Location: Lincoln County, OR | Metro: Corvallis, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
U.S. Census Bureau data (2024)
The ZIP code 97326 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is a significant concern due to the discrepancy between market rents and the Fair Market Rent (FMR) set at $1570 for FY 2024. This could lead to higher costs associated with frequent tenant changes, such as cleaning and repairs, which are not covered under the program. Vacancy exposure is another issue, with no data available on days on market (DOM), indicating potential difficulties in finding tenants willing to pay the FMR. The median home value of $552,022 and median income of $106,628 suggest that homeowners might be less inclined to rent properties out, leading to a higher likelihood of deferred maintenance issues that can increase operational expenses.
However, these risks must be weighed against the high density of renters in the area. With a 5.4% renter share, there is likely a robust demand for rental properties, particularly those accepting Section 8 vouchers. This demand can help mitigate some of the risks associated with vacancy and turnover rates, as there will always be a pool of potential tenants ready to move into available units.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.