Location: Salem, 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 | $1,300 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $417,591 | 0.39% | F |
| 3BR | $2,230 | $536,388 | 0.42% | F |
| 4BR | $2,490 | $657,144 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 97358, located in Lyons, OR, has a population of 2,356 individuals. With only 8.4% of the residents being renters, this indicates that the area is predominantly dominated by homeowners rather than renters. The median household income stands at $95,391, which provides context for evaluating the affordability of rental units in the market.
The market rent for a typical unit in ZIP 97358 is $1,289. This represents approximately 13.5% of the median household income when considering a standard two-person household scenario. Comparatively, the Fair Market Rent (FMR) for the area, set at $1,140 for FY 2024, is slightly lower than the market rent, suggesting that landlords might need to adjust their expectations if they rely solely on voucher programs to cover rent.
Given the low percentage of renters in the area, it's evident that the demand for housing vouchers is likely to be less intense compared to areas with higher renter populations. Landlords in ZIP 97358 can anticipate tenants who are financially capable of paying market rates without relying heavily on vouchers, although some may still seek assistance through Section 8 to manage living expenses.
A landlord in this ZIP code should expect tenants who are well-aware of their financial situation and the value of the housing they are seeking. These tenants will likely be looking for properties that offer good value for money, given that the market rent exceeds the FMR. They may also prioritize amenities and location over strictly price-based considerations due to the relative affluence of the area.
To summarize, ZIP 97358 is not a renter-heavy area with deep voucher demand. Instead, it is an area where homeownership is prevalent, and those who do rent are generally capable of paying market rates. The expected tenant profile would be financially stable and possibly seeking higher quality accommodations within their budget constraints.
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.