FMR is below market; voucher rent may lag private rents.
0.87
1 BR
1 BR- 97086
0.92ratio
FMR$1,650
Market$1,790
vs market-$140
FMR is near market; voucher and private rents are aligned.
0.92
2 BR
2 BR- 97086
0.82ratio
FMR$1,900
Market$2,310
vs market-$410
FMR is below market; voucher rent may lag private rents.
0.82
3 BR
3 BR- 97086
0.95ratio
FMR$2,580
Market$2,710
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.95
4 BR
4 BR- 97086
0.95ratio
FMR$3,100
Market$3,260
vs market-$160
FMR is near market; voucher and private rents are aligned.
0.95
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Happy Valley, OR fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Happy Valley, OR is $1,900 a month. That is down 0.5% from $1,910 in FY 2026. Happy Valley is in the Portland-Vancouver-Hillsboro, OR-WA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,878. The median county two-bedroom FMR in Oregon is $1,325, so Happy Valley is 43% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Happy Valley, OR
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,560
$1,540
−1.3%
$1,386–$1,694
1BR
$1,670
$1,650
−1.2%
$1,485–$1,815
2BR
$1,910
$1,900
−0.5%
$1,710–$2,090
3BR
$2,600
$2,580
−0.8%
$2,322–$2,838
4BR
$3,090
$3,100
+0.3%
$2,790–$3,410
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Happy Valley, OR
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,540
$1,650
$1,900
$2,580
$3,100
FY 2026
$1,560
$1,670
$1,910
$2,600
$3,090
FY 2025
$1,610
$1,730
$1,980
$2,720
$3,190
FY 2024
$1,660
$1,780
$2,030
$2,820
$3,260
FY 2023
$1,530
$1,650
$1,880
$2,630
$3,060
Questions about Happy Valley, OR rents
How much will Section 8 pay for a two-bedroom in Happy Valley, OR?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,878, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,690 to $2,066 a month; under the ZIP-level Small Area FMR of $1,900 it would be $1,710 to $2,090. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Happy Valley, OR in?
Happy Valley, OR is in the Portland-Vancouver-Hillsboro, OR-WA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,878.
How much did fair market rent change in Happy Valley, OR for FY 2027?
The two-bedroom FMR fell 0.5%, from $1,910 in FY 2026 to $1,900 in FY 2027. Since FY 2023 it has risen 1.1%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set