Section 8 Fair Market Rent (FMR) for ZIP 97720 - 2027

Location: Harney County, OR | Metro: Harney County, OR

Investment Score for ZIP 97720

Monthly Rent (2BR)

$1,030

Median Price (2BR)

$133,928

1% Rule

0.77%

Annual Yield

9.23%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$730
1 Bedroom	$790
2 Bedrooms	$1,030
3 Bedrooms	$1,430
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,030	$133,928	0.77%	D
3BR	$1,430	$222,523	0.64%	D
4BR	$1,720	$273,339	0.63%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,397

Median Household Income

$49,170

Housing Units

2,302

Renter Percentage

35.9%

Occupancy Rate

84.2%

Renter Occupied

697

The ZIP code 97720 encompasses the rural town of Burns, Oregon, known for its agricultural heritage and natural landscapes. This area presents a unique opportunity for real-estate investors interested in a market driven by a mix of low-cost living and a significant share of renters.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,020 per month, indicating a benchmark for rental pricing.
The actual market rent as of the latest Census ACS data stands at $743 per month, suggesting there is potential for rental price increases to align with FMR.
The median home value in the area is $183,295, making it an affordable option for both homeowners and landlords looking to purchase properties.
Renters make up 35.9% of the local housing market, highlighting a strong demand for rental properties.
The median income for residents is $49,170, which can influence affordability and the types of rental units that are most sought after.

Given the data points, investors should recognize the gap between the current market rent and the FMR, indicating potential growth in rental rates. The median home value suggests that the area remains relatively affordable for investment, while the substantial renter share points to a steady demand for rental properties. However, the lack of Days on Market (DOM) data implies uncertainty regarding the speed of property turnover, which could affect cash flow projections. Overall, the ZIP 97720 offers a stable yet modestly growing market for those willing to invest in a community with a distinct rural character.

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.