Location: Grants Pass, OR | Metro: Grants Pass, 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 | $890 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,760 | $508,260 | 0.35% | F |
U.S. Census Bureau data (2024)
The ZIP code 97532 is situated in a suburban neighborhood characterized by a relatively small population of 2,578 residents. The area has a low percentage of renters at just 13.2%, indicating that it is primarily a homeownership-focused community. Median household income in this ZIP code is robust, standing at $81,167, which suggests that the residents are financially stable and likely have disposable income beyond basic living expenses. The median home value in 97532 is notably high at $464,712, reflecting the quality and desirability of the housing stock in the area.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 97532 as of the fiscal year 2024 is set at $1,320. This figure contrasts sharply with the actual market rent reported by the Census American Community Survey (ACS), which stands at $860. This discrepancy highlights a potential opportunity for landlords and small-portfolio investors who can leverage the higher FMR rates offered through the Section 8 program to secure better rental income than the current market average would allow.
Given these economic conditions, ZIP 97532 may not be ideal for hands-off voucher operators due to the relatively low number of renters in the area. However, for hands-on value-add buyers looking to improve and manage properties, there is a clear advantage. These investors can focus on enhancing properties to meet the higher standards often required by the Section 8 program, thereby positioning themselves to benefit from the increased rental rates while also catering to a niche market that might otherwise struggle to find affordable housing options in such an expensive area.
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.