Location: Salem, OR | Metro: Salem, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
The ZIP code 97384 presents a unique set of challenges and opportunities for landlords and small-portfolio investors considering Section 8 participation. Here, we address some common objections investors might have.
Will FMR $1210 (zip FY 2024) cover the mortgage on a home in 97384? The average home price in Stayton, Oregon (97384) is currently unavailable due to limited data from Zillow. However, investors should consider the typical mortgage payment relative to the Fair Market Rent (FMR) of $1210. In areas with moderate home values, this FMR can often be sufficient to cover mortgage payments, property taxes, and insurance. To make an informed decision, investors should consult local real estate agents or lenders for current mortgage rates and terms applicable to 97384.
Is there enough renter demand at N/A%? Unfortunately, the specific rental vacancy rate for ZIP code 97384 could not be found through the available sources. A search for sales tax rates did not provide relevant data. Rental demand can be inferred from the number of rentals listed and the occupancy rates. Investors should look into local rental listings and consider consulting the U.S. Census Bureau or local real estate boards for more accurate vacancy rate data. Generally, a lower vacancy rate indicates higher demand for rentals, which is favorable for Section 8 participation.
Will vouchers keep pace with N/A market rents? The federal government periodically updates the FMRs to reflect changes in market conditions. While specific updates for ZIP code 97384 were not found in the latest Federal Register documents, the trend has been to adjust FMRs annually based on inflation and local housing market conditions. It's important to monitor these updates to ensure that voucher amounts continue to align with market rents. Local housing authorities can provide insights into recent adjustments and anticipated future changes.
In conclusion, while some data points such as the average home price and rental vacancy rate for ZIP code 97384 are currently unavailable, the Fair Market Rent of $1210 provides a solid foundation for assessing the viability of Section 8 participation. Investors must conduct thorough research using local resources and stay updated on federal guidelines to make informed decisions.
Data Sources: FMR data from HUD (2027).
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.