Location: Wasco County, OR | Metro: Wasco County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,750 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $3,020 |
| 4 Bedrooms | $3,640 |
| 5 Bedrooms | $4,222 |
| 6 Bedrooms | $4,729 |
| 7 Bedrooms | $5,107 |
| 8 Bedrooms | $5,362 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 97037 in metro FY 2026 is set at $2,400. This figure represents the payment standard for Section 8 housing vouchers, meaning it is the maximum amount that the government will pay towards rent for a unit in this area. It does not dictate the rent you can charge your tenants, but it does provide an upper limit on what the voucher program will cover.
To put this into perspective, the average rent in ZIP 97037, according to recent Census American Community Survey (ACS) data, is $1,292. This indicates that the FMR is significantly higher than the typical market rate, which can be advantageous for landlords participating in the Section 8 program. The higher FMR helps ensure that landlords receive a competitive rate for their properties, even if the market rent is lower.
ZIP 97037 has a strong rental market with 31.3% of households being renters. This high percentage suggests a robust demand for rental properties, making it a favorable location for landlords looking to invest in Section 8 housing. The high renter share also implies that there are many potential tenants who might benefit from the Section 8 program, ensuring a steady stream of qualified applicants.
When considering the acquisition cost of a property in ZIP 97037, the median home value is around $354,771. This means that for a new investor, the initial investment to acquire a property could be substantial. However, the combination of the Section 8 payment standard and the high demand for rentals makes it a viable option for those willing to invest.
Before proceeding with a Section 8 rental in ZIP 97037, one crucial step is to verify that your property meets all the necessary inspection criteria. This includes ensuring that your rental unit is up to code and passes the required housing quality standards set by the government. Meeting these requirements is essential for securing a tenant through the Section 8 program and maintaining compliance.
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.