FMR is near market; voucher and private rents are aligned.
1.06
1 BR
1 BR
1.04ratio
FMR$1,510
Market$1,450
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR
1.04ratio
FMR$1,890
Market$1,820
vs market+$70
FMR is near market; voucher and private rents are aligned.
1.04
3 BR
3 BR
1.01ratio
FMR$2,610
Market$2,590
vs market+$20
FMR is near market; voucher and private rents are aligned.
1.01
4 BR
4 BR
0.92ratio
FMR$3,140
Market$3,420
vs market-$280
FMR is near market; voucher and private rents are aligned.
0.92
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
--
ZIP 97331 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97331 (Corvallis, OR) is $1,890 a month. That is unchanged from FY 2026. Corvallis is in the Corvallis, 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 $1,857. Among 11 ZIP codes in Benton County, 97331 has the 2nd-highest two-bedroom rent (county range $1,650–$1,900). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97331 is 43% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 97331
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,400
$1,380
−1.4%
$1,242–$1,518
1BR
$1,500
$1,510
+0.7%
$1,359–$1,661
2BR
$1,890
$1,890
0.0%
$1,701–$2,079
3BR
$2,630
$2,610
−0.8%
$2,349–$2,871
4BR
$2,970
$3,140
+5.7%
$2,826–$3,454
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 97331
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,380
$1,510
$1,890
$2,610
$3,140
FY 2026
$1,400
$1,500
$1,890
$2,630
$2,970
FY 2025
$1,210
$1,300
$1,660
$2,330
$2,520
FY 2024
$1,200
$1,240
$1,580
$2,220
$2,510
FY 2023
$1,110
$1,160
$1,430
$2,030
$2,410
Two-bedroom rent in nearby Benton County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 97331?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,857, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,671 to $2,043 a month; under the ZIP-level Small Area FMR of $1,890 it would be $1,701 to $2,079. 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 97331 in?
ZIP 97331 is in the Corvallis, OR MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,857.
How much did fair market rent change in ZIP 97331 for FY 2027?
The two-bedroom FMR was unchanged at $1,890 in FY 2027. Since FY 2023 it has risen 32.2%.
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