Location: Salem, OR | Metro: Salem, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP 97310 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $1330. This figure is specific to this ZIP code, meaning it reflects the rental market conditions precisely here. Local market rents are currently unavailable, but the SAFMR provides a reliable benchmark.
A Section 8 voucher does not cover the entire rent amount. Instead, it reimburses landlords for the difference between the tenant's contribution and the SAFMR. The tenant's portion is typically 30% of their adjusted income. For instance, if a tenant has an adjusted monthly income of $1000, they would contribute $300 towards the rent. The remaining $1030 would be covered by the Section 8 program, up to the $1330 limit.
Utility allowances are also part of the calculation. These allowances vary based on the type of unit and the number of bedrooms. In ZIP 97310, the allowance for a two-bedroom unit is included in the total reimbursement, which can be an additional benefit for landlords.
To illustrate, consider a two-bedroom apartment rented at the SAFMR of $1330. If the tenant contributes $300 and the utility allowance is $200, the voucher will cover $830. This leaves the landlord with a total of $1130 ($300 from the tenant and $830 from the voucher).
If the market rent is higher than the SAFMR, landlords will experience a reimbursement gap. Conversely, if the market rent is lower, there might be a surplus. Given the SAFMR of $1330, landlords should compare this against the actual market rents to determine whether they will receive less or more than the local average.
In summary, landlords in ZIP 97310 who accept Section 8 vouchers can expect a reimbursement of up to $1330 per month for a two-bedroom unit, with the exact amount depending on the tenant's contribution and any applicable utility allowances. The reimbursement gap or surplus will depend on the current market rents, which are currently unreported.
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.