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Klamath County/Klamath Falls/97603

97603

ZIPSAFMR
Klamath County, OR
Zillow

ZIP Investment Score

97Above average

095130300
BRFMR
Eff. Rent
0 BR$820$900
1 BR$920$1,010
2 BR$1,180$1,280
3 BR$1,640$1,800
4 BR$1,980$2,140
5 BR$2,277Not available
6 BR$2,619Not available
7 BR$3,011Not available
8 BR$3,463Not available

Purchase Price Calculator

Maximum purchase price
$128,291

Cost breakdown

+Likely effective rent$1,280
HUD FMR$1,180
Market rent$1,340
Est. payment standard (109%)Used$1,280
-Principal and interest-$649
Loan amount$102,633
Down payment$25,658
Rate6.50%
Term30 years
-Operating costs-$431
Property taxes-$128
Insurance-$175
Utilities$0
HOA$0
Management-$128
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,741(80.8% ROI)
Projected value
$138,155
Return breakdown
Property appreciation+$9,864
Loan principal paid down+$3,677
Rental cash flow+$7,200
5-year hold
+$35,416(138.0% ROI)
Projected value
$145,149
Return breakdown
Property appreciation+$16,858
Loan principal paid down+$6,557
Rental cash flow+$12,000
10-year hold
+$75,557(294.5% ROI)
Projected value
$164,223
Return breakdown
Property appreciation+$35,932
Loan principal paid down+$15,625
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.68
1 BR
0.78
2 BR
0.88
3 BR
0.85
4 BR
0.89
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 97603 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97603 (Klamath Falls, OR) is $1,180 a month. That is down 9.9% from $1,310 in FY 2026. Klamath Falls is in the Klamath 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 $1,134. Among 19 ZIP codes in Klamath County, 97603 is tied for the 5th-highest two-bedroom rent (county range $1,130–$1,630). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97603 is 11% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 97603
BedroomsFY 2027Change90–110% range
Studio$820−8.9%$738–$902
1BR$920−8.9%$828–$1,012
2BR$1,180−9.9%$1,062–$1,298
3BR$1,640−9.9%$1,476–$1,804
4BR$1,980−10.0%$1,782–$2,178

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 97603
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$820$920$1,180$1,640$1,980
FY 2026$900$1,010$1,310$1,820$2,200
FY 2025$800$880$1,160$1,630$1,950
FY 2024area FMR$700$786$1,033$1,456$1,753
FY 2023area FMR$636$722$951$1,352$1,620

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

Two-bedroom rent in nearby Klamath County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 97603
97601$1,130−4.2%
97602$1,130−4.2%
97603Current$1,180—
97604$1,130−4.2%
97621$1,130−4.2%
97622$1,130−4.2%
97623$1,130−4.2%
97624$1,210+2.5%
97625$1,130−4.2%
97626$1,140−3.4%
97627$1,130−4.2%
97632$1,630+38.1%

Questions about ZIP 97603 rents

How much will Section 8 pay for a two-bedroom in ZIP 97603?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,134, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,021 to $1,247 a month; under the ZIP-level Small Area FMR of $1,180 it would be $1,062 to $1,298. 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 97603 in?

ZIP 97603 is in the Klamath County, OR non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,134.

How much did fair market rent change in ZIP 97603 for FY 2027?

The two-bedroom FMR fell 9.9%, from $1,310 in FY 2026 to $1,180 in FY 2027. Since FY 2025 it has risen 1.7%.

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

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