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 | $850 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $274,251 | 0.43% | F |
| 3BR | $1,660 | $353,900 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 97885, located in Enterprise, OR, presents a dynamic real estate market that reflects both current trends and underlying pressures. With a Fair Market Rent (FMR) of $1,080 for fiscal year 2026, there's a notable gap between what is considered fair rent and the actual market rent, which stands at $795 according to Census ACS data. This discrepancy suggests that the market rent is below the FMR, indicating potential upward pressure on rental prices.
The median home value in this area is $327,399, a figure that landlords and small-portfolio investors should consider when evaluating property investments. The lack of data on price-cut share and days on market (DOM) prevents a detailed analysis of the supply-demand balance, but the lower-than-FMR market rent implies that demand might be currently lagging behind supply. However, this could change as rental prices adjust to meet the FMR, potentially attracting more renters to the area.
A key statistic to note is the 16.3% share of renters in the population. While this percentage is relatively low, it signifies a persistent long-term housing pressure. In areas with a significant renter share, there's often an ongoing need for affordable rental units, which can benefit investors who are willing to provide such accommodations. As the local economy evolves and more individuals seek rental options, this share could increase, leading to higher demand for rental properties.
The relationship between the FMR and market rent also points to opportunities for landlords to adjust their pricing strategies. By gradually increasing rents towards the FMR, landlords can capitalize on the growing demand while ensuring their properties remain competitive in the market. It's important for investors to monitor these trends closely, as they can impact both rental income and property values over time.
In summary, ZIP 97885 in Enterprise, OR, is characterized by a rental market that is likely to experience upward pressure due to the current disparity between FMR and market rent. The low renter share suggests a stable homeownership environment but also highlights the importance of providing quality rental options to meet future demand. For those looking to invest, understanding these dynamics can guide strategic decisions regarding property acquisition and management practices.
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.