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 | $1,460 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,920 |
| 5 Bedrooms | $3,387 |
| 6 Bedrooms | $3,793 |
| 7 Bedrooms | $4,096 |
| 8 Bedrooms | $4,301 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,560 | $330,367 | 0.47% | F |
| 2BR | $1,790 | $396,976 | 0.45% | F |
| 3BR | $2,430 | $494,536 | 0.49% | F |
| 4BR | $2,920 | $588,592 | 0.5% | F |
| 5BR | $3,387 | $658,562 | 0.51% | F |
U.S. Census Bureau data (2024)
ZIP code 97222, located in Milwaukie, Oregon, falls within the larger Portland-Vancouver-Hillsboro, OR-WA MSA. To understand its position within this metro area, we can analyze its Fair Market Rent (FMR), market rent, home values, and renter share. The FMR for ZIP 97222 is set at $1,910 for fiscal year 2024, which is slightly above the average market rent of $1,806. This suggests that the area is somewhat competitive in terms of rental pricing.
The median home value in 97222 stands at $495,444. This figure is indicative of a mid-tier neighborhood within the metro area, as it aligns closely with the typical home values seen across other ZIP codes in the Portland-Vancouver-Hillsboro MSA. It's neither excessively high nor low, positioning it as an accessible option for both homeowners and investors.
A significant point of interest is the renter share in 97222, which is 43.7%. This relatively high percentage of renters compared to homeowners indicates a strong demand for rental properties in the area. Such a high renter share often points towards a potential sweet spot for Section 8 investments, particularly when coupled with below-average home values relative to the metro area. However, given that the home values in 97222 are not notably lower than the metro average, this characteristic alone does not necessarily indicate a value pocket for Section 8 properties.
To further contextualize, let's consider how these metrics stack up against the broader MSA. While the exact figures for the entire MSA are not provided, we can infer that 97222 offers a balanced mix of rental and property values. Its FMR and market rent suggest it is a slightly premium sub-market, but the home values and renter share lean more toward a mid-tier neighborhood. This balance could make it an attractive option for investors looking to avoid the highest-priced areas while still benefiting from decent rental rates and a substantial renter population.
In summary, ZIP 97222 appears to be a mid-tier neighborhood within the Portland-Vancouver-Hillsboro, OR-WA MSA, offering a blend of affordability and rental competitiveness. The high renter share makes it a noteworthy area for those interested in Section 8 investments, although it does not stand out as a value pocket due to its median home values being in line with the metro average.
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.