Section 8 Fair Market Rent (FMR) for ZIP 97015 - 2027

Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA

Investment Score for ZIP 97015

Monthly Rent (2BR)

$1,980

Median Price (2BR)

$349,955

1% Rule

0.57%

Annual Yield

6.79%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,610
1 Bedroom	$1,720
2 Bedrooms	$1,980
3 Bedrooms	$2,690
4 Bedrooms	$3,240
5 Bedrooms	$3,758
6 Bedrooms	$4,209
7 Bedrooms	$4,546
8 Bedrooms	$4,773

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,980	$349,955	0.57%	F
3BR	$2,690	$552,397	0.49%	F
4BR	$3,240	$659,523	0.49%	F
5BR	$3,758	$720,489	0.52%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,433

Median Household Income

$87,333

Housing Units

9,578

Renter Percentage

36.0%

Occupancy Rate

97.1%

Renter Occupied

3,352

To determine if you should buy in ZIP 97015 (Clackamas, OR) for Section 8 purposes, follow this decision tree:

1) Does FMR $2130 (zip FY 2024) clear debt service on a $587,743 property?

No: The Fair Market Rent (FMR) of $2130 per month is insufficient to cover the debt service on a property valued at $587,743. Assuming a typical mortgage rate and term, the monthly payment would likely exceed this amount, making the investment unprofitable under Section 8 guidelines.

2) Is market rent $1,856 (ZORI) above, at, or below FMR?

Below: The Zillow Observed Rent Index (ZORI) of $1,856 is below the FMR of $2130. This indicates that the market rent is lower than what Section 8 tenants can pay, which could be advantageous if you're looking to attract Section 8 tenants while still potentially outperforming the local rental market.

3) Are 36.0% renters + N/A-day DOM enough demand?

It Depends: With 36.0% of the population being renters, there is a moderate level of rental demand. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly properties are rented out. If the DOM is low, it suggests strong demand; if high, it may indicate a saturated market or other issues affecting occupancy rates.

If you answered No to the first question, then purchasing in ZIP 97015 for Section 8 purposes is not advisable due to the inability to cover debt service with the FMR. If you answered Below to the second question, the market conditions might favor Section 8 investments, as you can charge closer to the FMR without significantly exceeding market rents. For the third question, you need to investigate further into the DOM data to make an informed decision about the viability of the rental market in Clackamas, OR.

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.