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 97290, located in an unspecified area of Oregon, presents unique challenges for both renters and landlords due to limited available data on median income and market rates. However, we can still analyze the situation based on the Fair Market Rent (FMR) standards.
A household in ZIP 97290 cannot rely on median income figures to gauge their ability to afford housing, as these are currently unavailable. Instead, they must look at the voucher payment standard set at $1990 for fiscal year 2024. This figure represents the maximum amount the government will pay toward a tenant's rent, which is critical for understanding what is affordable for low-income households.
The affordability gap in 97290 is significant, especially when comparing it to the voucher payment standard. If the market rate for rent is higher than $1990, many tenants would struggle to cover the difference between the voucher amount and the actual rent, leading to increased competition among landlords who accept vouchers.
Landlords in this area must consider the high percentage of renters and the total population when deciding on their rental strategy. The exact percentages and population numbers are not provided, but assuming a substantial portion of residents are renters, the demand for affordable housing is likely high. This means that landlords who accept vouchers could face less competition compared to those who rely solely on cash-paying tenants, who may be fewer in number due to the lack of reliable income data.
The takeaway for landlords is clear: accepting vouchers can stabilize your occupancy and ensure a steady stream of tenants, particularly if the market rate is above the voucher payment standard. However, it also means you might have to manage the administrative aspects of working with the government program. For those who prefer cash-paying tenants, they should be prepared for potentially lower demand and the need to offer competitive pricing, especially if the market rate exceeds what most households can afford.
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.