Section 8 Fair Market Rent (FMR) for ZIP 97034 - 2027

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

Investment Score for ZIP 97034

Monthly Rent (2BR)

$2,250

Median Price (2BR)

$618,193

1% Rule

0.36%

Annual Yield

4.37%

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	$1,830
1 Bedroom	$1,960
2 Bedrooms	$2,250
3 Bedrooms	$3,060
4 Bedrooms	$3,680
5 Bedrooms	$4,269
6 Bedrooms	$4,781
7 Bedrooms	$5,163
8 Bedrooms	$5,421

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	$2,250	$618,193	0.36%	F
3BR	$3,060	$967,454	0.32%	F
4BR	$3,680	$1,338,441	0.27%	F
5BR	$4,269	$1,648,720	0.26%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

21,331

Median Household Income

$149,236

Housing Units

9,183

Renter Percentage

26.0%

Occupancy Rate

94.0%

Renter Occupied

2,246

Lake Oswego, located in ZIP code 97034, is a picturesque suburban city known for its high-quality living conditions and proximity to Portland, Oregon. The area offers a blend of natural beauty and urban amenities, making it attractive to both homeowners and renters. Here’s a detailed market analysis based on recent data:

The Fair Market Rent (FMR) for ZIP 97034 in fiscal year 2024 is set at $2,570, indicating the government's benchmark for affordable housing in the region.
The market rent, as measured by the Zillow Rent Index (ZORI), stands at $2,407. This figure closely mirrors the FMR, suggesting that rental properties are priced competitively within the local market.
The median home value in Lake Oswego is $1,121,966, reflecting the high-end residential market and the desirability of owning property in this area.
Renters make up 26.0% of the population, showing a significant but not overwhelming reliance on rental housing. This balance between homeowners and renters can be beneficial for landlords looking to maintain steady demand.
The days on market (DOM) for rental listings average 59 days, which is relatively low and suggests that rental units are typically occupied quickly once listed.
The median household income in Lake Oswego is $149,236, demonstrating the economic strength of the area and the ability of residents to afford higher rents.

The combination of a strong median income and competitive rental prices indicates a robust market for rental properties in Lake Oswego. Landlords and small-portfolio investors can expect consistent demand and potentially favorable returns on investment, especially given the quick turnover of rental listings. However, the high median home value also implies a challenging entry barrier for new investors looking to purchase properties, necessitating careful consideration of property acquisition costs relative to potential rental revenues.

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.