Location: Union County, OR | Metro: Union 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 | $970 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,940 | $490,805 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 97824 is located in a suburban area of Oregon, characterized by a relatively small population of 2,117 residents. The neighborhood has a modest rental presence, with only 15.2% of the population renting their homes, indicating a primarily owner-occupied community. Median household income in the area stands at $80,263, which is quite healthy and suggests a stable economic environment. Median home values in ZIP 97824 are notably high at $477,566, reflecting the desirability and quality of life in the region.
Transitioning to the rent economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,500. This figure is slightly above the current market rent, which is recorded at $1,460 according to the Census ACS data. The proximity of these two figures indicates that the rental market in 97824 is fairly competitive and aligned with federal standards, providing a reliable benchmark for property valuation and tenant support.
Given the demographic and economic profile of ZIP 97824, it would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the alignment between FMR and market rent simplifies the management of properties under the Section 8 program. They can expect consistent demand from tenants who qualify for vouchers and are willing to pay the stipulated rent. On the other hand, hands-on value-add buyers could leverage the strong local economy and high median home values to improve properties and potentially command higher rents over time, as the neighborhood appears to have a solid foundation for growth and stability.
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.