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

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 97034

• Housing Authority of Portland (Portland, OR) - 12,474 Section 8 vouchers
• Housing Authority of Clackamas County (Oregon City, OR) - 2,550 Section 8 vouchers

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). 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.