Location: Umatilla County, OR | Metro: Morrow 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 | $840 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $224,417 | 0.53% | F |
| 3BR | $1,660 | $298,483 | 0.56% | F |
| 4BR | $1,950 | $356,755 | 0.55% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 97882, located in Umatilla, OR, within the Umatilla County metro area, does not favor Section 8 participation. The Federal Market Rent (FMR) for fiscal year 2026 is set at $1,290, whereas the current market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,600. This gap suggests that landlords might find it more profitable to seek market rents rather than participating in the Section 8 program.
Regarding acquisition affordability, the median home value in ZIP 97882 is $291,743. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts indicates an incomplete picture of the local housing market dynamics. Without these metrics, it's challenging to assess how easily properties can be acquired or resold, but the median home value provides a stable reference point for investment.
Tenant demand in the area is substantial, with a total population of 7,976 and 28.6% of residents being renters. This percentage translates to approximately 2,287 individuals who could potentially seek rental housing, indicating a viable pool of tenants for landlords and investors.
In conclusion, while there is a significant tenant demand in ZIP 97882, the disparity between the FMR and market rent rates makes Section 8 participation less attractive for landlords. The median home value offers a reasonable benchmark for property acquisition costs, but the absence of DOM and price-cut percentage data leaves some uncertainty about the ease of buying and selling homes in the area. Landlords should consider market conditions and the potential for higher returns outside the Section 8 program before making investment decisions.
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.