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Tillamook County/Garibaldi/97118

97118

ZIPSAFMR
Tillamook County, OR
Zillow

ZIP Investment Score

54Below average

095130300
BRFMR
Eff. Rent
0 BR$920$920
1 BR$1,030$1,030
2 BR$1,270$1,270
3 BR$1,760$1,760
4 BR$1,880$1,880
5 BR$2,162Not available
6 BR$2,486Not available
7 BR$2,859Not available
8 BR$3,288Not available

Purchase Price Calculator

Maximum purchase price
$126,805

Cost breakdown

+Likely effective rent$1,270
HUD FMRUsed$1,270
Market rentN/A
Est. payment standardN/A
-Principal and interest-$641
Loan amount$101,444
Down payment$25,361
Rate6.50%
Term30 years
-Operating costs-$429
Property taxes-$127
Insurance-$175
Utilities$0
HOA$0
Management-$127
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,585(81.2% ROI)
Projected value
$136,555
Return breakdown
Property appreciation+$9,750
Loan principal paid down+$3,634
Rental cash flow+$7,200
5-year hold
+$35,144(138.6% ROI)
Projected value
$143,468
Return breakdown
Property appreciation+$16,663
Loan principal paid down+$6,481
Rental cash flow+$12,000
10-year hold
+$74,960(295.6% ROI)
Projected value
$162,321
Return breakdown
Property appreciation+$35,516
Loan principal paid down+$15,444
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 97118 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97118 (Garibaldi, OR) is $1,270 a month. That is down 6.6% from $1,360 in FY 2026. Garibaldi is in the Tillamook County, OR non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,301. Among 15 ZIP codes in Tillamook County, 97118 is tied for the 11th-highest two-bedroom rent (county range $1,270–$1,660). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97118 is 4% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 97118
BedroomsFY 2027Change90–110% range
Studio$920−6.1%$828–$1,012
1BR$1,030−6.4%$927–$1,133
2BR$1,270−6.6%$1,143–$1,397
3BR$1,760−6.9%$1,584–$1,936
4BR$1,880−6.9%$1,692–$2,068

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 97118
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$920$1,030$1,270$1,760$1,880
FY 2026$980$1,100$1,360$1,890$2,020
FY 2025$900$980$1,230$1,720$1,840
FY 2024area FMR$832$919$1,173$1,653$1,809
FY 2023area FMR$753$832$1,095$1,556$1,827

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Tillamook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 97118
97102$1,470+15.7%
97107$1,430+12.6%
97108$1,490+17.3%
97112$1,490+17.3%
97118Current$1,270—
97122$1,490+17.3%
97130$1,660+30.7%
97131$1,600+26.0%
97134$1,2700.0%
97135$1,470+15.7%
97136$1,2700.0%
97141$1,2700.0%

Questions about ZIP 97118 rents

How much will Section 8 pay for a two-bedroom in ZIP 97118?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,301, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,171 to $1,431 a month; under the ZIP-level Small Area FMR of $1,270 it would be $1,143 to $1,397. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 97118 in?

ZIP 97118 is in the Tillamook County, OR non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,301.

How much did fair market rent change in ZIP 97118 for FY 2027?

The two-bedroom FMR fell 6.6%, from $1,360 in FY 2026 to $1,270 in FY 2027. Since FY 2025 it has risen 3.3%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentGaribaldi, OR fair market rentOR statewide rentsWhat is SAFMR?Data sources