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 |
ZIP code 97296, located within the Portland-Vancouver-Hillsboro, OR-WA MSA, has a Fair Market Rent (FMR) of $1990 for fiscal year 2024. This figure places it slightly above the average FMR for the entire metro area, which is typically around $1700-$1900. However, the lack of specific market rent and home value data for 97296 makes it challenging to provide a comprehensive comparison.
The absence of market rent and home value data suggests that this ZIP code might be less developed or have fewer real estate transactions compared to other parts of the metro. Despite this, the FMR alone indicates that 97296 is likely a mid-tier neighborhood within the MSA, offering rental units at a price point that is competitive but not excessively high.
Without knowing the exact percentage of renters in 97296, we cannot definitively state if it's a sweet spot for Section 8 investors. However, if we were to infer based on the available data, the higher-than-average FMR could suggest that the area caters to a slightly more affluent demographic or has a higher cost of living relative to other ZIP codes in the metro. If the renter share turns out to be significantly high while the home values remain relatively low, it would indeed indicate a potential sweet spot for Section 8 investments.
In conclusion, ZIP code 97296 appears to be a mid-tier neighborhood within the Portland-Vancouver-Hillsboro, OR-WA MSA, given its FMR of $1990. To determine if it is a value pocket or a premium sub-market, additional data on market rents and home values would be necessary. The current data suggests it is neither an undervalued nor an overpriced area, but rather one that sits comfortably in the middle range of the metro's real estate market.
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.