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 | $308,662 | 0.56% | F |
| 3BR | $2,360 | $413,162 | 0.57% | F |
| 4BR | $2,800 | $497,891 | 0.56% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 97064, Vernonia, Oregon, in fiscal year 2024 is set at $1900. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is the payment standard, not necessarily the rent you'll receive, as it includes both the tenant's contribution and the government subsidy.
To put this into perspective, the average rent for ZIP 97064, according to the latest Census American Community Survey (ACS), is $1,230. This means that the FMR is significantly higher than the current market rate, offering landlords an opportunity to receive a higher rental income while participating in the program. However, the actual rent you can charge your tenants will be subject to the rules of the Section 8 program and may vary based on the size of the unit and other factors.
The 18.8% of residents who are renters indicates a moderate demand for rental properties in Vernonia. Given this percentage, there is a reasonable number of potential tenants who could benefit from the Section 8 program. The median home value in the area is approximately $385,872, which can help you gauge the typical acquisition cost if you're looking to purchase a property to convert into a rental. This figure suggests that buying a property in Vernonia might be costly, but the higher FMR under Section 8 could make it a worthwhile investment.
Before committing to a Section 8 rental property, ensure that the property meets all the required standards for habitability and safety as specified by the housing authority. These standards include things like proper heating, plumbing, and electrical systems. Failure to meet these criteria can result in penalties or disqualification from the 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.