FMR is below market; voucher rent may lag private rents.
0.88
1 BR
1 BR
0.79ratio
FMR$1,510
Market$1,900
vs market-$390
FMR is below market; voucher rent may lag private rents.
0.79
2 BR
2 BR
0.58ratio
FMR$1,730
Market$2,960
vs market-$1,230
FMR is below market; voucher rent may lag private rents.
0.58
3 BR
3 BR
0.63ratio
FMR$2,360
Market$3,760
vs market-$1,400
FMR is below market; voucher rent may lag private rents.
0.63
4 BR
4 BR
0.70ratio
FMR$2,800
Market$4,000
vs market-$1,200
FMR is below market; voucher rent may lag private rents.
0.70
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
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ZIP 97204 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97204 (Portland, OR) is $1,730 a month. That is down 3.9% from $1,800 in FY 2026. Portland 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. Among 65 ZIP codes in Multnomah County, 97204 is tied for the 59th-highest two-bedroom rent (county range $1,730–$2,250). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97204 is 31% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 97204
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,470
$1,420
−3.4%
$1,278–$1,562
1BR
$1,580
$1,510
−4.4%
$1,359–$1,661
2BR
$1,800
$1,730
−3.9%
$1,557–$1,903
3BR
$2,470
$2,360
−4.5%
$2,124–$2,596
4BR
$2,900
$2,800
−3.4%
$2,520–$3,080
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 97204
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,420
$1,510
$1,730
$2,360
$2,800
FY 2026
$1,470
$1,580
$1,800
$2,470
$2,900
FY 2025
$1,490
$1,600
$1,830
$2,530
$2,930
FY 2024
$1,350
$1,450
$1,660
$2,320
$2,700
FY 2023
$1,280
$1,370
$1,570
$2,210
$2,620
Two-bedroom rent in nearby Multnomah County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 97204?
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 $1,730 it would be $1,557 to $1,903. 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 ZIP 97204 in?
ZIP 97204 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 ZIP 97204 for FY 2027?
The two-bedroom FMR fell 3.9%, from $1,800 in FY 2026 to $1,730 in FY 2027. Since FY 2023 it has risen 10.2%.
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