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 | $1,600 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,290 |
| 5 Bedrooms | $3,816 |
| 6 Bedrooms | $4,274 |
| 7 Bedrooms | $4,616 |
| 8 Bedrooms | $4,847 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,730 | $726,983 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 97028 is characterized by a significant portion of its population being renters, at 33.1%. This indicates a moderate demand for rental properties, but it's not overwhelmingly renter-heavy. The median household income in this area stands at $76,716, which provides a benchmark for assessing affordability.
Although specific market rent figures are not provided, we can compare the situation to the Fair Market Rent (FMR) of $1860 for FY 2024. If we assume that market rents are close to the FMR, then the typical rent would consume approximately 24.2% of the median household income. This is calculated by taking the annualized FMR ($1860 * 12 months) and dividing it by the median household income ($76,716).
Landlords in ZIP 97028 should anticipate a tenant pool that includes individuals and families who rely on housing vouchers. Given the income levels and the FMR, it's reasonable to expect that many tenants will require some form of financial assistance to cover their rent. However, the percentage of voucher holders may not be as high as in areas with lower median incomes or higher percentages of renters.
A landlord in this ZIP code should prepare for tenants who have a mix of sources for their housing funds. Some may have stable employment and use a portion of their income for rent, while others may need to combine their earnings with Section 8 vouchers to meet the monthly rent obligations. It's important to note that the voucher amount may not fully cover the FMR, potentially requiring tenants to contribute additional money from their own pockets.
In summary, ZIP 97028 offers a balanced tenant pool with a notable number of renters, suggesting a steady demand for rental units. Landlords should be prepared for tenants who may utilize Section 8 vouchers alongside their personal income to afford living spaces that are priced around the FMR of $1860 per month.
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.