Section 8 Fair Market Rent (FMR) for ZIP 98665 - 2027

Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA

Investment Score for ZIP 98665

Monthly Rent (2BR)

$1,920

Median Price (2BR)

$309,200

1% Rule

0.62%

Annual Yield

7.45%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,560
1 Bedroom	$1,670
2 Bedrooms	$1,920
3 Bedrooms	$2,610
4 Bedrooms	$3,140
5 Bedrooms	$3,642
6 Bedrooms	$4,079
7 Bedrooms	$4,405
8 Bedrooms	$4,625

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,920	$309,200	0.62%	D
3BR	$2,610	$481,534	0.54%	F
4BR	$3,140	$564,865	0.56%	F
5BR	$3,642	$639,411	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,910

Median Household Income

$88,559

Housing Units

12,026

Renter Percentage

42.0%

Occupancy Rate

96.8%

Renter Occupied

4,884

To determine if you should buy in ZIP 98665 (Vancouver, WA) for Section 8 investment, follow this decision tree based on the provided data:

1) Does FMR $1820 (zip FY 2024) clear debt service on a $502,086 property?

No. The Fair Market Rent (FMR) of $1820 is insufficient to cover the debt service on a property valued at $502,086. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. For a property of this value, these costs would likely exceed $1820 per month, making it financially unviable solely based on Section 8 income.

2) Is market rent $1,810 (ZORI) above, at, or below FMR?

At. The Zillow Rent Index (ZORI) for Vancouver, WA, is $1,810, which is nearly equal to the FMR of $1820. This indicates that the market rent is not significantly higher than what Section 8 tenants can pay, suggesting limited upside potential for non-Section 8 units.

3) Are 42.0% renters + 16-day DOM enough demand?

It depends. With 42.0% of the population being renters and an average Days on Market (DOM) of 16 days, there is a reasonable level of demand for rental properties. However, given that the FMR does not clear the debt service on a $502,086 property, the viability of investing in this area for Section 8 purposes is questionable. The strong demand might be beneficial for non-Section 8 rentals, but for Section 8 investments, the financials do not support purchasing at this price point.

If your goal is strictly to invest in Section 8 properties, the answer is no for ZIP 98665 due to the FMR not covering the debt service. However, if you're considering a mixed portfolio approach where some units could potentially be rented outside of Section 8, the strong demand could make it a viable option for those units. In any case, it's crucial to review the specific financials of individual properties before making a final decision.

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.