Location: Tillamook County, OR | Metro: Tillamook County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
ZIP code 97147, located within the Tillamook County, OR metro, presents an interesting case when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for 97147 is set at $1,130 for fiscal year 2026, which is notably higher than the current market rent of $994. This suggests that the area is currently underpriced relative to what the government deems as fair market value, potentially indicating a value pocket where rental income could rise to meet the FMR levels.
The median home value in 97147 stands at $466,590, which is relatively consistent with other ZIP codes in Tillamook County. However, the significant 38.5% share of renters in this ZIP code diverges from the typical pattern seen in many other areas within the county. A high renter share can be indicative of a neighborhood attractive to renters, possibly due to lower property values or better access to amenities, making it a prime location for landlords and small-portfolio investors.
When considering the characteristics of a Section 8 sweet spot, which typically includes a high renter share combined with below-average home values, 97147 shows a partial alignment. While the renter share is above average, the home values are in line with the broader county metrics. This suggests that although it might not be a traditional Section 8 sweet spot due to its higher-than-average home values, it still offers opportunities for investors looking to capitalize on the strong demand for rentals.
In summary, ZIP 97147 appears to be a mid-tier neighborhood within the Tillamook County, OR metro, offering both reasonable home values and a substantial renter base. The potential for rental prices to increase towards the FMR level adds an element of value appreciation, making it a strategic choice for those interested in real estate investments in this region.
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.