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 | $960 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,120 | $389,522 | 0.29% | F |
| 2BR | $1,360 | $445,556 | 0.31% | F |
| 3BR | $1,880 | $509,684 | 0.37% | F |
| 4BR | $2,270 | $687,980 | 0.33% | F |
U.S. Census Bureau data (2024)
The ZIP code 97846, located in Joseph, Oregon, resides within the broader context of Wallowa County, OR. Its Fair Market Rent (FMR) of $1,470 for fiscal year 2026 slightly exceeds the typical market rent of $1,238. This suggests that 97846 is positioned as a premium sub-market within its county, given its higher rental costs relative to the average.
Moreover, the median home value in 97846 stands at $485,476, which is notably higher than what might be considered typical for the region. The renter share in this area is 27.9%, indicating a significant portion of residents are renters rather than homeowners. However, the combination of above-average market rents and a high renter share does not necessarily signal a Section 8 sweet spot. In fact, it points towards a more expensive rental market where subsidies may cover less of the actual rent due to higher FMRs.
To determine if 97846 represents a value pocket or a mid-tier neighborhood, we must consider the interplay between its FMR and the overall affordability of housing. Given that the FMR is higher than the market rent, landlords could potentially charge closer to the FMR without significantly deterring subsidized tenants. Yet, the elevated median home value implies that property investments here are likely to command higher prices, reflecting a premium sub-market status.
In summary, based on the provided data, 97846 appears to be a premium sub-market within Wallowa County, OR, characterized by higher-than-average rental prices and median home values. While the renter share is substantial, the cost dynamics suggest that it is not a typical Section 8 sweet spot but rather an area where rental income potential is greater due to higher market rates.
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.