FMR is near market; voucher and private rents are aligned.
1.00
1 BR
1 BR
0.94ratio
FMR$1,294
Market$1,370
vs market-$76
FMR is near market; voucher and private rents are aligned.
0.94
2 BR
2 BR
0.91ratio
FMR$1,692
Market$1,850
vs market-$158
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
1.13ratio
FMR$2,341
Market$2,080
vs market+$261
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR
1.04ratio
FMR$2,564
Market$2,470
vs market+$94
FMR is near market; voucher and private rents are aligned.
1.04
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 97311 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 97311 (Salem, OR) is $1,692 a month. That is up 8.5% from $1,560 in FY 2026. Salem is in the Salem, OR MSA. The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97311 is 28% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 97311
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,181
$1,285
+8.8%
$1,157–$1,414
1BR
$1,201
$1,294
+7.7%
$1,165–$1,423
2BR
$1,560
$1,692
+8.5%
$1,523–$1,861
3BR
$2,159
$2,341
+8.4%
$2,107–$2,575
4BR
$2,338
$2,564
+9.7%
$2,308–$2,820
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 97311
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,285
$1,294
$1,692
$2,341
$2,564
FY 2026
$1,181
$1,201
$1,560
$2,159
$2,338
FY 2025
$1,147
$1,198
$1,543
$2,148
$2,334
FY 2024
$997
$1,053
$1,340
$1,888
$2,095
FY 2023
$924
$978
$1,245
$1,769
$2,037
Questions about ZIP 97311 rents
How much will Section 8 pay for a two-bedroom in ZIP 97311?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,692, that basic range is $1,523 to $1,861 a month. 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 97311 in?
ZIP 97311 is in the Salem, OR MSA. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 97311 for FY 2027?
The two-bedroom FMR rose 8.5%, from $1,560 in FY 2026 to $1,692 in FY 2027. Since FY 2023 it has risen 35.9%.
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 Fair Market Rents. 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