Location: Klamath County, OR | Metro: Klamath County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 97639, located in Klamath County, Oregon, provides insights into the viability of rental investments for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,230. However, due to the lack of specific market rent data for ZIP 97639, it's challenging to compare the FMR directly against local market rates. Without a precise figure for market rent, we cannot definitively state if the rent math works; nonetheless, the FMR can serve as a benchmark for setting rental prices.
Regarding the affordability of acquisition, the median home value in ZIP 97639 is $253,953. This figure suggests that acquiring a property could be relatively affordable compared to other areas in Oregon. However, the absence of data on the days on market (DOM) and the percentage of homes that have had their prices cut indicates that there is insufficient information to fully assess the competitive landscape and potential negotiating power for buyers.
The third question pertains to tenant demand. With a population of 15, the renter share stands at 0.0%, indicating a negligible number of renters in this ZIP code. This low renter share implies a weak tenant demand, which could make it difficult to find tenants willing to pay the FMR or even a slightly lower rate.
Verdict: Despite the median home value being relatively low at $253,953, making acquisitions potentially affordable, the extremely low renter share of 0.0% and the small population size of 15 present significant challenges for rental investment. The lack of detailed market rent data complicates the assessment of whether the rent math works in favor of a landlord. Therefore, based on the available data, ZIP 97639 does not appear to be a favorable location for rental investments, primarily due to the minimal tenant demand.
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.