Section 8 Fair Market Rent (FMR) for ZIP 97146 - 2027

Location: Clatsop County, OR | Metro: Clatsop County, OR

Investment Score for ZIP 97146

Monthly Rent (2BR)

$1,440

Median Price (2BR)

$345,680

1% Rule

0.42%

Annual Yield

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	$1,050
1 Bedroom	$1,100
2 Bedrooms	$1,440
3 Bedrooms	$1,980
4 Bedrooms	$2,420
5 Bedrooms	$2,807
6 Bedrooms	$3,144
7 Bedrooms	$3,396
8 Bedrooms	$3,566

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
2BR	$1,440	$345,680	0.42%	F
3BR	$1,980	$505,990	0.39%	F
4BR	$2,420	$646,240	0.37%	F
5BR	$2,807	$743,985	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,099

Median Household Income

$82,936

Housing Units

3,757

Renter Percentage

38.9%

Occupancy Rate

88.8%

Renter Occupied

1,298

ZIP code 97146, located in Warrenton, OR within the Clatsop County, OR metro, presents a unique profile when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for the area is set at $1,600 for fiscal year 2026, which is higher than the current market rent of $1,261. This suggests that the market rent is currently below the FMR, indicating potential growth in rental prices.

The median home value in 97146 is $496,930, which is on par with or slightly above average for Clatsop County. However, the renter share stands at 38.9%, a significant portion of the housing market. This high percentage of renters combined with below-FMR market rents could signal an attractive opportunity for landlords and small-portfolio investors looking for areas where the cost of living is relatively low but has the potential to rise.

In comparison to other ZIP codes in Clatsop County, 97146 appears to be a mid-tier neighborhood. While it isn't the most expensive sub-market, given its median home value and the current market rent being below the FMR, it also isn't the most affordable. The key factor here is the high renter share, which can indicate a robust demand for rental properties. This combination of factors—high renter share, below-FMR market rents, and average to slightly above-average home values—suggests that 97146 could be considered a value pocket within the metro, particularly appealing to those interested in Section 8 properties.

To further support this analysis, consider the following:

Fair Market Rent ($1,600): This is the benchmark set by HUD for determining eligibility and payment standards for Section 8 housing. It's higher than the current market rent, suggesting room for rental price increases.
Market Rent ($1,261): Below the FMR, this indicates that rental properties in 97146 could potentially attract more tenants who qualify for Section 8 subsidies.
Home Value ($496,930): This figure is indicative of the property values in the area, which are reasonable for the region but not excessively low.
Renter Share (38.9%): A high proportion of residents are renters, which aligns well with the Section 8 program and suggests a steady demand for rental units.

Given these specifics, landlords and small-portfolio investors should find ZIP 97146 a promising area for investment, especially considering the potential for rental income supported by Section 8 subsidies.

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.