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)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,080 for ZIP 97908 will sufficiently cover the mortgage on a home. Unfortunately, the median home value for ZIP 97908 is not available, making it difficult to calculate an exact mortgage amount. However, homes in this area were primarily built in the 1950s, which suggests that they may be less expensive than newer constructions. To determine if the FMR can cover a mortgage, one would need to know the typical home values and interest rates.
The investor may also doubt the rental market demand at 18.8%. According to recent data, rentals in ZIP 97908 are predominantly 3+ bedroom units. While the specific rental rates for these units are not provided, it is noted that the cost is typically below $200 per month, which seems unusually low and likely includes utilities. This low rate might indicate a lack of demand or a unique situation within the ZIP code. A search for studio apartments in 97908 did not yield any results, suggesting that smaller units may not be common in this area.
Lastly, the investor could be concerned about whether housing vouchers will keep pace with market rents. There is no direct data provided regarding the utilization or sufficiency of housing vouchers in ZIP 97908. Given the low population density of 0.1 people per square mile, it's possible that voucher usage is limited. Without specific figures, it's challenging to make a definitive statement on this issue. However, the overall low rental costs suggest that vouchers might currently be sufficient, but future changes in market rents could affect this balance.
In summary, while ZIP 97908 presents some challenges in terms of available data, the low rental rates and the potential for lower mortgage payments due to older housing stock could still be attractive to certain investors. The lack of information on housing vouchers means that further research is needed to understand their impact on the local 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.