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Marion County/Salem/97303

97303

ZIPSAFMR
Marion County, OR
Zillow

ZIP Investment Score

67Below average

095130300
BRFMR
Eff. Rent
0 BR$1,280$1,040
1 BR$1,280$1,380
2 BR$1,680$1,690
3 BR$2,320$2,350
4 BR$2,550$2,570
5 BR$2,933Not available
6 BR$3,372Not available
7 BR$3,878Not available
8 BR$4,460Not available

Purchase Price Calculator

Maximum purchase price
$189,217

Cost breakdown

+Likely effective rent$1,690
HUD FMR$1,680
Market rent$1,690
Est. payment standard (100%)Used$1,690
-Principal and interest-$957
Loan amount$151,373
Down payment$37,843
Rate6.50%
Term30 years
-Operating costs-$533
Property taxes-$189
Insurance-$175
Utilities$0
HOA$0
Management-$169
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,172(71.8% ROI)
Projected value
$203,766
Return breakdown
Property appreciation+$14,549
Loan principal paid down+$5,423
Rental cash flow+$7,200
5-year hold
+$46,536(123.0% ROI)
Projected value
$214,081
Return breakdown
Property appreciation+$24,865
Loan principal paid down+$9,671
Rental cash flow+$12,000
10-year hold
+$100,042(264.4% ROI)
Projected value
$242,214
Return breakdown
Property appreciation+$52,997
Loan principal paid down+$23,045
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.23
1 BR
0.90
2 BR
0.99
3 BR
0.98
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 97303 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97303 (Salem, OR) is $1,680 a month. That is up 9.1% from $1,540 in FY 2026. Salem is in the Salem, OR MSA. 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 metro-wide two-bedroom FMR of $1,692. Among 31 ZIP codes in Marion County, 97303 has the 22nd-highest two-bedroom rent (county range $1,480–$2,110). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97303 is 27% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 97303
BedroomsFY 2027Change90–110% range
Studio$1,280+9.4%$1,152–$1,408
1BR$1,280+7.6%$1,152–$1,408
2BR$1,680+9.1%$1,512–$1,848
3BR$2,320+8.9%$2,088–$2,552
4BR$2,550+10.4%$2,295–$2,805

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 97303
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,280$1,280$1,680$2,320$2,550
FY 2026$1,170$1,190$1,540$2,130$2,310
FY 2025$1,090$1,140$1,470$2,050$2,220
FY 2024$950$1,010$1,280$1,800$2,000
FY 2023$920$970$1,240$1,760$2,030

Two-bedroom rent in nearby Marion County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 97303
97301$1,610−4.2%
97302$1,620−3.6%
97303Current$1,680—
97305$1,760+4.8%
97306$1,880+11.9%
97307$1,700+1.2%
97308$1,700+1.2%
97309$1,700+1.2%
97310$1,700+1.2%
97317$1,760+4.8%
97325$2,110+25.6%
97342$1,730+3.0%

Questions about ZIP 97303 rents

How much will Section 8 pay for a two-bedroom in ZIP 97303?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,692, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,523 to $1,861 a month; under the ZIP-level Small Area FMR of $1,680 it would be $1,512 to $1,848. 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 97303 in?

ZIP 97303 is in the Salem, OR MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,692.

How much did fair market rent change in ZIP 97303 for FY 2027?

The two-bedroom FMR rose 9.1%, from $1,540 in FY 2026 to $1,680 in FY 2027. Since FY 2023 it has risen 35.5%.

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