Location: Harney County, OR | Metro: Harney County, OR
| 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 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 97732 presents a dynamic environment that is indicative of shifting trends and pressures. With a Fair Market Rent (FMR) set at $1,020 for fiscal year 2026, it suggests a baseline expectation for rental costs that aligns with broader regional affordability standards. However, the current market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $509. This discrepancy highlights a potential scenario where actual rents are significantly below the FMR, indicating either a surplus of rental properties or a strong presence of subsidized housing.
The 59.1% renter share in this ZIP code points towards a substantial portion of the population that relies on rental housing, which can be a sign of long-term housing pressure. High renter shares often correlate with limited homeownership opportunities due to various factors such as economic conditions, housing availability, or demographic preferences. In ZIP 97732, this figure implies a continuous demand for rental units, which could make the area attractive for landlords and small-portfolio investors looking to capitalize on steady occupancy rates.
Despite the lack of specific data on price-cut share, days on market (DOM), and median home value, the overall picture suggests a market where demand might be somewhat constrained by economic realities or other factors affecting housing choices. The lower-than-FMR market rent indicates that landlords and investors should be prepared to offer competitive pricing or amenities to attract tenants in this ZIP code. This balance between affordability and demand creates a market in motion, where adjustments in rental strategies can influence success.
Investors should consider the implications of these dynamics when planning their investment strategies. A high renter share means a consistent pool of potential tenants, but also suggests the need for properties that cater to diverse economic backgrounds and provide value that justifies the rental cost. This market requires a keen understanding of local economic conditions and a flexible approach to meet the needs of renters effectively.
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.