Location: Clatsop County, OR | Metro: Clatsop County, OR
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,000 | $302,161 | 0.33% | F |
| 2BR | $1,320 | $432,023 | 0.31% | F |
| 3BR | $1,800 | $555,847 | 0.32% | F |
| 4BR | $2,200 | $694,226 | 0.32% | F |
| 5BR | $2,552 | $850,926 | 0.3% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP 97138, located in Clatsop County, Oregon, are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2026 is set at $1,300. This figure represents the maximum amount that the Section 8 program will pay for rent in this specific ZIP code. However, the local market rent, as measured by ZORI (Zillow Observed Rent Index), stands at $1,715. This discrepancy highlights the challenge faced by landlords in this area.
A voucher payment under Section 8 is composed of several elements. Firstly, the tenant is responsible for paying 30% of their adjusted income towards rent. Secondly, the utility allowance is factored into the total payment. The utility allowance varies based on the size of the unit and the number of occupants but is generally lower than the actual cost of utilities.
To illustrate, if a tenant's adjusted income is $1,000 per month, they would contribute $300 toward rent. The remaining $1,000 of the SAFMR ($1,300 - $300) would be paid by the Section 8 program. This means that for a two-bedroom apartment, the landlord can expect to receive a total of $1,300 per month from both the tenant and the program combined. However, this falls short of the local market rent of $1,715.
The typical reimbursement gap for a two-bedroom apartment in ZIP 97138 is $415 per month ($1,715 - $1,300). This gap must be absorbed by the landlord unless they can find ways to reduce costs or increase other forms of revenue. It's important to note that the SAFMR applies specifically to this ZIP code, meaning it does not fluctuate based on broader metro or county-level averages.
In summary, landlords in ZIP 97138 should anticipate a reimbursement of $1,300 for a two-bedroom apartment under the Section 8 program, resulting in a monthly shortfall of $415 compared to the local market rent. This economic reality requires careful consideration of operating costs and potential adjustments to ensure profitability while participating in the program.
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.