FMR is near market; voucher and private rents are aligned.
1.08
1 BR
1 BR
0.91ratio
FMR$1,900
Market$2,090
vs market-$190
FMR is near market; voucher and private rents are aligned.
0.91
2 BR
2 BR
0.82ratio
FMR$2,180
Market$2,650
vs market-$470
FMR is below market; voucher rent may lag private rents.
0.82
3 BR
3 BR
0.89ratio
FMR$2,960
Market$3,320
vs market-$360
FMR is below market; voucher rent may lag private rents.
0.89
4 BR
4 BR
1.31ratio
FMR$3,560
Market$2,710
vs market+$850
FMR is above market; underwrite to market rent.
1.31
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 97208 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97208 (Portland, OR) is $2,180 a month. That is down 6.4% from $2,330 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, 97208 is tied for the 3rd-highest two-bedroom rent (county range $1,730–$2,250). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97208 is 65% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 97208
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,900
$1,770
−6.8%
$1,593–$1,947
1BR
$2,030
$1,900
−6.4%
$1,710–$2,090
2BR
$2,330
$2,180
−6.4%
$1,962–$2,398
3BR
$3,180
$2,960
−6.9%
$2,664–$3,256
4BR
$3,770
$3,560
−5.6%
$3,204–$3,916
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 97208
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,770
$1,900
$2,180
$2,960
$3,560
FY 2026
$1,900
$2,030
$2,330
$3,180
$3,770
FY 2025
$1,950
$2,090
$2,390
$3,280
$3,850
FY 2024
$2,020
$2,180
$2,480
$3,440
$3,990
FY 2023
$1,480
$1,580
$1,810
$2,530
$2,950
Two-bedroom rent in nearby Multnomah County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 97208?
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 $2,180 it would be $1,962 to $2,398. 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 97208 in?
ZIP 97208 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 97208 for FY 2027?
The two-bedroom FMR fell 6.4%, from $2,330 in FY 2026 to $2,180 in FY 2027. Since FY 2023 it has risen 20.4%.
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