Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $3,140 |
| 5 Bedrooms | $3,642 |
| 6 Bedrooms | $4,079 |
| 7 Bedrooms | $4,405 |
| 8 Bedrooms | $4,625 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,610 | $711,254 | 0.37% | F |
| 4BR | $3,140 | $863,767 | 0.36% | F |
| 5BR | $3,642 | $875,168 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 97009 represents a high-end residential area characterized by its affluent residents and relatively low rental activity. With a total population of 8,336, only 12.1% of the residents are renters, indicating a predominantly owner-occupied community. The median household income in this area stands at a robust $106,650, which is significantly higher than the national average. This prosperity is further reflected in the median home value of $717,016, suggesting a neighborhood where homes are valued well above the typical U.S. property.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 97009 in fiscal year 2024 is set at $2,090. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is notably lower at $1,252 per month. This discrepancy between the FMR and the market rent highlights a potential opportunity for landlords who can leverage the higher voucher amounts to cover costs or provide premium rental properties that cater to the needs of voucher recipients willing to pay the higher FMR rates.
Given these economic conditions, ZIP 97009 would be more suitable for a hands-on value-add buyer rather than a hands-off voucher operator. The lower percentage of renters suggests that there is room to grow the rental market by creating high-quality, affordable housing options that can attract both voucher holders and other tenants. A hands-on approach would allow investors to identify and develop properties that can take advantage of the higher FMR while still appealing to the local market dynamics and resident preferences.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.