Location: Portland-Vancouver-Hillsboro, OR | Metro: Longview-Kelso, 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 | $1,760 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,930 |
| 5 Bedrooms | $3,399 |
| 6 Bedrooms | $3,807 |
| 7 Bedrooms | $4,112 |
| 8 Bedrooms | $4,318 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,760 | $460,800 | 0.38% | F |
| 3BR | $2,430 | $570,883 | 0.43% | F |
| 4BR | $2,930 | $693,051 | 0.42% | F |
| 5BR | $3,399 | $749,469 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 98674, located in Woodland, WA within Clark County, stands out due to its unique demographic and economic characteristics. With a population of 17,525 residents, it has a rental rate of 26.8%, indicating a moderate demand for rental properties. The median household income in this area is $94,245, which is relatively high compared to the national average, suggesting a financially stable community. However, the median home value of $586,137 is significantly lower than the median home values in many other parts of Washington State, making it an attractive option for both first-time homeowners and renters.
From a Section 8 voucher perspective, the Fair Market Rent (FMR) for ZIP 98674 in fiscal year 2024 is set at $1,660. This figure is notably lower than the market rent, as indicated by the Zillow Rent Index (ZORI), which is currently at $2,450. This discrepancy between the FMR and the ZORI suggests that landlords who accept Section 8 vouchers can still achieve a reasonable profit margin while providing affordable housing options to low-income families. The difference in rent prices also indicates that there is potential for growth in the rental market, as the gap between the FMR and ZORI could attract more landlords to participate in the program.
Based on the data signature of ZIP 98674, it appears to be a stable community with a mix of homeowners and renters. The relatively high median income supports this stability, as does the lower median home value compared to surrounding areas, which can be beneficial for both tenants and landlords. However, the significant disparity between the FMR and market rent rates also points towards a transitional phase where the rental market is adjusting to the realities of housing affordability and government assistance programs. This transitional period presents opportunities for landlords to engage with the Section 8 program effectively, ensuring they remain competitive in a market that is likely to continue evolving.
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.