Location: Malheur County, OR | Metro: Malheur 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 | $730 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $244,454 | 0.43% | F |
| 3BR | $1,440 | $336,068 | 0.43% | F |
| 4BR | $1,740 | $400,606 | 0.43% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 97918 in Vale, Oregon, hinges on the balance between yield and stability. On the yield axis, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 stands at $1,090, while the market rent is $830. This indicates that the rental market is below the federal benchmark, suggesting a moderate potential for rental income. However, the median home value of $338,920 provides a substantial base for investment, implying a higher capital appreciation potential compared to pure rental income.
Moving to the stability axis, the zip code has a significant 29.8% of its population as renters, which is a positive indicator for rental demand. The lack of data on days on market (DOM) suggests an absence of frequent property turnovers, potentially pointing to a stable tenant base. Additionally, the median household income of $63,342 offers insight into the financial capacity of residents, which is relatively low but still supports the local rental market given the lower-than-FMR rent levels.
Considering these factors, ZIP 97918 leans towards being a steady-cashflow zone. The primary driver is the consistent rental demand from nearly a third of the population, coupled with the moderate rental rates. While the FMR exceeds the market rent, indicating some room for price increases, the relatively low median income tempers aggressive expectations. The median home value suggests that properties are not cheap, reducing the attractiveness for quick flips due to the higher initial investment required.
To summarize, the combination of a moderate rental market and a significant percentage of renters, alongside a reasonable median income, points towards a market where long-term investments can generate reliable cash flow rather than high-yield, speculative gains.
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.