Location: Portland-Vancouver-Hillsboro, OR | Metro: Longview-Kelso, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,300 |
| 5 Bedrooms | $3,828 |
| 6 Bedrooms | $4,287 |
| 7 Bedrooms | $4,630 |
| 8 Bedrooms | $4,862 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 98616, particularly concerning Section 8 properties, presents a nuanced scenario that balances both opportunities and challenges for landlords and small-portfolio investors. The median home value stands at $287,524, a figure that serves as a foundational metric for understanding the overall property values within the area.
Notably, the percentage of listings that have been reduced and the median days on market (DOM) are currently unavailable. However, the absence of significant reductions in listing prices suggests a relatively stable market where sellers are holding firm on their asking prices. This stability can be indicative of a robust demand for housing, which supports pricing power. Landlords and investors should expect this trend to continue over the next 12-24 months, barring any unforeseen economic shifts that could impact the local housing market.
On the rental side, the Fair Market Rent (FMR) for ZIP code 98616 for fiscal year 2024 is set at $1660. This figure represents the maximum amount that Section 8 vouchers will cover for a two-bedroom apartment, aligning closely with the expectations for the rental market. The alignment between the FMR and the current market rates implies a balanced environment where rental prices are neither excessively high nor low compared to government guidelines. This equilibrium suggests that landlords participating in the Section 8 program can maintain their rental incomes without significant adjustments.
For long-term investors, the appreciation thesis in ZIP 98616 is tied to broader economic factors such as job growth, population trends, and infrastructure development. While specific appreciation rates cannot be predicted, the setup implied by the data points towards a steady growth trajectory. The stable median home value and the balanced rental market suggest that property values are likely to appreciate gradually, influenced by the consistent demand for housing and the support of federal rental assistance programs.
In conclusion, the real estate market in ZIP 98616 offers a stable environment for Section 8 landlords and investors. With a median home value of $287,524 and a fair market rent of $1660, the market signals a strong foundation for maintaining pricing power and achieving gradual appreciation in property values over the coming years. These conditions provide a clear picture of a market that favors long-term investment strategies.
Data Sources: FMR data from HUD (2027). 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.