FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR
1.03ratio
FMR$1,990
Market$1,930
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.03
3 BR
3 BR
1.13ratio
FMR$2,700
Market$2,400
vs market+$300
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR
1.16ratio
FMR$3,250
Market$2,800
vs market+$450
FMR is above market; underwrite to market rent.
1.16
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 97281 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 97281 (Portland, OR) is $1,990 a month. That is down 2.5% from $2,040 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, 97281 is tied for the 11th-highest two-bedroom rent (county range $1,730–$2,340). The median county two-bedroom FMR in Oregon is $1,325, so ZIP 97281 is 50% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 97281
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,670
$1,620
−3.0%
$1,458–$1,782
1BR
$1,780
$1,730
−2.8%
$1,557–$1,903
2BR
$2,040
$1,990
−2.5%
$1,791–$2,189
3BR
$2,780
$2,700
−2.9%
$2,430–$2,970
4BR
$3,300
$3,250
−1.5%
$2,925–$3,575
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 97281
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,620
$1,730
$1,990
$2,700
$3,250
FY 2026
$1,670
$1,780
$2,040
$2,780
$3,300
FY 2025
$1,730
$1,860
$2,120
$2,910
$3,410
FY 2024
$1,750
$1,890
$2,150
$2,980
$3,460
FY 2023
$1,580
$1,700
$1,940
$2,720
$3,160
Two-bedroom rent in nearby Washington County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 97281?
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 $1,990 it would be $1,791 to $2,189. 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 97281 in?
ZIP 97281 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 97281 for FY 2027?
The two-bedroom FMR fell 2.5%, from $2,040 in FY 2026 to $1,990 in FY 2027. Since FY 2023 it has risen 2.6%.
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