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Multnomah County/Portland/97221

97221

ZIPSAFMR
Multnomah County, OR
Zillow

ZIP Investment Score

55Below average

095130300
BRFMR
Eff. Rent
0 BR$1,550$1,450
1 BR$1,660$1,660
2 BR$1,910$2,050
3 BR$2,590$2,850
4 BR$3,120$3,430
5 BR$3,588Not available
6 BR$4,126Not available
7 BR$4,745Not available
8 BR$5,457Not available

Purchase Price Calculator

Maximum purchase price
$242,713

Cost breakdown

+Likely effective rent$2,050
HUD FMR$1,910
Market rent$2,130
Est. payment standard (107%)Used$2,050
-Principal and interest-$1,227
Loan amount$194,170
Down payment$48,543
Rate6.50%
Term30 years
-Operating costs-$623
Property taxes-$243
Insurance-$175
Utilities$0
HOA$0
Management-$205
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,819(67.6% ROI)
Projected value
$261,375
Return breakdown
Property appreciation+$18,662
Loan principal paid down+$6,957
Rental cash flow+$7,200
5-year hold
+$56,300(116.0% ROI)
Projected value
$274,607
Return breakdown
Property appreciation+$31,894
Loan principal paid down+$12,406
Rental cash flow+$12,000
10-year hold
+$121,540(250.4% ROI)
Projected value
$310,693
Return breakdown
Property appreciation+$67,980
Loan principal paid down+$29,560
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.07
1 BR
1.00
2 BR
0.90
3 BR
0.74
4 BR
0.71
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 97221 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97221 (Portland, OR) is $1,910 a month. That is down 2.6% from $1,960 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, 97221 is tied for the 22nd-highest two-bedroom rent (county range $1,730–$2,250). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97221 is 44% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 97221
BedroomsFY 2027Change90–110% range
Studio$1,550−3.1%$1,395–$1,705
1BR$1,660−2.9%$1,494–$1,826
2BR$1,910−2.6%$1,719–$2,101
3BR$2,590−3.0%$2,331–$2,849
4BR$3,120−1.6%$2,808–$3,432

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 97221
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,550$1,660$1,910$2,590$3,120
FY 2026$1,600$1,710$1,960$2,670$3,170
FY 2025$1,690$1,810$2,070$2,840$3,330
FY 2024$1,700$1,830$2,080$2,890$3,340
FY 2023$1,540$1,650$1,890$2,650$3,080

Two-bedroom rent in nearby Multnomah County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 97221
97214$2,180+14.1%
97215$1,780−6.8%
97216$1,730−9.4%
97217$2,230+16.8%
97218$1,770−7.3%
97219$1,970+3.1%
97220$1,730−9.4%
97221Current$1,910—
97222$1,790−6.3%
97223$1,970+3.1%
97225$1,9100.0%
97227$1,830−4.2%

Questions about ZIP 97221 rents

How much will Section 8 pay for a two-bedroom in ZIP 97221?

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 $1,910 it would be $1,719 to $2,101. 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 97221 in?

ZIP 97221 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 97221 for FY 2027?

The two-bedroom FMR fell 2.6%, from $1,960 in FY 2026 to $1,910 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

County fair market rentPortland, OR fair market rentOR statewide rentsWhat is SAFMR?Data sources