98687

ZIPSAFMR

Clark County, WA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,540	$1,580	-1.9%
1 BR	$1,640	$1,710	-2.3%
2 BR	$1,890	$2,080	-1.9%
3 BR	$2,570	$2,480	-2.6%
4 BR	$3,090	$2,840	-1.4%
5 BR	$3,553	Not available	-1.4%
6 BR	$4,087	Not available	-1.4%
7 BR	$4,700	Not available	-1.4%
8 BR	$5,404	Not available	-1.4%

Purchase Price Calculator

Maximum purchase price

$247,171

Cost breakdown

+Likely effective rent$2,080

HUD FMR$1,890

Market rent$2,220

Est. payment standard (110%)Used$2,080

-Principal and interest-$1,250

Loan amount$197,737

Down payment$49,434

Rate6.50%

Term30 years

-Operating costs-$630

Property taxes-$247

Insurance-$175

Utilities$0

HOA$0

Management-$208

=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

+$33,290(67.3% ROI)

Projected value

$266,176

Return breakdown

Property appreciation+$19,005

Loan principal paid down+$7,084

Rental cash flow+$7,200

5-year hold

+$57,114(115.5% ROI)

Projected value

$279,651

Return breakdown

Property appreciation+$32,480

Loan principal paid down+$12,633

Rental cash flow+$12,000

10-year hold

+$123,332(249.5% ROI)

Projected value

$316,399

Return breakdown

Property appreciation+$69,229

Loan principal paid down+$30,103

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.96ratio

FMR$1,540

Market$1,600

vs market-$60

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

0.96

1 BR

0.94ratio

FMR$1,640

Market$1,750

vs market-$110

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

0.94

2 BR

0.85ratio

FMR$1,890

Market$2,220

vs market-$330

FMR is below market; voucher rent may lag private rents.

0.85

3 BR

1.04ratio

FMR$2,570

Market$2,480

vs market+$90

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

1.04

4 BR

1.09ratio

FMR$3,090

Market$2,840

vs market+$250

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

1.09

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 98687 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98687 (Vancouver, WA) is $1,890 a month. That is down 1.6% from $1,920 in FY 2026. Vancouver 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 24 ZIP codes in Clark County, 98687 is tied for the 11th-highest two-bedroom rent (county range $1,730–$2,250). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98687 is 29% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98687
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,570	$1,540	−1.9%	$1,386–$1,694
1BR	$1,680	$1,640	−2.4%	$1,476–$1,804
2BR	$1,920	$1,890	−1.6%	$1,701–$2,079
3BR	$2,620	$2,570	−1.9%	$2,313–$2,827
4BR	$3,110	$3,090	−0.6%	$2,781–$3,399

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98687
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,540	$1,640	$1,890	$2,570	$3,090
FY 2026	$1,570	$1,680	$1,920	$2,620	$3,110
FY 2025	$1,610	$1,730	$1,980	$2,720	$3,190
FY 2024	$1,630	$1,760	$2,000	$2,780	$3,220
FY 2023	$1,480	$1,580	$1,810	$2,530	$2,950

Two-bedroom rent in nearby Clark County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 98687
98665	$1,920	+1.6%
98666	$1,890	0.0%
98668	$1,890	0.0%
98671	$1,780	−5.8%
98674	$1,760	−6.9%
98675	$2,020	+6.9%
98682	$1,810	−4.2%
98683	$2,000	+5.8%
98684	$2,060	+9.0%
98685	$2,010	+6.3%
98686	$2,040	+7.9%
98687Current	$1,890	—

Questions about ZIP 98687 rents

How much will Section 8 pay for a two-bedroom in ZIP 98687?

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 $1,890 it would be $1,701 to $2,079. 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 98687 in?

ZIP 98687 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 98687 for FY 2027?

The two-bedroom FMR fell 1.6%, from $1,920 in FY 2026 to $1,890 in FY 2027. Since FY 2023 it has risen 4.4%.

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

County fair market rent Vancouver, WA fair market rent WA statewide rents What is SAFMR?Data sources