Location: Malheur County, OR | Metro: Malheur County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $930 |
| 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)
The investment risk assessment for ZIP code 97906 reveals several potential challenges that landlords should consider before entering into a Section 8 agreement. First, the tenant turnover rate poses a significant issue. With a market rent of $1,083 compared to the Fair Market Rent (FMR) of $1,080 for fiscal year 2026, there is little financial buffer to cover the costs associated with frequent moves. This close margin can lead to higher administrative expenses and potential delays in lease renewals.
Vacancy exposure is another concern. The Days on Market (DOM) data is currently unavailable, which makes it difficult to predict how long a unit might remain vacant between tenants. This uncertainty can result in significant revenue loss for landlords who rely on consistent rental income.
The deferred-maintenance exposure is also notable. Given the median income of $47,054, tenants may struggle to afford the upkeep of their homes, leading to potential maintenance issues that the landlord must address. Without knowing the typical home value in the area, it's challenging to estimate the extent of these maintenance needs, but they are likely to be substantial.
However, these risks are somewhat mitigated by the high renter share of 25.5%. High renter density typically translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This increased demand can help stabilize occupancy rates and ensure a steady stream of tenants willing to use their vouchers to pay rent.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 97906 is moderate. While there are considerable risks related to tenant turnover, vacancy exposure, and deferred maintenance, the strong renter base offers a degree of stability and security in the rental market.
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.