Location: Umatilla County, OR | Metro: Umatilla 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 | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $860 | $213,986 | 0.4% | F |
| 2BR | $1,120 | $248,730 | 0.45% | F |
| 3BR | $1,560 | $322,404 | 0.48% | F |
| 4BR | $1,880 | $393,269 | 0.48% | F |
| 5BR | $2,181 | $444,067 | 0.49% | F |
U.S. Census Bureau data (2024)
In Milton Freewater, Oregon (ZIP 97862), the real estate market presents a nuanced landscape for landlords and small-portfolio investors. The median home value stands at $304,424, indicating a relatively stable housing market. With only 0.1% of listings experiencing reductions, it's clear that sellers maintain strong pricing power. This suggests that homes are holding their value well, and any adjustments to asking prices are minimal.
The median days on market (DOM) being listed as N/A could imply that homes are selling quickly, often before reaching an average DOM figure. Rapid sales can be a sign of a robust buyer demand, which further supports the idea of sustained pricing power. Landlords and investors should expect that properties will likely retain their value, and possibly appreciate slightly over the next 12-24 months.
On the rental side, the forward market rate (FMR) for the metro area is projected at $1,100 for fiscal year 2026, while the current market rate is $902 according to Census ACS data. This indicates a potential upward trend in rental rates, suggesting that investors could benefit from increased rents in the future. However, the difference between the FMR and the current market rate also points to a gap that may take time to close, depending on economic conditions and local demand.
For long-term investors, the appreciation thesis is realistic but modest. Given the current market dynamics, appreciation is likely to occur, driven by the stable home values and the anticipated rise in rental rates. However, the pace of appreciation is expected to be gradual rather than rapid, making it essential for investors to focus on steady cash flow and long-term growth rather than short-term gains.
Summary:
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.