Location: Corvallis, OR | Metro: Albany, OR MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,390 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,520 | $327,193 | 0.46% | F |
| 2BR | $1,900 | $426,369 | 0.45% | F |
| 3BR | $2,630 | $517,613 | 0.51% | F |
| 4BR | $3,160 | $632,590 | 0.5% | F |
| 5BR | $3,666 | $692,818 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 97333, located in Corvallis, OR, falls within the broader Corvallis, OR Metropolitan Statistical Area (MSA). To understand its position relative to other ZIP codes in the same MSA, let's examine the key figures: the Fair Market Rent (FMR) of $1640 for FY 2024, the market rent at $2,034, the median home value of $523,683, and a renter share of 55.4%. These metrics provide insight into how 97333 stacks up against typical ZIP codes in the Corvallis, OR MSA.
The Fair Market Rent (FMR) of $1640 for ZIP 97333 is lower than the market rent of $2,034. This suggests that the area is more affordable for low-income renters who qualify for Section 8 assistance. In comparison to the overall MSA, where FMRs are generally higher, this indicates that 97333 could be considered a value pocket. It offers rental units at a price point that is more accessible to those receiving housing subsidies, making it an attractive location for Section 8 tenants.
The median home value of $523,683 in 97333 is likely to be on par with or slightly below the average home value across the Corvallis, OR MSA. This makes it a mid-tier neighborhood in terms of property values. However, the significant renter share of 55.4% stands out, especially when juxtaposed with the home values. Typically, a higher renter share can indicate a greater presence of subsidized housing or a preference among residents to rent rather than own homes.
The combination of a below-market FMR and a high renter share points towards 97333 being a sweet spot for Section 8 properties. Landlords and small-portfolio investors looking to attract Section 8 tenants would find this ZIP code advantageous due to the affordability of the rental market and the substantial portion of the population that relies on renting. This dynamic creates a stable tenant pool for those willing to participate in the Section 8 program.
In summary, ZIP 97333 is positioned as a value pocket within the Corvallis, OR MSA, with a fair market rent of $1640 being notably lower than the market rent of $2,034. Its median home value of $523,683 places it squarely in the middle of the market, while the high renter share of 55.4% signifies potential for successful Section 8 tenancy. For investors focused on Section 8 opportunities, this ZIP code presents a favorable environment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.