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 | $408,961 | 0.42% | F |
| 3BR | $2,360 | $468,021 | 0.5% | F |
| 4BR | $2,800 | $557,899 | 0.5% | F |
| 5BR | $3,248 | $652,898 | 0.5% | F |
U.S. Census Bureau data (2024)
ZIP code 97113, located in Cornelius, Oregon, falls within the larger Portland-Vancouver-Hillsboro, OR-WA MSA metro area. The Federal Market Rent (FMR) for ZIP 97113 in fiscal year 2024 is set at $1930, which is higher than the market rent of $1,531. This suggests that subsidized housing rates are above what the market naturally dictates, indicating a potential premium for landlords participating in the Section 8 program.
The median home value in ZIP 97113 is $487,632, which is generally reflective of the broader metro area's housing costs but slightly on the lower side compared to some areas within the MSA. With a renter share of 24.8%, it aligns closely with the average renter share across the Portland-Vancouver-Hillsboro, OR-WA MSA. However, the significant difference between the FMR and the actual market rent points towards an interesting dynamic for landlords and investors.
The disparity between the FMR and market rent can be seen as a value pocket for landlords who accept Section 8 vouchers. They can potentially charge higher rents while still being within the subsidy limits, thus maximizing their income. Additionally, the lower median home value coupled with a relatively high renter share suggests that there might be a concentration of affordable housing options, making it attractive for tenants seeking rental properties.
To summarize, ZIP 97113 appears to be a mid-tier neighborhood within the Portland-Vancouver-Hillsboro, OR-WA MSA, with a slight lean towards being a value pocket due to the favorable conditions for landlords accepting Section 8 vouchers. The combination of a below-average home value and a significant renter share creates an environment where landlords can benefit from higher subsidized rents without the need for premium property investments.
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.