Location: Bend-Redmond, OR | Metro: Bend-Redmond, OR HUD Metro FMR Area
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 | $1,550 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,410 |
| 5 Bedrooms | $3,956 |
| 6 Bedrooms | $4,431 |
| 7 Bedrooms | $4,785 |
| 8 Bedrooms | $5,024 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,560 | $494,548 | 0.32% | F |
| 2BR | $2,040 | $730,539 | 0.28% | F |
| 3BR | $2,820 | $996,181 | 0.28% | F |
| 4BR | $3,410 | $1,264,562 | 0.27% | F |
| 5BR | $3,956 | $1,538,267 | 0.26% | F |
U.S. Census Bureau data (2024)
ZIP code 97703, located in Bend, Oregon, falls within the larger Bend-Redmond, OR HUD Metro FMR Area. To analyze its position within this metro area, we can compare several key metrics: Fair Market Rent (FMR), market rent, home values, and the percentage of renters.
The FMR for ZIP 97703 in fiscal year 2024 is set at $1,620. This figure represents the threshold above which a household's rent would be considered unaffordable. The market rent in this ZIP code is significantly higher at $2,300, indicating that many residents pay more than the FMR. Meanwhile, the median home value in 97703 stands at $1,012,869, which is quite high compared to the overall metro area.
A notable feature of ZIP 97703 is its 23.0% renter share, which is relatively low. Typically, a higher renter share could suggest a greater demand for rental properties, especially those affordable under Section 8 guidelines. However, given the high median home value, it is likely that this ZIP code caters to a wealthier demographic with a preference for homeownership over renting.
To determine whether 97703 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we need to consider the interplay between these figures. With an FMR of $1,620 and a market rent of $2,300, the gap suggests that 97703 leans towards being a premium sub-market. The high median home value further supports this classification, as it indicates a region where property ownership is costly and rental prices reflect a similar premium status.
However, the lower renter share might imply that the area has fewer rental units available or that the cost of living is such that owning a home is more common. This scenario does not typically signal a Section 8 sweet spot, as a high renter share with below-metro home values often does. Instead, the combination of high rents and home values points toward a market where rental properties are sought after but command a premium price, making them less attractive for Section 8 subsidies.
In summary, ZIP 97703 appears to be a premium sub-market within the Bend-Redmond, OR HUD Metro FMR Area. The significant disparity between FMR and market rent, alongside the elevated median home value, underscores the area's appeal to higher-income earners and investors looking for premium rental opportunities. While the lower renter share means fewer potential Section 8 tenants, it also suggests a strong market for both homeowners and landlords seeking to capitalize on the high demand for housing in this affluent part of Bend.
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.