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 | $1,830 |
| 1 Bedroom | $1,960 |
| 2 Bedrooms | $2,250 |
| 3 Bedrooms | $3,060 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,060 | $520,988 | 0.59% | F |
| 4BR | $3,680 | $689,814 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 97115, located in Dundee, Oregon, presents an interesting balance between yield and stability for real estate investors.
Yield: The Federal Market Rent (FMR) for ZIP 97115 is set at $2,420 for fiscal year 2024. This is significantly higher than the market rent of $1,183, indicating a strong potential for rental income above market rates if Section 8 tenants are secured. However, the average home value in the area stands at $572,808, which is a substantial investment. Despite the recent decline of 1.5% in home values, the FMR suggests that there is a decent yield opportunity in the short term, especially considering the disparity between FMR and market rents.
Stability: The stability of the market in ZIP 97115 is mixed. With only 12.6% of residents being renters, the overall demand for rental properties is relatively low. This could indicate less stable cash flow compared to areas with a higher percentage of renters. Additionally, the median household income of $117,446 suggests that residents have the financial capacity to purchase homes rather than rent them, further reducing the pool of potential tenants. The data on days on market (DOM) is not available, but the combination of low rental occupancy and moderate income levels points towards a market that might not be as stable as one would prefer for long-term investments.
Based on these figures, ZIP 97115 leans more towards a steady-cashflow zone. While the yield is attractive due to the high FMR relative to market rents, the stability indicators such as the low percentage of renters and median income suggest a market where consistent, though not necessarily high, returns can be expected. Investors should focus on securing Section 8 tenants to leverage the higher FMR and consider the lower demand for rentals when planning their investment strategy.
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.