FY2027 Small Area FMR · Corvallis, OR

ZIP 97331 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 97331 (Corvallis, OR) is $1,890 a month, unchanged from FY2026. That is 2% above the Corvallis, OR area-wide FMR of $1,857.

2-bedroom SAFMR$1,890per month ■ 0.0%

Area-wide 2 BR FMR$1,857Corvallis, OR

Rank in the area2ndof 11 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,701

2 BR Small Area FMR$1,890

110% of SAFMR$2,079

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,380▼ 1.4%

1 BR$1,510▲ 0.7%

2 BR$1,890■ 0.0%

3 BR$2,610▼ 0.8%

4 BR$3,140▲ 5.7%

FY2027 FY2026

Where 97331 sits in the Corvallis, OR area

Of the 11 ZIP codes HUD lists for the area, 97331 has the 2nd highest two-bedroom Small Area FMR. Corvallis, OR is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,857 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,890 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,380	$1,242 – $1,518	$1,365	$1,400
1 bedroom	$1,510	$1,359 – $1,661	$1,487	$1,500
2 bedrooms	$1,890	$1,701 – $2,079	$1,857	$1,890
3 bedrooms	$2,610	$2,349 – $2,871	$2,571	$2,630
4 bedrooms	$3,140	$2,826 – $3,454	$3,102	$2,970

A household renting a two-bedroom home at the Small Area FMR of $1,890 needs about $75,600 a year to keep housing costs at 30% of income. The area median family income is $125,000 and the 80% low-income limit for four people is $100,000. ZIP code 97331 lies mainly in Benton County. See the Corvallis, OR county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
97330	Corvallis	5.8 mi	$1,870
97333	Corvallis	6.7 mi	$1,900
97370	Philomath	8.1 mi	$1,850
97321	Albany	9.3 mi	$1,720
97389	Tangent	9.6 mi	$2,530
97377	Shedd	11.1 mi	$2,320

Questions

What is the Fair Market Rent for ZIP code 97331?

HUD's FY2027 Small Area Fair Market Rents for 97331 are $1,380 (studio), $1,510 (1 BR), $1,890 (2 BR), $2,610 (3 BR) and $3,140 (4 BR) a month.

What is the Section 8 payment standard in 97331?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 97331 that range is $1,701 to $2,079 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 97331?

The FY2026 income limits of the Corvallis, OR area apply: median family income $125,000, low-income (80%) limit $100,000 for a family of four.