Location: Wallowa County, OR | Metro: Wallowa County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
The classification of ZIP code 97842 on the axes of yield and stability reveals a unique market scenario. With a Fair Market Rent (FMR) of $1,190 for the fiscal year 2026, the rental yield is relatively strong compared to the average home value of $416,345. This suggests that rental properties can generate significant cash flow relative to their purchase price.
However, the stability axis presents a more nuanced picture. The ZIP code has 15.3% of its residents classified as renters, indicating a smaller proportion of the population seeking rental housing. This could imply less demand for rental units and potentially higher vacancy rates. Additionally, the lack of available data on days-on-market (DOM) and median income makes it difficult to fully assess the stability of the rental market in this area.
In summary, ZIP 97842 leans towards a high-yield but low-stability market. The strong rental yield, driven by the FMR of $1,190, contrasts with the lower percentage of renters (15.3%) and the absence of other key metrics. For landlords and small-portfolio investors, this ZIP code offers opportunities for generating substantial rental income but also poses challenges related to tenant turnover and potential market volatility.
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.