Section 8 Fair Market Rent (FMR) for ZIP 97721 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$780
2 Bedrooms	$1,010
3 Bedrooms	$1,410
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

141

Median Household Income

$76,250

Housing Units

104

Renter Percentage

32.2%

Occupancy Rate

56.7%

Renter Occupied

When considering whether to invest in ZIP code 97721 with a focus on Section 8 properties, follow this decision tree:

Step 1: Can the Fair Market Rent (FMR) of $1,010 cover debt service?

No: Do not proceed. The FMR of $1,010 does not clear the debt service for a property in this ZIP code, making it financially unviable.
Yes: Move to Step 2. The FMR can potentially cover the debt service, but further analysis is required.

Step 2: How does the market rent of $525 compare to the FMR?

Below FMR: The market rent is significantly lower than the FMR at $525 compared to $1,010. This suggests that the area may not be attractive for Section 8 tenants who could find better deals elsewhere. It depends on your willingness to accept a lower rent.
At or Above FMR: This scenario would imply a higher market rent, closer to or exceeding the FMR. However, given the actual figure of $525, this branch does not apply to ZIP 97721.

Step 3: Is there sufficient demand with 32.2% of residents being renters and an unknown number of days on the market (DOM)?

It depends: With 32.2% of the population renting, there is a notable demand for rental properties. However, without knowing the DOM, it's challenging to assess how quickly you might expect to fill a vacancy. A low DOM indicates strong demand, while a high DOM suggests otherwise. To make a final decision, you must evaluate the DOM trend in ZIP 97721.

In conclusion, investing in ZIP 97721 for Section 8 properties hinges on the ability of the FMR to cover debt service and the strength of rental demand. Given the current data, the investment is viable only if the FMR can indeed cover the debt service and if the DOM indicates strong tenant interest. Otherwise, consider other ZIP codes where the FMR exceeds market rent and where the DOM is low, signaling robust 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.