cash flow. Although specific median income figures are not available, the low rental prices suggest a community where many residents would qualify for the Section 8 subsidy.
Given the limited data on appreciation and median income, focusing on cash flow stability makes the most sense for ZIP 97033. Landlords should leverage the guaranteed rental income from the government to offset any risks associated with the slower-moving real estate market in this rural area.
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.