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 | $1,720 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,880 |
| 4 Bedrooms | $3,460 |
| 5 Bedrooms | $4,014 |
| 6 Bedrooms | $4,496 |
| 7 Bedrooms | $4,856 |
| 8 Bedrooms | $5,099 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,120 | $366,012 | 0.58% | F |
| 3BR | $2,880 | $515,231 | 0.56% | F |
| 4BR | $3,460 | $635,414 | 0.54% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 97049, which includes Rhododendron, Oregon, is set at $1860 for the fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning that if you decide to participate in the Section 8 program, the maximum amount the government will pay towards rent for a voucher holder living in your property will be $1860 per month.
To put this into perspective, the average rent in ZIP 97049 is $2170 according to the latest Census American Community Survey data. This indicates that the FMR is slightly below the market rate, suggesting that landlords might need to adjust their expectations for rental income when participating in the Section 8 program.
The renter share in Rhododendron is 9.8%, which means there is a modest but steady demand for rental properties. Given this demand, landlords can expect a reasonable level of interest from potential tenants using Section 8 vouchers. However, it's important to note that the demand is not overwhelming, so competition among landlords could still play a role in attracting tenants.
In terms of acquisition costs, the median home value in the area is around $420,641. This means that if you're looking to purchase a property to use as a rental, you should anticipate spending approximately this amount. Keep in mind that the actual cost of acquiring a property can vary depending on its condition, location, and other factors.
Before you commit to becoming a Section 8 landlord, verify that the property meets the Housing Quality Standards (HQS) required by the program. This involves ensuring the unit is safe, decent, and sanitary. A thorough inspection and any necessary repairs must be completed prior to leasing to a Section 8 tenant.
Participating in the Section 8 program can provide a stable source of income, especially given the slightly lower FMR compared to the average rent. However, landlords must balance the guaranteed income with the need for regular maintenance and compliance with HQS. The modest renter share also suggests that while there is demand, it's not an oversaturated market, allowing for some flexibility in finding the right tenant.
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.