Location: Lake County, OR | Metro: Lake County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 97638, located within the Lake County, OR metro area, presents an interesting case for real estate analysis. The Fair Market Rent (FMR) for this ZIP is set at $1,150 for fiscal year 2026. This figure is crucial for understanding the rental market dynamics, especially for landlords and small-portfolio investors involved with Section 8 housing.
Comparatively, the FMR of $1,150 in ZIP 97638 aligns with the broader trends observed in Lake County, OR, where the average FMR is also around this level. However, the lack of specific data on market rents and home values makes it challenging to definitively categorize 97638 as either a value pocket, a mid-tier neighborhood, or a premium sub-market. Nonetheless, the 25.4% renter share provides valuable insight into the composition of the housing market in this area.
A higher percentage of renters, such as the 25.4% seen in 97638, can indicate a potential sweet spot for Section 8 properties. Typically, areas with a significant portion of renters but lower-than-average home values are attractive to investors looking to tap into government-subsidized housing programs. Although we do not have the specific market rent and home value figures for 97638, the presence of a substantial renter population suggests that there could be a strong demand for affordable housing units, which are essential for Section 8 participation.
In conclusion, while precise comparisons to other ZIP codes within Lake County, OR, cannot be made due to missing data points, the combination of the established FMR and the notable renter share in ZIP 97638 hints at its potential as a value pocket for Section 8 real estate investments. This inference is based on the observed trend where higher renter shares can correlate with greater opportunities for subsidized housing projects.
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.