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Wallowa County/Wallowa/97885

97885

ZIPSAFMR
Wallowa County, OR
Zillow

ZIP Investment Score

62Below average

095130300
BRFMR
Eff. Rent
0 BR$850$850
1 BR$990$990
2 BR$1,190$1,190
3 BR$1,660$1,660
4 BR$2,000$2,000
5 BR$2,300Not available
6 BR$2,645Not available
7 BR$3,042Not available
8 BR$3,498Not available

Purchase Price Calculator

Maximum purchase price
$114,917

Cost breakdown

+Likely effective rent$1,190
HUD FMRUsed$1,190
Market rentN/A
Est. payment standardN/A
-Principal and interest-$581
Loan amount$91,934
Down payment$22,983
Rate6.50%
Term30 years
-Operating costs-$409
Property taxes-$115
Insurance-$175
Utilities$0
HOA$0
Management-$119
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,330(84.1% ROI)
Projected value
$123,753
Return breakdown
Property appreciation+$8,836
Loan principal paid down+$3,294
Rental cash flow+$7,200
5-year hold
+$32,975(143.5% ROI)
Projected value
$130,018
Return breakdown
Property appreciation+$15,101
Loan principal paid down+$5,874
Rental cash flow+$12,000
10-year hold
+$70,182(305.4% ROI)
Projected value
$147,103
Return breakdown
Property appreciation+$32,186
Loan principal paid down+$13,996
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

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 97885 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97885 (Wallowa, OR) is $1,190 a month. That is up 10.2% from $1,080 in FY 2026. Wallowa is in the Wallowa 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 $1,116. Among 5 ZIP codes in Wallowa County, 97885 has the 3rd-highest two-bedroom rent (county range $1,040–$1,360). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97885 is 10% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 97885
BedroomsFY 2027Change90–110% range
Studio$850+13.3%$765–$935
1BR$990+11.2%$891–$1,089
2BR$1,190+10.2%$1,071–$1,309
3BR$1,660+10.7%$1,494–$1,826
4BR$2,000+10.5%$1,800–$2,200

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 97885
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$850$990$1,190$1,660$2,000
FY 2026$750$890$1,080$1,500$1,810
FY 2025$670$790$980$1,370$1,650
FY 2024area FMR$664$793$979$1,380$1,661
FY 2023area FMR$609$746$911$1,295$1,552

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

Two-bedroom rent in nearby Wallowa County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 97885
97828$1,040−12.6%
97842$1,170−1.7%
97846$1,360+14.3%
97857$1,270+6.7%
97885Current$1,190—

Questions about ZIP 97885 rents

How much will Section 8 pay for a two-bedroom in ZIP 97885?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,116, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,004 to $1,228 a month; under the ZIP-level Small Area FMR of $1,190 it would be $1,071 to $1,309. 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 97885 in?

ZIP 97885 is in the Wallowa County, OR non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,116.

How much did fair market rent change in ZIP 97885 for FY 2027?

The two-bedroom FMR rose 10.2%, from $1,080 in FY 2026 to $1,190 in FY 2027. Since FY 2025 it has risen 21.4%.

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