Location: Lake County, OR | Metro: Lake County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 97641 in the upcoming fiscal year 2026 is set at $1,130. This figure represents the payment standard that landlords can expect from the Section 8 Housing Choice Voucher program. It's important to note that this is not the amount you will receive for rent; it's the maximum subsidy allowed per unit.
In comparison, the average rent for the area is currently at $837, based on recent Census American Community Survey (ACS) data. This suggests that the FMR is higher than the typical market rate, potentially offering a better return for landlords who participate in the Section 8 program.
The area has a significant demand for rental housing, with 26.0% of residents being renters. This indicates a healthy rental market, which is beneficial for landlords looking to enter the Section 8 program. The median household income in the area is around $153,949, which can give you an idea of the property value and potential acquisition costs for homes in this ZIP code.
Before making your decision to accept a Section 8 tenant, it's crucial to verify the condition of the property against HUD’s minimum housing quality standards. These standards ensure that the rental unit is safe and habitable, and failing to meet them could result in reduced payments or termination of the contract.
The difference between the FMR and the current average rent presents an opportunity for landlords to earn slightly above the market rate while providing affordable housing options. However, the success of a Section 8 rental depends largely on the management of the property and adherence to the program requirements.
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.