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 | $1,450 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,550 | $408,559 | 0.38% | F |
| 2BR | $1,780 | $522,004 | 0.34% | F |
| 3BR | $2,420 | $665,877 | 0.36% | F |
| 4BR | $2,910 | $789,724 | 0.37% | F |
| 5BR | $3,376 | $867,293 | 0.39% | F |
U.S. Census Bureau data (2024)
648,178 The median home value in ZIP 97215, Portland, OR, stands at $648,178, offering a substantial investment opportunity for real estate investors. 34.4% Additionally, 34.4% of residents in this area are renters, indicating a robust demand for rental properties. 1,584 Market rent, measured by the ZORI index, is $1,584, which is significantly lower than the Fair Market Rent (FMR) set at $2,020 for zip code 97215 in fiscal year 2024. This discrepancy presents a unique chance for landlords to attract tenants while still maintaining competitive rental rates. 0.2% Furthermore, the price-cut share of 0.2% suggests that property values in this area are stable, with little need for sellers to reduce their asking prices. 116,264 The median income of $116,264 provides insight into the economic health of the area, supporting both homeownership and rental markets.
2,020 For landlords and small-portfolio investors looking to participate in the Section 8 program, the $2,020 FMR serves as a benchmark for setting rental rates that can be approved under the Housing Choice Voucher program. 1,584 Given that the market rent is currently below this threshold, there is potential for landlords to receive higher rental incomes through the Section 8 program compared to the standard market rate. 34.4% However, with a renter share of 34.4%, landlords should also consider the broader rental market when setting their rates. 648,178 The high median home value of $648,178 indicates that this area is desirable, likely attracting a variety of renters who could benefit from the Section 8 assistance.
116,264 The median income figure of $116,264 further supports the idea that this neighborhood can sustain a mix of affordable and market-rate housing, including Section 8 rentals. 0.2% With a low price-cut share of 0.2%, it's evident that the local real estate market is strong, reducing the risk for investors. 2,020 Therefore, landlords in ZIP 97215 can confidently apply for Section 8 contracts knowing that they will receive fair compensation for their properties. 1,584 At the same time, the difference between the market rent and the FMR allows for flexibility in pricing, potentially attracting a wider range of tenants.
Section 8 Verdict: ZIP 97215 is a favorable location for Section 8 participation, with a strong market and a significant tenant base.
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.