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 | $1,160 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,120 | $565,098 | 0.38% | F |
| 4BR | $2,320 | $668,548 | 0.35% | F |
U.S. Census Bureau data (2024)
The ZIP code 97392 presents a dynamic rental market that is finely balanced between supply and demand. With a Fair Market Rent (FMR) of $1280 for the fiscal year 2024 and a reported market rent of $1,268 based on Census ACS data, it's evident that the rental rates are closely aligned with the government's assessment, indicating a stable market condition.
The low price-cut share of 0.2% suggests that landlords are generally able to maintain their rental prices without significant concessions, which is a sign of strong tenant interest in the area. While the Days on Market (DOM) figure is not available, the fact that only a minimal percentage of listings require price adjustments points towards a robust demand for rental properties.
A median home value of $575,941 indicates a relatively high cost of homeownership in the area, which could be driving up the renter share to 13.8%. This high proportion of renters signals long-term housing pressure, as many residents may find it financially challenging to transition into homeownership. As a result, the rental market is likely to remain resilient, with steady demand supporting current rental rates.
In summary, the market in ZIP 97392 appears to be one where demand meets supply effectively, with rental prices reflecting both the local economy and the challenges faced by potential homeowners. The high median home value coupled with a substantial renter population underscores the ongoing pressure on the rental market, making it an attractive investment opportunity for landlords and small-portfolio investors.
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.