Location: Tillamook County, 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 | $1,420 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,360 | $503,197 | 0.47% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 97347 in fiscal year 2024 is set at $1660. This figure represents the payment standard for Section 8 Housing Choice Voucher program participants, which is the amount the government will pay toward your tenant's rent. It does not represent the total rent you can charge, but rather the maximum subsidy amount.
To put this into perspective, the average rent for ZIP 97347, according to Census American Community Survey data, is $775. The FMR is significantly higher, at $1660, which means that if you participate in the Section 8 program, you can potentially receive a higher subsidy than the typical market rent for the area. However, it's important to note that this is the maximum amount, and actual payments might be lower depending on the tenant's income.
In ZIP 97347, 54.4% of households are renters, indicating a strong demand for rental properties. If you're looking to acquire a property in this area, the median home value is approximately $457,404. This high acquisition cost suggests that while the demand for rentals is robust, the investment required to enter the market can be substantial.
Before proceeding with a Section 8 rental in ZIP 97347, ensure that your property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) must be met for the property to be eligible for the program. This includes verifying that the property is safe, decent, and sanitary. Failure to meet these standards could result in disqualification from the program, leaving you with an unrentable property.
In conclusion, the FMR of $1660 provides a benchmark for potential subsidies, well above the local average rent of $775. With 54.4% of households renting, there is significant demand for rental units, and the acquisition cost of around $457,404 reflects the investment required. Your next step should be to confirm that your property meets the HQS requirements to avoid any issues that could prevent it from being part of the Section 8 program.
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.