Location: Portland-Vancouver-Hillsboro, 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 |
|---|---|---|---|---|
| 2BR | $1,730 | $461,739 | 0.37% | F |
| 3BR | $2,360 | $595,895 | 0.4% | F |
| 4BR | $2,800 | $645,241 | 0.43% | F |
U.S. Census Bureau data (2024)
The market in ZIP 98648, Stevenson, WA, is dynamic and evolving. The Fair Market Rent (FMR) for the area stands at $1660 for fiscal year 2024, while the Census American Community Survey (ACS) indicates that the current market rent is $949. This suggests a significant gap between government-set fair rents and actual market conditions, potentially indicating an environment where rental demand is robust but not fully met by supply.
The median home value in Stevenson is $557,199, which reflects a residential market that is relatively stable and valued. However, the lack of specific data on the percentage of price cuts and days on market (DOM) makes it challenging to draw definitive conclusions about the balance between supply and demand in the rental sector. Nonetheless, the substantial difference between the FMR and market rent implies that there might be a situation where demand exceeds supply, driving up the FMR above what is currently being charged in the market.
A noteworthy figure is the 19.9% renter share in the population. This percentage is indicative of a community where nearly one in five residents are renters, suggesting persistent long-term housing pressure. In such a scenario, landlords can expect a steady flow of potential tenants, especially if they offer competitive pricing and amenities that attract renters. The presence of a significant renter population also signals a need for continued investment in rental properties to meet ongoing demand.
The dynamics of the Stevenson market suggest a scenario where rental demand is strong, driven by factors such as affordability and lifestyle preferences that make renting attractive. Landlords should focus on maintaining competitive rents and ensuring their properties meet the needs of today's renters to capitalize on this demand. Small-portfolio investors looking to enter or expand in Stevenson should consider these factors to make informed decisions about property acquisition and management.
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.