Section 8 Fair Market Rent (FMR) for ZIP 97209 - 2027

Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA

Investment Score for ZIP 97209

Monthly Rent (2BR)

$2,180

Median Price (2BR)

$561,731

1% Rule

0.39%

Annual Yield

4.66%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,770
1 Bedroom	$1,900
2 Bedrooms	$2,180
3 Bedrooms	$2,960
4 Bedrooms	$3,560
5 Bedrooms	$4,130
6 Bedrooms	$4,626
7 Bedrooms	$4,996
8 Bedrooms	$5,246

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,900	$296,034	0.64%	D
2BR	$2,180	$561,731	0.39%	F
3BR	$2,960	$757,984	0.39%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,296

Median Household Income

$80,301

Housing Units

16,733

Renter Percentage

80.2%

Occupancy Rate

88.2%

Renter Occupied

11,841

The ZIP code 97209, located in Portland, Oregon, is a vibrant urban area known for its diverse community and proximity to downtown amenities. This region offers a mix of residential neighborhoods and commercial spaces, making it an attractive location for both residents and investors.

The Fair Market Rent (FMR) for ZIP 97209 in fiscal year 2024 is set at $2,480, indicating the maximum rental cost that qualifies for federal housing assistance programs.
The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1,798, which reflects the actual average rent paid by tenants in the area.
The median home value in the ZIP code is $350,858, suggesting a moderate price point for homeownership compared to other areas in Portland.
Renters make up a significant portion of the population, with 80.2% of residents choosing to lease their homes rather than purchase them.
The days on market (DOM) for properties in this ZIP is 102 days, which is slightly above the national average, pointing to a somewhat slower pace of sales.
The median household income in 97209 is $80,301, providing insight into the economic profile of the residents and their ability to afford higher rents or mortgage payments.

In summary, ZIP 97209 presents a strong rental market with a high percentage of renters and a relatively high median rent, supported by the Fair Market Rent figure. However, the median home value and days on market suggest a more balanced market for potential home purchases. Given the economic profile of the area, landlords can expect a steady demand for rental properties, while small-portfolio investors should consider the slower sales cycle when planning to enter or exit the market.

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.