Location: Wallowa County, OR | Metro: Wallowa 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 | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $319,906 | 0.33% | F |
| 3BR | $1,440 | $433,013 | 0.33% | F |
| 4BR | $1,740 | $489,598 | 0.36% | F |
U.S. Census Bureau data (2024)
To integrate ZIP 97828, located in Enterprise, OR, into a Section 8 portfolio strategy, one must consider several factors including the financial market rents (FMR), market rents, median home values, and the percentage of renters in the area.
The Financial Market Rent (FMR) for the $1,000 metro FY 2026 in Enterprise, OR, is set at $1,000, while the actual market rent is $888. This indicates that the FMR exceeds the market rent by $112, which makes ZIP 97828 a strong candidate for a cash-flow anchor within a Section 8 portfolio. The higher FMR ensures that landlords receive a subsidy that covers the gap between the market rent and the FMR, providing a stable and predictable source of income. Given the median home value in the area is $419,601, the potential for appreciation is limited due to the already high value of homes relative to the income levels in the area. Thus, focusing on cash flow rather than appreciation is a prudent strategy.
The renter share in ZIP 97828 stands at 32.6%, indicating a significant portion of the population relies on rental housing. However, this does not necessarily make it a diversifier because the median income of $58,850 suggests that most residents are eligible for Section 8 assistance. Therefore, diversifying into this area would not significantly alter the risk profile of a Section 8 portfolio.
In conclusion, ZIP 97828 is best suited as a cash-flow anchor within a Section 8 portfolio. The $112 spread between the FMR and the market rent ensures a reliable income stream, which is crucial for maintaining steady cash flows. Landlords and small-portfolio investors should leverage this opportunity to secure consistent returns, especially given the high median home value that limits the potential for rapid appreciation.
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.