ZIP Code · OR

ZIP 97408

Part of Eugene, OR

Pop. 15,420·Lane County·18th most expensive ZIP in Oregon

Median rent (all units)

$2,031/mo

Year-over-Year

+3.9%

Month-over-Month

+0.5%

vs US Median

+$99

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 97408 · $2,031

More expensive than 63% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,550

1 BR

$1,630

2 BR

$2,140

3 BR

$2,980

4 BR+

$3,590

Research median

$2,140/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 97408 usually run 1.2% below trend in December and 0.9% above it in September, about $43 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 97408 is at its highest level since Zillow's records here began in April 2020.

Past year vs. the rest of Oregon

Rent in ZIP 97408 changed +3.9% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.

Recent direction

Rent has risen 4 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($104,945) is $2,624 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,140); a 3-bedroom is $2,980.

Rank in Eugene

6th cheapest of 6 ZIP codes in Eugene.

Cheaper nearby

ZIP 97401, 5 miles away, rents for 19% less ($1,638/mo), about $4,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 97408. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$24,372/yr

At $2,031/mo median

Location

CityEugene

StateOR

CountyLane County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.9% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.9% YoY, +0.5% MoM), not inventory.

Demographics

Who lives here

ZIP 97408 (Eugene, OR) is majority owner-occupied, has a large retiree population, has a median income above the national average, 50.3% of residents hold a bachelor's degree or higher.

Population

15,420

Median income

$104,945

Median age

42.5

Renters

34.9%

Age distribution

18.6%

21.5%

23%

12.2%

24.7%

Under 1818.6%

18–3421.5%

35–5423%

55–6412.2%

65+24.7%

Gender

47.7%

52.3%

Male47.7%

Female52.3%

Race & ethnicity

77.7%

White77.7%

Black2.6%

Hispanic8.8%

Asian4.5%

Other6.5%

Education (25+)

13.4%

31.9%

50.3%

No HS diploma4.5%

HS diploma13.4%

Some college31.9%

Bachelor's+50.3%

Housing tenure

65.1%

34.9%

Owner65.1%

Renter34.9%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 97408 in Eugene, OR has changed in 5 years

Rent

$1,525 → $2,031

up 33.2%

Income

$85,554 → $104,945

up 22.7%

Population

14,405 → 15,420

up 7.0%

Renter share

40.2% → 34.9%

-5.3 pts

Bachelor's+

44.2% → 50.3%

+6.1 pts

Median age

44 → 42.5

-1.5 yrs

Compared with 2021, rent in ZIP 97408 in Eugene, OR has climbed by $506 per month, settling near $2,031 after starting the period at $1,525. Median household income grew from $85,554 to $104,945 between 2021 and 2024, a 22.7% shift. Rent outpaced income growth by roughly 10.5 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 14,405 to 15,420 between 2021 and 2024, a 7.0% change. About 34.9% of households rent today, against 40.2% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 44.2% to 50.3%. Taken together, the five-year picture in ZIP 97408 in Eugene, OR reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 97408

Last updated: October 17, 2026

ZIP code 97408 covers Eugene, OR. The median rent here is $2,031/mo as of October 2026. A 1-bedroom rents for a median of $1,630/mo. A 2-bedroom rents for a median of $2,140/mo.

At 23% of local median household income ($104,945/yr), ZIP 97408 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.9% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 97408?

To keep rent at or below 30% of gross income, you would need to earn at least $81,000/year (about $39/hour full-time) to afford the median rent of $2,031/mo in ZIP 97408. The local median household income is $104,945/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 97408?

Rent in ZIP 97408 has risen 3.9% over the past year as of September 2026. That is the highest level since Zillow's records here began in April 2020.

When is the cheapest time to rent in ZIP 97408?

Asking rents in ZIP 97408 are usually lowest in December, about 1.2% below their yearly trend, and highest in September, about 0.9% above it. At today's median that is a gap of roughly $43 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 97408 compare to other ZIPs in Oregon?

ZIP 97408 is one of the pricier among Oregon ZIP codes for rent, ranking #18 of 114 at $2,031/mo. Over the year to September 2026, rent in ZIP 97408 changed +3.9%, against a typical +1.6% across the 106 Oregon ZIP codes Zillow tracks.