Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
| 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 |
U.S. Census Bureau data (2024)
ZIP code 97204 is located within the Portland-Vancouver-Hillsboro, OR-WA MSA. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,660, which is slightly below the market rent of $1,710. This indicates that 97204 is likely a mid-tier neighborhood in terms of rental pricing compared to other ZIP codes in the same metro area.
The renter share in 97204 stands at 95.2%, a significantly higher percentage than the typical Portland-Vancouver-Hillsboro MSA ZIP codes. This high renter occupancy rate suggests a strong demand for rental properties in the area. However, the lack of data on home values means we cannot directly compare it to other ZIP codes in the MSA. In areas with a high renter share and below-average home values, such as what might be inferred here, landlords often find opportunities for investment due to the robust rental market.
Given the FMR and market rent figures are nearly identical, this points to a competitive rental market where landlords must offer rents close to the fair market rate to attract tenants. The absence of home value data could imply that 97204 is primarily a rental-focused area, which aligns with its high renter share.
In summary, 97204 appears to be a mid-tier neighborhood within the Portland-Vancouver-Hillsboro, OR-WA MSA, characterized by a strong rental market and high demand for rental units. Landlords should consider the potential for steady rental income in this ZIP code, given the high renter share and the alignment of FMR with market rents.
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.