Section 8 Fair Market Rent (FMR) for ZIP 97213 - 2027

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

Investment Score for ZIP 97213

Monthly Rent (2BR)

$1,940

Median Price (2BR)

$461,663

1% Rule

0.42%

Annual Yield

5.04%

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	$1,580
1 Bedroom	$1,690
2 Bedrooms	$1,940
3 Bedrooms	$2,630
4 Bedrooms	$3,170
5 Bedrooms	$3,677
6 Bedrooms	$4,118
7 Bedrooms	$4,447
8 Bedrooms	$4,669

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	$1,690	$319,087	0.53%	F
2BR	$1,940	$461,663	0.42%	F
3BR	$2,630	$579,263	0.45%	F
4BR	$3,170	$680,926	0.47%	F
5BR	$3,677	$778,121	0.47%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

31,408

Median Household Income

$97,068

Housing Units

15,229

Renter Percentage

37.5%

Occupancy Rate

95.5%

Renter Occupied

5,462

The ZIP code 97213 is located in Portland, Oregon, a city known for its vibrant culture, diverse neighborhoods, and strong economic base. This particular area benefits from its proximity to downtown Portland, offering residents access to employment opportunities, entertainment venues, and public transportation. For real estate investors, understanding the dynamics of this market is crucial for making informed decisions.

Fair Market Rent (FMR): The FMR for ZIP 97213 in fiscal year 2024 is set at $2,120, indicating the government's benchmark for rental prices in the area.
Market Rent: The actual market rent, as measured by Zillow's ZORI index, stands at $1,564, which is below the FMR, suggesting potential room for rental price increases.
Median Home Value: With a median home value of $554,721, the area is moderately priced compared to other parts of Portland, offering a balance between affordability and desirability.
Renter Share: 37.5% of the population in 97213 are renters, a significant portion that reflects a steady demand for rental properties.
Days on Market (DOM): Properties typically spend only 7 days on the market before being rented out, highlighting the robust demand and quick turnover rate.
Median Income: The median income in the area is $97,068, which supports higher rental rates and indicates a stable tenant pool with good financial standing.

In summary, ZIP 97213 presents a favorable investment climate with a substantial renter population and quick property turnover. While the actual market rent is currently lower than the Fair Market Rent, the high median income suggests that there is potential for rental prices to rise. The moderate median home value also points to a balanced market where investors can find opportunities without facing excessive competition. For landlords and small-portfolio investors, this area offers a mix of stability and growth potential, making it a worthwhile consideration for real estate 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.