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)
ZIP code 97477, located in Springfield, OR, falls within the Eugene-Springfield, OR Metropolitan Statistical Area (MSA). To understand its position within the larger metro, we can analyze several key metrics: Fair Market Rent (FMR), market rent, home values, and the percentage of renters.
The Fair Market Rent for ZIP 97477 in fiscal year 2024 is set at $1300. This figure represents the threshold above which housing is considered unaffordable for low-income families receiving Section 8 assistance. In comparison to the overall market rent of $1,583, it's clear that there is a gap where properties priced between $1300 and $1,583 might be attractive to both Section 8 tenants and private market renters. This suggests that 97477 could serve as a value pocket for landlords willing to cater to Section 8 participants while still maintaining competitive rental rates.
The median home value in 97477 is $399,513. This figure is lower than many areas within the Eugene-Springfield MSA, indicating that 97477 may offer more affordable housing options for potential homeowners. However, it also implies that the area has a significant number of renters, given the relatively high renter share of 47.2%. Typically, a higher renter share combined with below-average home values points towards a concentration of rental properties that are more likely to attract subsidized housing programs such as Section 8.
In summary, ZIP 97477 appears to be a value pocket within the Eugene-Springfield MSA. The FMR of $1300 is notably lower than the market rent of $1,583, suggesting opportunities for landlords to attract Section 8 tenants without significantly undercutting private market rents. Additionally, the median home value of $399,513 is below average, which aligns with the high renter share of 47.2%. This combination of factors makes 97477 an attractive location for those interested in Section 8 tenancy, offering a balance between affordability and market competitiveness.
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.