Location: Medford, OR | Metro: Grants Pass, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
U.S. Census Bureau data (2024)
The ZIP code 97497 presents a dynamic rental market characterized by specific economic indicators that reveal underlying trends. The Fair Market Rent (FMR) for ZIP 97497 in fiscal year 2024 is set at $1350. This figure, established by HUD, reflects the average rent for a modest apartment in the area, adjusted for local conditions.
In contrast, the Census American Community Survey (ACS) reports the actual market rent at $542. This discrepancy suggests that while the FMR is a benchmark, the actual rents paid by tenants are significantly lower, indicating a potentially competitive market where landlords might be willing to negotiate on pricing to attract tenants.
The median home value in ZIP 97497 stands at $329,565. Although there is no direct correlation between median home values and rental markets, this figure provides context regarding the overall property value in the area. A higher median home value can sometimes indicate a wealthier population, which could affect both the rental and sales markets.
The renter share in ZIP 97497 is 32.2%. This percentage is noteworthy because it suggests a substantial portion of the population is renting rather than owning homes. In areas with a high renter share, there tends to be a consistent demand for rental properties, which can translate into steady income for landlords and small-portfolio investors. However, it also implies that the housing pressure is likely to persist over the long term, as a significant number of residents are unable or unwilling to purchase homes.
The lack of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. Nonetheless, the relatively low market rent compared to the FMR indicates a possible oversupply situation, where landlords might be competing to fill units. Alternatively, it could suggest a strong preference for homeownership among those who can afford it, leading to a bifurcated market where rental options are plentiful but home ownership remains a significant aspiration.
In summary, ZIP 97497 offers a market where rental prices are below the FMR, indicating a competitive environment. With a notable renter share, landlords can expect a steady demand for rental properties, though the long-term outlook suggests ongoing housing pressures due to the high proportion of renters. These dynamics create an interesting investment landscape for those looking to capitalize on the rental market's current state.
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.