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 | $1,690 |
| 1 Bedroom | $1,810 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,400 |
| 5 Bedrooms | $3,944 |
| 6 Bedrooms | $4,417 |
| 7 Bedrooms | $4,770 |
| 8 Bedrooms | $5,009 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,820 | $518,651 | 0.54% | F |
| 4BR | $3,400 | $595,221 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 97133 stands out in its county due to a unique blend of economic factors that influence its housing market. With a population of 5,416 residents, only 15.8% of whom rent their homes, the area has a predominantly owner-occupied housing stock. The median income here is relatively high at $133,167, which supports the median home value of $571,689. These figures suggest a community that is both affluent and invested in homeownership.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 97133 in fiscal year 2024 is set at $2,040. This figure is notably higher than the actual market rent, which is recorded at $1,624 according to Census ACS data. Landlords and small-portfolio investors should take note of this discrepancy, as it means that tenants with vouchers can potentially afford higher rents than those without, making properties in this ZIP code more attractive to voucher holders seeking to live in an upscale neighborhood.
Despite the high median home value and median income, the low percentage of renters indicates that the housing market in ZIP 97133 is stable rather than transitional. A stable market suggests that there is little fluctuation in rental demand and that the existing homeownership base is likely to remain consistent. However, the higher FMR compared to the market rent could be a sign of increasing costs for landlords who accept vouchers, which might influence the willingness of some to participate in the program.
In summary, ZIP 97133 presents an interesting opportunity for landlords and small-portfolio investors, particularly those willing to engage with the Section 8 voucher program. The economic stability of the area, coupled with the potential for higher rents through voucher utilization, offers a balance between affordability and market dynamics that can be leveraged effectively.
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.