Location: Eugene-Springfield, OR | Metro: Eugene-Springfield, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
The ZIP code 97430 presents a dynamic rental market that is currently experiencing a balance between supply and demand, but with indications of potential shifts. The Fair Market Rent (FMR) for the area, set at $1400 for fiscal year 2024, serves as a benchmark for what is considered reasonable rent for a majority of units in the area. This figure is notably higher than the market rent observed at $1,063, according to Census ACS data. This discrepancy suggests that landlords may have some flexibility in setting rents above the market average, indicating a slight lean towards demand potentially outpacing supply.
The renter share of 14.7% provides insight into the long-term housing pressures within the ZIP code. A lower renter share typically points to a higher rate of homeownership, which can suggest stability and less immediate pressure on the rental market. However, it also implies that a significant portion of the population may be facing challenges in accessing homeownership, thereby placing continuous demand on rental properties. This dynamic could lead to sustained interest in rental offerings, even if the current market rent is below the FMR.
The lack of specific data on price-cut share, days on market (DOM), and median home value does not fully capture the nuances of the housing market in 97430. However, the overall picture indicates a market where rental properties remain in high demand, despite the presence of a substantial number of homeowners. Landlords and small-portfolio investors should take note of the potential for steady occupancy rates, but also be prepared to adjust their pricing strategies to stay competitive with the market rent while aiming for the FMR.
In summary, ZIP 97430 appears to be a market characterized by a balance between renters and homeowners, with rental properties likely to maintain a steady demand. The gap between market rent and FMR signals a market where landlords have some room to maneuver, but the long-term trends suggest ongoing pressure on rental availability due to limited homeownership opportunities for many residents.
Data Sources: FMR data from HUD (2027). 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.