Location: Salem, OR | Metro: Salem, 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 | $1,320 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,380 | $696,563 | 0.34% | F |
U.S. Census Bureau data (2024)
The ZIP code 97371 stands out due to its unique demographic and economic characteristics. With only 694 residents, it has a relatively low population density. However, 36.2% of these residents rent their homes, indicating a significant portion of the housing market is dedicated to rental properties. The median home value in this ZIP code is exceptionally high at $769,351, which is indicative of a strong local real estate market. Despite the lack of specific median income data, the high median home value suggests that there may be affluent homeowners in the area.
Moving to the voucher economics, the Fair Market Rent (FMR) for ZIP 97371 is set at $1,470 for fiscal year 2024, significantly higher than the market rent of $955 based on Census ACS data. This disparity means that landlords who participate in the Section 8 program can potentially receive higher rents than the average market rate, making the ZIP code attractive for those looking to stabilize their income through government subsidies.
Based on the data signature, ZIP 97371 appears to be a stable area with a robust real estate market. The high median home value and the favorable difference between FMR and market rent suggest that landlords and small-portfolio investors could benefit from the consistent demand for rental properties and the financial security provided by Section 8 vouchers. While the population size is modest, the combination of a substantial rental percentage and high property values indicates a steady environment for investment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.