Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,470 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,960 |
| 5 Bedrooms | $3,434 |
| 6 Bedrooms | $3,846 |
| 7 Bedrooms | $4,154 |
| 8 Bedrooms | $4,362 |
The ZIP code 97240 in Unknown, OR, presents an interesting case for landlords and small-portfolio investors considering Section 8 tenants. With incomplete data on population and rental percentages, it's challenging to definitively categorize the area as either renter-heavy or homeowner-dominated. However, the median household income being listed as N/A suggests a need to look closely at the financial dynamics of potential tenants.
To understand the depth of voucher demand, we must consider the connection between local incomes and market rents. The typical market rent in this area is also listed as N/A, which means that without specific figures, we can only make general assessments based on the Fair Market Rent (FMR) provided. The FMR for ZIP 97240 is set at $1990 for FY 2024. This figure represents the upper limit of what a Section 8 voucher holder could pay in rent, assuming they contribute 30% of their adjusted income towards housing costs.
In areas where the median household income is significantly lower than the FMR, it often indicates a higher concentration of low-income households who rely heavily on rental assistance programs such as Section 8. Given the lack of specific income data, it's prudent to assume that if the typical market rent exceeds the FMR, then many local residents would struggle to afford housing without some form of subsidy. This scenario would likely lead to a strong demand for Section 8 vouchers among the renting population.
A landlord in ZIP 97240 should anticipate a tenant pool that includes individuals and families with limited incomes who depend on government assistance for housing. These tenants would be looking for properties that align with their voucher amounts, typically around the $1990 mark or below. It's important to note that while the income data is missing, the reliance on Section 8 vouchers implies a segment of the population that is financially constrained.
To conclude, without specific population and income percentages, it's difficult to paint a precise picture of the rental landscape in ZIP 97240. However, given the reliance on Section 8 vouchers, landlords should prepare for a tenant base that requires affordable housing options, particularly those that do not exceed the FMR of $1990. This tenant pool will be characterized by individuals and families seeking stable, subsidized housing solutions.
Data Sources: FMR data from HUD (2027).
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.