Location: Corvallis, OR | Metro: Corvallis, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $3,140 |
| 5 Bedrooms | $3,642 |
| 6 Bedrooms | $4,079 |
| 7 Bedrooms | $4,405 |
| 8 Bedrooms | $4,625 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 97331 are straightforward. The SAFMR (Standard Amount for Fair Market Rent) for a two-bedroom apartment is set at $1580 per month for fiscal year 2024. This figure is specifically tailored for this ZIP code, meaning it reflects the fair market rental rates unique to 97331.
To understand how a voucher works, let's break down the payment structure. A landlord receives a reimbursement from the housing authority based on the voucher holder's contribution towards rent and any utility allowances. The tenant is required to pay 30% of their adjusted income toward the rent. For instance, if a tenant's monthly income is $2000, they would contribute $600 (30% of $2000) towards the rent. The remaining amount up to the SAFMR is covered by the voucher program, which in this case would be $980 ($1580 - $600).
In addition to the base rent, there might also be an allowance for utilities. This allowance varies but typically ranges between $300 to $500 per month depending on the number of bedrooms and the local utility costs. Assuming a utility allowance of $400, the total reimbursement a landlord can expect is $1380 ($980 for rent + $400 for utilities).
Given the SAFMR of $1580 and a typical reimbursement of $1380, landlords will face a reimbursement gap of $200 per month. This means landlords must cover the difference between what the voucher pays and the SAFMR. However, this gap could be smaller or larger depending on the tenant's income and the exact utility allowance provided.
It's important to note that while the SAFMR provides a benchmark for rental rates, local market rents can vary widely. In ZIP 97331, specific market rent data is currently unavailable, making it difficult to compare the SAFMR against the actual local market conditions. Nonetheless, understanding the reimbursement structure is crucial for landlords to manage their expectations regarding rental income.
In summary, landlords in ZIP 97331 should anticipate receiving a reimbursement of around $1380 for a two-bedroom apartment under a Section 8 voucher, leaving a reimbursement gap of $200 compared to the SAFMR of $1580.
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.