Washington County/Portland/97229

97229

ZIPSAFMR

Washington County, OR

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ZIP Investment Score

57Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,710	$1,460	-2.1%
1 BR	$1,830	$1,640	-2.3%
2 BR	$2,100	$2,220	-2.0%
3 BR	$2,850	$2,480	-2.7%
4 BR	$3,430	$3,010	-1.5%
5 BR	$3,944	Not available	-1.5%
6 BR	$4,536	Not available	-1.5%
7 BR	$5,217	Not available	-1.5%
8 BR	$5,999	Not available	-1.5%

Purchase Price Calculator

Maximum purchase price

$267,975

Cost breakdown

+Likely effective rent$2,220

HUD FMR$2,100

Market rent$2,280

Est. payment standard (106%)Used$2,220

-Principal and interest-$1,355

Loan amount$214,380

Down payment$53,595

Rate6.50%

Term30 years

-Operating costs-$665

Property taxes-$268

Insurance-$175

Utilities$0

HOA$0

Management-$222

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$35,485(66.2% ROI)

Projected value

$288,579

Return breakdown

Property appreciation+$20,605

Loan principal paid down+$7,681

Rental cash flow+$7,200

5-year hold

+$60,911(113.7% ROI)

Projected value

$303,189

Return breakdown

Property appreciation+$35,214

Loan principal paid down+$13,697

Rental cash flow+$12,000

10-year hold

+$131,692(245.7% ROI)

Projected value

$343,030

Return breakdown

Property appreciation+$75,056

Loan principal paid down+$32,637

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.17ratio

FMR$1,710

Market$1,460

vs market+$250

FMR is above market; underwrite to market rent.

1.17

1 BR

1.12ratio

FMR$1,830

Market$1,640

vs market+$190

FMR is above market; underwrite to market rent.

1.12

2 BR

0.92ratio

FMR$2,100

Market$2,280

vs market-$180

FMR is near market; voucher and private rents are aligned.

0.92

3 BR

1.15ratio

FMR$2,850

Market$2,480

vs market+$370

FMR is above market; underwrite to market rent.

1.15

4 BR

1.14ratio

FMR$3,430

Market$3,010

vs market+$420

FMR is above market; underwrite to market rent.

1.14

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: --

ZIP 97229 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97229 (Portland, OR) is $2,100 a month. That is down 2.3% from $2,150 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 36 ZIP codes in Washington County, 97229 has the 6th-highest two-bedroom rent (county range $1,730–$2,340). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97229 is 59% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 97229
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,760	$1,710	−2.8%	$1,539–$1,881
1BR	$1,880	$1,830	−2.7%	$1,647–$2,013
2BR	$2,150	$2,100	−2.3%	$1,890–$2,310
3BR	$2,930	$2,850	−2.7%	$2,565–$3,135
4BR	$3,480	$3,430	−1.4%	$3,087–$3,773

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 97229
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,710	$1,830	$2,100	$2,850	$3,430
FY 2026	$1,760	$1,880	$2,150	$2,930	$3,480
FY 2025	$1,780	$1,910	$2,180	$2,990	$3,510
FY 2024	$1,820	$1,960	$2,230	$3,090	$3,590
FY 2023	$1,710	$1,840	$2,100	$2,940	$3,420

Two-bedroom rent in nearby Washington County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 97229
97140	$2,340	+11.4%
97144	$1,840	−12.4%
97210	$1,800	−14.3%
97219	$1,970	−6.2%
97221	$1,910	−9.0%
97223	$1,970	−6.2%
97224	$1,890	−10.0%
97225	$1,910	−9.0%
97229Current	$2,100	—
97231	$1,960	−6.7%
97281	$1,990	−5.2%
97298	$1,990	−5.2%

Questions about ZIP 97229 rents

How much will Section 8 pay for a two-bedroom in ZIP 97229?

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 $2,100 it would be $1,890 to $2,310. 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 97229 in?

ZIP 97229 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 97229 for FY 2027?

The two-bedroom FMR fell 2.3%, from $2,150 in FY 2026 to $2,100 in FY 2027. Since FY 2023 it has risen 0.0%.

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 rent Portland, OR fair market rent OR statewide rents What is SAFMR?Data sources