Location: Malheur County, OR | Metro: Malheur County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 97901 is situated in the charming town of Estacada, Oregon. This area is known for its serene and close-knit community atmosphere, making it an ideal location for those seeking a peaceful suburban lifestyle. With a total population of 954 residents, the town maintains a tight-knit feel where neighbors often know each other. The rental market is modest but present, with nearly 30% of the residents being renters. The median household income stands at $45,500, which is reflective of a middle-class community. Notably, the median home value in the area is significantly higher at $498,555, indicating a strong property market despite the relatively low incomes.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,150. In contrast, the actual market rent as per the Census American Community Survey is lower at $923. This discrepancy suggests that there could be opportunities for both hands-off voucher operators and hands-on value-add buyers, depending on their investment strategies. For hands-off operators, the gap between the FMR and market rent indicates a potential buffer for Section 8 tenants, who might find the rents affordable without exceeding their voucher limits. On the other hand, hands-on investors could see the opportunity to increase rents closer to the FMR while still remaining competitive in the local market, especially if they improve property quality and amenities.
In summary, ZIP 97901 presents a balanced investment landscape. It offers a stable, middle-income community with a reasonable percentage of renters, and the difference between FMR and market rent provides flexibility for different types of investors. Whether you're looking to operate a passive Section 8 portfolio or actively manage properties to enhance their value, the economic conditions in Estacada support both approaches.
Data Sources: FMR data from HUD (2027). 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.