Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,920 |
| 5 Bedrooms | $3,387 |
| 6 Bedrooms | $3,793 |
| 7 Bedrooms | $4,096 |
| 8 Bedrooms | $4,301 |
U.S. Census Bureau data (2024)
The renter's landscape in ZIP code 97109 is shaped by a median income of $150,893, which significantly outpaces the typical market rate rent. However, the specific market rate rent figure is currently unavailable, suggesting a need for further investigation into local rental pricing trends.
Comparatively, the Housing Choice Voucher Program's Fair Market Rent (FMR) standard for ZIP 97109 in fiscal year 2024 is set at $1980. This means that households receiving vouchers would be able to cover rents up to this amount, making it a fixed benchmark for subsidized housing in the area.
With only 15.2% of the 730 residents being renters, the competition among landlords is relatively low. The affordability gap between the median income and the voucher payment standard indicates that many potential renters could afford higher rents without assistance, which might reduce the attractiveness of accepting vouchers for landlords.
Landlords in ZIP 97109 should consider the dynamics of their local rental market carefully. Given the high median income and the uncertainty around market rate rents, there is likely a strong demand for properties that can command premiums above the FMR of $1980. However, the decision to accept vouchers versus relying on cash-paying tenants should be made based on an understanding of the local rental supply and demand, as well as the administrative ease and reliability of voucher payments.
The takeaway for landlords is clear: while the area supports higher rents due to the robust median income, the relatively low percentage of renters suggests a competitive but manageable market. Landlords should weigh the benefits of steady, government-backed income from vouchers against the potential for higher rents from cash-paying tenants, considering both the financial and operational aspects of their property management strategy.
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.