Location: Umatilla County, OR | Metro: Umatilla County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,730 |
| 5 Bedrooms | $3,167 |
| 6 Bedrooms | $3,547 |
| 7 Bedrooms | $3,831 |
| 8 Bedrooms | $4,023 |
U.S. Census Bureau data (2024)
A skeptical investor considering ZIP 97810 might have several valid concerns regarding the feasibility of investing in the area through Section 8 housing programs. Let's address these objections head-on using the available data.
Objection 1: Will Fair Market Rent (FMR) of $1,270 (metro FY 2026) cover the mortgage on a $355,189 home?
The FMR of $1,270 is an important figure to consider when evaluating the potential profitability of a rental property in ZIP 97810. To determine if this amount can sufficiently cover the mortgage, we need to calculate the expected monthly mortgage payment based on the median home price of $355,189. Assuming a typical 30-year fixed-rate mortgage with an interest rate of 4%, the monthly mortgage payment would be approximately $1,700. This means that the FMR falls short by about $430 per month. However, it's important to note that the FMR is set to ensure that low-income families can afford decent housing, and it does not necessarily reflect the full rental market value. Landlords should consider additional income sources such as property appreciation, tax benefits, and potential increases in FMR over time.
Objection 2: Is there enough renter demand at 23.6%?
The 23.6% figure represents the percentage of households that rent in ZIP 97810. While this number is relatively low compared to urban areas with higher renter demand, it still indicates a significant portion of the population that relies on rentals. For a landlord, this means there is a steady but not overwhelming demand for rental properties. The key is to position your property effectively within the rental market, ensuring it meets the needs of tenants who qualify for Section 8 assistance. With careful management and a focus on maintaining quality living conditions, a landlord can attract and retain tenants, even in a less densely populated area.
Objection 3: Will vouchers keep pace with N/A market rents?
The data provided does not include specific market rent figures for ZIP 97810, which makes it challenging to directly compare voucher amounts with local market rates. However, the FMR is adjusted annually to reflect changes in the local rental market. It's crucial for landlords to stay informed about any updates to the FMR and the trends in local market rents. If the FMR consistently lags behind market rents, landlords might face challenges in covering all operational costs. Conversely, if the FMR closely follows market trends, it can provide a stable source of income. Investors should also be aware of the possibility of renting out properties to non-voucher holders during periods of low voucher availability to mitigate financial risks.
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.