Location: Umatilla County, OR | Metro: Umatilla County, OR
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 | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,560 | $293,717 | 0.53% | F |
U.S. Census Bureau data (2024)
The Section 8 housing market in ZIP code 97813, located in Umatilla County, Oregon, presents a favorable environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the metro area, set at $1,060 for fiscal year 2026, significantly exceeds the market rent of $894 reported by the Census ACS. This gap allows voucher tenants to cashflow comfortably at the FMR rate.
To further analyze the investment potential, consider the median home value of $282,778 in the area. The rent-to-price ratio can be calculated by dividing the annual rent ($1,060 x 12 months) by the median home value. This yields a ratio of approximately 4.4%, suggesting that rental income is relatively low compared to home values. However, this does not necessarily indicate poor investment performance; it simply highlights the current dynamics between homeownership and rental markets.
In terms of rent-versus-buy dynamics, the data shows a median Days on Market (DOM) and a percentage of homes that required price cuts, both marked as N/A. While these metrics are typically important for assessing the local real estate market's health and turnover rates, their absence here does not detract from the positive cashflow potential available to Section 8 investors.
The strongest investor angle in ZIP 97813 is cashflow. With the HUD FMR substantially higher than the market rent, landlords can expect to see consistent and positive cashflow from voucher tenants. This makes the area particularly attractive for those focused on generating rental income rather than betting on rapid appreciation or seeking purely stable investments.
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.