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 | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,160 | $206,085 | 0.56% | F |
| 3BR | $1,610 | $255,298 | 0.63% | D |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 97868, Pilot Rock, OR, reveals a unique set of conditions that could influence pricing power over the next 12-24 months. With a median home value of $236,198, the area stands at a pivotal point where affordability meets the potential for growth. The absence of data on the percentage of listings that have been reduced and the median days on market (DOM) suggests a stable market with little volatility. This stability is indicative of a buyer's market where demand is steady but not overwhelming, allowing landlords and small-portfolio investors to maintain their pricing without significant reductions.
On the rental side, the Forward Market Rate (FMR) of $1,240 for the metro area in fiscal year 2026 contrasts sharply with the current market rate of $980, based on Census ACS data. This discrepancy highlights an opportunity for investors who can capitalize on the anticipated increase in rental rates, which aligns with broader economic trends and population shifts towards more affordable areas. However, it also underscores the necessity for property managers to ensure their units are competitive and well-maintained to attract tenants willing to pay closer to the projected FMR.
For long-term investors, the setup in Pilot Rock signals a moderate appreciation thesis. While rapid growth is not indicated by the available data, the combination of stable home values and a rising rental market suggests that properties will likely retain their value and see gradual increases over time. This makes Pilot Rock a suitable location for those looking to build a sustainable real estate portfolio with a focus on steady returns rather than speculative gains. Investors should be prepared to manage their properties efficiently, leveraging the gap between current rental rates and future projections to maximize profitability.
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.