Location: Salem, OR | Metro: Salem, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
The HUD Fair Market Rent (FMR) for ZIP 97309 in Salem, OR MSA metro for FY 2024 is set at $1330. This figure is notably lower than the median rent of $1730 reported for the same area. As a result, voucher tenants will only cashflow at the FMR rate with premium units that are priced below the market average.
The median home value in 97309 is $256,588. Using this data point, we can calculate a rent-to-price ratio. Given the median rent of $1730, the annual rent would be approximately $20,760, resulting in a rent-to-price ratio of roughly 8.1%. This suggests that the rental market is slightly overpriced relative to home values.
In terms of the days on market (DOM) and price-cut share, specific data for 97309 is not available. However, these metrics are generally important for understanding the dynamics between buying and renting. In this case, the higher-than-average median rent indicates a strong demand for rental properties, which could influence the DOM and price-cut share.
The strongest angle for Section 8 investors in 97309 is stability, given the consistent demand for rental properties and the relatively high median home value compared to the state average.
Data Sources: FMR data from HUD (2027).
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.