FY2027 Small Area FMR · Lake Oswego, OR

ZIP 97034 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 97034 (Lake Oswego, OR) is $2,250 a month, down 2.6% from FY2026. That is 20% above the Portland-Vancouver-Hillsboro, OR-WA area-wide FMR of $1,878.

2-bedroom SAFMR$2,250per month ▼ 2.6%

Area-wide 2 BR FMR$1,878Portland-Vancouver-Hillsboro

Rank in the area4thof 165 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,025

2 BR Small Area FMR$2,250

110% of SAFMR$2,475

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,830▼ 3.2%

1 BR$1,960▼ 3.0%

2 BR$2,250▼ 2.6%

3 BR$3,060▼ 2.9%

4 BR$3,680▼ 1.6%

FY2027 FY2026

Where 97034 sits in the Portland-Vancouver-Hillsboro, OR-WA area

Of the 165 ZIP codes HUD lists for the area, 97034 has the 4th highest two-bedroom Small Area FMR. Portland-Vancouver-Hillsboro, OR-WA is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,878 for two bedrooms; an agency that opts in to Small Area FMRs would use $2,250 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,830	$1,647 – $2,013	$1,527	$1,890
1 bedroom	$1,960	$1,764 – $2,156	$1,633	$2,020
2 bedrooms	$2,250	$2,025 – $2,475	$1,878	$2,310
3 bedrooms	$3,060	$2,754 – $3,366	$2,550	$3,150
4 bedrooms	$3,680	$3,312 – $4,048	$3,069	$3,740

A household renting a two-bedroom home at the Small Area FMR of $2,250 needs about $90,000 a year to keep housing costs at 30% of income. The area median family income is $128,300 and the 80% low-income limit for four people is $102,650. ZIP code 97034 lies mainly in Clackamas County and Multnomah County. See the Portland-Vancouver-Hillsboro, OR-WA metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
97035	Lake Oswego	2.0 mi	$2,170
97219	Portland	3.2 mi	$1,970
97267	Portland	3.4 mi	$1,760
97222	Portland	3.8 mi	$1,790
97068	West Linn	4.0 mi	$2,270
97027	Gladstone	4.7 mi	$1,910

Questions

What is the Fair Market Rent for ZIP code 97034?

HUD's FY2027 Small Area Fair Market Rents for 97034 are $1,830 (studio), $1,960 (1 BR), $2,250 (2 BR), $3,060 (3 BR) and $3,680 (4 BR) a month.

What is the Section 8 payment standard in 97034?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 97034 that range is $2,025 to $2,475 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 97034?

The FY2026 income limits of the Portland-Vancouver-Hillsboro, OR-WA area apply: median family income $128,300, low-income (80%) limit $102,650 for a family of four.