Location: Wheeler County, OR | Metro: Gilliam 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $162,660 | 0.62% | D |
| 3BR | $1,410 | $222,410 | 0.63% | D |
U.S. Census Bureau data (2024)
57,727 The median income in ZIP 97823 indicates that the area has a relatively modest economic profile. 211,316 With a median home value of $211,316, it's clear that homeownership is accessible to many residents. 24.7% However, nearly a quarter of the population are renters, highlighting the significant demand for rental properties. 970 For Section 8 investors, the Fair Market Rent (FMR) of $970 for metro FY 2026 is crucial, setting the benchmark for what the government will pay for housing assistance. 1,026 This figure is notably lower than the market rent of $1,026, as reported by the Census ACS, which suggests that landlords may need to adjust their expectations when accepting Section 8 tenants.
N/A The lack of specific data on days on market (DOM) and price-cut share does not provide insights into the local real estate market dynamics, but given the accessibility of homeownership and rental rates, it's reasonable to assume that the market is steady. 970 At $970, the FMR is a reliable indicator for landlords looking to enter the Section 8 program, ensuring they receive a consistent and government-backed rental income. 1,026 Meanwhile, the higher market rent of $1,026 can be leveraged by landlords who choose to cater to non-assisted tenants, potentially maximizing their profits.
24.7% Given the substantial renter share of 24.7%, there is considerable potential for both types of investments. 57,727 The median income of $57,727 further supports the idea that the area is economically stable, making it a good location for long-term real estate investments. 970 For those interested in Section 8 properties, the FMR of $970 provides a solid foundation for financial planning and property management strategies.
1,026 The difference between the FMR and market rent also offers flexibility for landlords to balance between the security of government-backed rents and the higher returns possible from market-rate rentals. 211,316 With the median home value at $211,316, the overall real estate market in ZIP 97823 appears to be balanced and attractive for various investment strategies.
970 In conclusion, for landlords and small-portfolio investors, ZIP 97823 presents a viable opportunity for Section 8 investments, with a well-defined FMR and a strong tenant base. 1,026 However, market-rate rentals offer an alternative path to higher yields, depending on the landlord's risk tolerance and investment goals.
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.