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 ZIP code 97920 encompasses a small area primarily within the city limits of Corvallis, Oregon. This college town, known for Oregon State University, has a population of around 34,000 residents. With 17.4% of the population renting their homes, the rental market here is modest but present. Notably, the median income and median home value data for this ZIP code are currently unavailable, suggesting a lack of comprehensive economic metrics for precise analysis.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,080. However, without current market rent data, it's challenging to assess the exact premium or discount that Section 8 vouchers might offer to landlords. The absence of such information means that any investment strategy must be based on broader regional trends rather than ZIP-specific insights.
Given these conditions, ZIP 97920 would likely suit a hands-off voucher operator more than a hands-on value-add buyer. The presence of a significant university population suggests steady demand for rentals, particularly among students and young professionals who might qualify for housing assistance programs. For those looking to minimize management hassles while still benefiting from a stable rental environment, Section 8 properties can provide a reliable source of income. However, for investors interested in actively managing properties to increase value through renovations or strategic positioning, the lack of detailed economic data makes it harder to justify the additional effort required for such an approach.
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.