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 | $1,770 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,900 | $355,910 | 0.53% | F |
| 2BR | $2,180 | $544,290 | 0.4% | F |
| 3BR | $2,960 | $710,750 | 0.42% | F |
| 4BR | $3,560 | $823,195 | 0.43% | F |
| 5BR | $4,130 | $949,819 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 97214 in Portland, OR, stands out within Multnomah County due to its unique demographic and economic characteristics. With a population of 27,714 residents, it has a significant rental market where 66.1% of the inhabitants are tenants. The median household income in this area is $87,131, reflecting a middle-class community. Despite this, the median home value is notably high at $676,742, indicating that homeownership is relatively expensive compared to the average income.
For landlords and small-portfolio investors, the Section 8 housing voucher program presents a viable option for rent stabilization. The Fair Market Rent (FMR) for ZIP 97214 in fiscal year 2024 is set at $2,440, which is significantly higher than the market rent, known as the ZORI, which stands at $1,639. This gap between FMR and market rent suggests that landlords can potentially receive higher rents through the Section 8 program, making it an attractive choice for maintaining steady cash flow.
The data signature for ZIP 97214 indicates a stable environment. The high percentage of renters combined with a substantial difference between FMR and ZORI suggests that there is a consistent demand for affordable housing options. Investors and landlords should be aware of the potential for long-term tenant stability and the financial benefits of participating in the Section 8 program, given the favorable rent differential.
Summary:
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.