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 | $1,180 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,700 | $399,173 | 0.43% | F |
| 3BR | $2,340 | $586,986 | 0.4% | F |
| 4BR | $2,630 | $740,788 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 97374, located in Scio, OR, falls within the broader metropolitan statistical area (MSA) of Albany, OR. When analyzing the financial metrics of 97374 compared to typical ZIP codes within the Albany, OR MSA, it becomes evident that this area presents a unique value proposition for real estate investors.
The Fair Market Rent (FMR) for 97374 in fiscal year 2024 is set at $1,360, which is notably higher than the market rent of $1,050. This suggests that the subsidized rental market, particularly under Section 8, offers a premium over what the general market demands. The discrepancy between the FMR and market rent indicates a potential opportunity for landlords who can leverage the higher subsidy rates to offset maintenance costs or to achieve higher net incomes.
The median home value in 97374 stands at $574,088, which is above the average for many smaller neighborhoods within the Albany MSA. However, the 15.8% renter share in 97374 is a critical indicator of its position within the metro. This relatively high proportion of renters compared to homeowners suggests a strong demand for rental properties, especially those that cater to lower-income tenants through programs like Section 8.
In comparison to other ZIP codes in the Albany MSA, where home values might be lower and renter shares might vary, 97374 appears to be a premium sub-market due to its higher median home value. Yet, the combination of a high renter share and below-average market rents relative to the FMR signals a sweet spot for Section 8 investments. Landlords and small-portfolio investors can capitalize on the higher subsidies while serving a significant portion of the local rental market.
To summarize, 97374 is a premium sub-market within the Albany, OR MSA, characterized by its higher median home values. Its high renter share and favorable FMR-to-market rent ratio make it an attractive location for Section 8-focused real estate investments. This positioning could be leveraged to secure stable tenancy and potentially higher returns on investment.
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.