Location: Eugene-Springfield, OR | Metro: Eugene-Springfield, 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 | $1,200 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,180 |
| 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 | $1,570 | $467,150 | 0.34% | F |
| 3BR | $2,180 | $587,226 | 0.37% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,330 for ZIP 97437 (Elmira, OR) can sufficiently cover the mortgage on a home priced at $536,064. However, it's important to note that the FMR represents the median rent for a two-bedroom apartment, which is not directly comparable to mortgage payments on a single-family home. To accurately assess mortgage coverage, one must consider the specific mortgage terms, interest rates, and down payment amount.
The rental vacancy rate in Elmira stands at 15.6%, raising concerns about the demand for rental properties. This figure suggests that there is a moderate supply of rental units relative to the number of tenants seeking accommodation. While a higher vacancy rate can indicate less demand, it also provides landlords with the flexibility to potentially offer competitive rental rates without fear of immediate vacancy.
Another point of contention is whether Housing Choice Vouchers will keep pace with the market rent of $1,648. According to the data, the FMR of $1,330 is lower than the market rent, indicating that voucher holders may struggle to find suitable housing. However, landlords can negotiate with voucher recipients to ensure they receive a fair portion of the rent, though this may require some adjustment.
Despite these concerns, Elmira's rural setting and proximity to the Eugene-Springfield metro area provide unique advantages. The region's primary industries, such as education and healthcare, offer steady employment opportunities, which can support a stable tenant base. Additionally, the area's natural amenities, including access to the Willamette River and coastal mountains, enhance its appeal to potential residents.
To conclude, while the data presents challenges in terms of covering mortgage payments, ensuring sufficient renter demand, and keeping up with market rents, Elmira's location and economic factors offer a balanced perspective. Investors should carefully evaluate their financial situation and consider the broader context of the Elmira real estate market before making investment decisions.
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.