Location: Grant County, OR | Metro: Grant 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 | $790 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,470 | $330,183 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 97845 is situated in a rural setting within Oregon, characterized by a small community of 2,265 residents. This area is predominantly owner-occupied, with only 36.0% of the population being renters. The median income for the residents is $68,036, indicating a middle-class neighborhood where families can afford modest living standards. The median home value stands at $284,811, reflecting a stable housing market that aligns with the economic status of the area.
From an investment perspective, the rental market in ZIP 97845 presents a unique opportunity. The Fair Market Rent (FMR) for the metro area, as set for fiscal year 2026, is $1,200, whereas the actual market rent, according to the Census ACS, is $905. This gap suggests that properties in this ZIP code could potentially benefit from a Section 8 investment strategy, as the government-set rental rates exceed the current market rates by approximately $295 per month.
Given these conditions, ZIP 97845 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the housing market and the discrepancy between FMR and market rent provide a reliable income stream without the need for extensive property management. Meanwhile, hands-on investors can capitalize on the potential to increase rents towards the FMR levels while enhancing property values through renovations and upgrades, thereby creating a more attractive offering for tenants seeking quality accommodation under the Section 8 program.
In conclusion, ZIP 97845 offers a balanced environment for Section 8 investments, combining the benefits of a stable rural community with favorable economic conditions for rental properties. Whether looking to maintain a passive income or actively manage and improve assets, this ZIP code presents viable options for real estate investors.
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.