Location: Harney County, OR | Metro: Harney County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,010 for ZIP 97904 can cover the mortgage on a home. Given the median home value in 97904 is $595,800, it's important to note that mortgage payments for such a property would likely be substantial, potentially exceeding the FMR. However, this objection overlooks the fact that FMR reflects average rental costs, which are often lower than mortgage payments.
The rental vacancy rate of 6.6% in 97904 raises another concern. This figure indicates a relatively low demand for rental properties, especially considering the high median home value. To put this into perspective, a lower vacancy rate suggests that the area is more competitive for landlords, but it also means that there are fewer available rental units relative to the number of renters. This can lead to higher competition among tenants, making it easier to fill vacancies.
Regarding the Section 8 voucher program, the data does not provide a direct comparison between voucher amounts and market rents in 97904. However, historically, the voucher program aims to keep pace with market rents, though it may not always succeed. In other areas, such as Atlanta, there have been instances where rent increases were paused due to federal funding constraints, leading some landlords to move away from accepting vouchers. For 97904, it's crucial to monitor local HUD updates to ensure that the voucher program remains viable and competitive with market rates.
In summary, while the FMR of $1,010 might not cover the mortgage on a $595,800 home, it reflects the average rental cost. The low vacancy rate of 6.6% suggests strong tenant demand, but caution is advised regarding the long-term sustainability of Section 8 vouchers in relation to market rents.
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.