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 analysis of ZIP code 97283 within the Portland-Vancouver-Hillsboro, OR-WA MSA metro area reveals several key points for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 97283 in fiscal year 2024 is set at $1990. However, due to the lack of specific market rent data, it's challenging to directly compare these figures. Landlords should aim to align their rental prices closely with the FMR to ensure they can attract tenants eligible for housing assistance under Section 8 programs.
Regarding the affordability of property acquisition, the median home value is currently unknown, as well as the days on market (DOM) and the percentage of homes that have required price cuts. Without this data, it's difficult to assess the cost-effectiveness of acquiring properties in this area. Investors should seek additional local real estate market reports to make informed decisions about purchasing properties.
Tenant demand is another critical factor. The population of ZIP 97283 and the percentage of renters are also not specified. To determine if there is sufficient tenant demand, landlords would need to research the local demographics and rental market trends. A higher percentage of renters typically indicates a stronger demand for rental properties.
Verdict: While the Fair Market Rent provides a benchmark for setting rental prices in ZIP 97283, the lack of detailed market data—such as median home values, days on market, price cut percentages, and tenant demographics—makes it challenging to fully evaluate the investment potential. Landlords and investors must conduct thorough research into these areas to make well-informed decisions about property acquisitions and rental pricing strategies in this ZIP code.
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.