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 | $1,470 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,960 |
| 5 Bedrooms | $3,434 |
| 6 Bedrooms | $3,846 |
| 7 Bedrooms | $4,154 |
| 8 Bedrooms | $4,362 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,810 | $304,008 | 0.6% | F |
| 3BR | $2,460 | $471,600 | 0.52% | F |
| 4BR | $2,960 | $567,973 | 0.52% | F |
| 5BR | $3,434 | $685,627 | 0.5% | F |
U.S. Census Bureau data (2024)
Vancouver’s 98682 zip code covers the fast-growing Evergreen area, characterized by a blend of established suburban neighborhoods and expanding retail corridors near the intersection of Mill Plain Boulevard and 164th Avenue. This district serves as a major employment and healthcare hub for Clark County, largely due to the significant presence of PeaceHealth Southwest Medical Center, which anchors the local economy and draws a steady stream of medical professionals and support staff. The area offers a balance of residential quiet and commercial convenience, making it a magnet for families seeking proximity to Portland while maintaining a Washington address.
From a strictly numerical standpoint, this market presents a clear arbitrage opportunity for Section 8 operators. The FY2026 2-Bedroom Fair Market Rate is set at $1,860, while current market rents (Zillow ZORI) lag at just $1,730, creating a guaranteed premium gap of $130 per month. Properties move quickly here, with a median days on market of 36 days, indicating robust demand. Investors should note the high cost of entry, as the median home value sits at $502,128, though median 2-bedroom sales prices are closer to $304,422, offering a slightly more accessible path to entry for smaller portfolios.
The tenant base is financially strong, with a median household income of $99,918 significantly exceeding typical thresholds for voucher holders, suggesting that Section 8 tenants here often have supplemental income or stable employment. With only 29.6% of households renting, the competition for quality units is high. The area is served by the highly rated Evergreen Public Schools, adding a layer of stability for long-term family leases. Local transit links and major arterial roads ensure easy access to downtown Vancouver and Portland, further sustaining rental demand.
The Section 8 verdict for 98682 is positive, driven primarily by cash-flow certainty. The ability to secure $1,860 for a unit that naturally rents for $1,730 provides an immediate revenue boost that can offset the area's higher acquisition costs. Given the short 36-day turnover period and the institutional backing of the local medical sector, investors can expect low vacancy and consistent payments, making this a stable, income-focused play rather than a speculative appreciation bet.
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.