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 97533 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97533 (Murphy, OR) is $1,330 a month. That is down 2.2% from $1,360 in FY 2026. Murphy is in the Grants Pass, 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 $1,331. Among 13 ZIP codes in Josephine County, 97533 is tied for the 9th-highest two-bedroom rent (county range $1,230–$2,000).
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 97533
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$940
$930
−1.1%
$837–$1,023
1BR
$1,040
$1,020
−1.9%
$918–$1,122
2BR
$1,360
$1,330
−2.2%
$1,197–$1,463
3BR
$1,890
$1,840
−2.6%
$1,656–$2,024
4BR
$2,010
$2,010
0.0%
$1,809–$2,211
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 97533
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$930
$1,020
$1,330
$1,840
$2,010
FY 2026
$940
$1,040
$1,360
$1,890
$2,010
FY 2025
$910
$1,010
$1,320
$1,850
$1,910
FY 2024
$920
$1,030
$1,350
$1,900
$1,920
FY 2023
$780
$890
$1,170
$1,660
$1,840
Two-bedroom rent in nearby Josephine County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 97533?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,331, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,198 to $1,464 a month; under the ZIP-level Small Area FMR of $1,330 it would be $1,197 to $1,463. 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 97533 in?
ZIP 97533 is in the Grants Pass, OR MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,331.
How much did fair market rent change in ZIP 97533 for FY 2027?
The two-bedroom FMR fell 2.2%, from $1,360 in FY 2026 to $1,330 in FY 2027. Since FY 2023 it has risen 13.7%.
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