Location: Albany, 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 | $1,150 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,280 | $520,584 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 97345 is characterized by a significant portion of renters, making up 18.6% of the population. This indicates that there is a notable demand for rental housing in the area, which can be leveraged by landlords and small-portfolio investors. However, the percentage of renters alone does not fully determine the depth of voucher demand; it's also essential to consider the income levels of the residents.
The median household income for ZIP 97345 is currently not available, but we can still analyze the rental market based on the provided data. The market rent for the area stands at $827 per month, which is notably lower than the Fair Market Rent (FMR) of $1780 for FY 2024. This discrepancy suggests that the actual rents charged are well below the federal guidelines, indicating a potentially price-sensitive market.
To understand how rent compares to local incomes, we need to infer that the typical rent consumes a substantial portion of an average resident's income. Assuming a median income similar to the national average, the $827 rent would represent a significant expense, likely exceeding 30% of the income for many households. For context, the FMR is set at $1780, meaning that the market rent in 97345 is only about 46% of the FMR, suggesting that tenants who receive vouchers could afford higher rents than those typically found in the market.
A landlord in ZIP 97345 should anticipate a tenant pool that includes a mix of low-income individuals and families who rely heavily on Section 8 vouchers to cover their housing costs. These tenants will likely be sensitive to rent increases and may require assistance with housing applications and ongoing management due to the financial constraints they face. Additionally, given the lower market rents compared to the FMR, landlords might find that voucher holders can afford to pay more than the standard market rate, potentially providing a stable and slightly above-average revenue stream.
In summary, while the exact median income is unknown, the high proportion of renters and the relatively low market rent suggest a strong potential for Section 8 tenants in ZIP 97345. Landlords should prepare for a tenant base that is reliant on government assistance and ready to accept properties that offer rents within the voucher limits.
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.