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 | $1,420 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,730 | $441,262 | 0.39% | F |
| 3BR | $2,360 | $524,360 | 0.45% | F |
| 4BR | $2,800 | $567,497 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 97023, located in Estacada, Oregon, hosts a population of 12,111 residents. With 20.2% of the populace renting their homes, it suggests a moderate rental market rather than a highly renter-heavy environment. The median household income in this area stands at $76,762, which is a key figure when evaluating the suitability of Section 8 tenants.
A typical market rent of $945 is well below the Fair Market Rent (FMR) of $1700 for FY 2024, indicating that landlords in this area could potentially attract a significant number of tenants using Section 8 vouchers. The current market rent represents approximately 12.3% of the median household income, suggesting that rent is relatively affordable compared to the average income in the area. However, when considering the FMR, which is set higher, landlords might find that the demand for vouchers is substantial, as it reflects a larger portion of the median income—nearly 22.2%.
Given these dynamics, landlords in ZIP 97023 can expect a mix of tenants, but those relying on Section 8 vouchers will likely be a considerable segment of the market. These tenants will typically have incomes lower than the median, making use of the vouchers essential to afford the $945 market rent. Landlords should prepare for a tenant pool that includes families and individuals who qualify for federal housing assistance, ensuring they understand the requirements and responsibilities associated with participating in the Section 8 program.
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.