FY2027 Small Area FMR · Portland, OR

ZIP 97203 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 97203 (Portland, OR) is $1,800 a month, down 2.7% from FY2026. That is 4% below the Portland-Vancouver-Hillsboro, OR-WA area-wide FMR of $1,878.

2-bedroom SAFMR$1,800per month ▼ 2.7%

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

Rank in the area104thof 165 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,620

2 BR Small Area FMR$1,800

110% of SAFMR$1,980

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

Studio$1,460▼ 3.3%

1 BR$1,570▼ 2.5%

2 BR$1,800▼ 2.7%

3 BR$2,440▼ 3.2%

4 BR$2,940▼ 1.7%

FY2027 FY2026

Where 97203 sits in the Portland-Vancouver-Hillsboro, OR-WA area

Of the 165 ZIP codes HUD lists for the area, 97203 has the 104th 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 $1,800 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	$1,460	$1,314 – $1,606	$1,527	$1,510
1 bedroom	$1,570	$1,413 – $1,727	$1,633	$1,610
2 bedrooms	$1,800	$1,620 – $1,980	$1,878	$1,850
3 bedrooms	$2,440	$2,196 – $2,684	$2,550	$2,520
4 bedrooms	$2,940	$2,646 – $3,234	$3,069	$2,990

A household renting a two-bedroom home at the Small Area FMR of $1,800 needs about $72,000 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 97203 lies mainly in 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
97217	Portland	1.8 mi	$2,230
97210	Portland	4.1 mi	$1,800
97229	Portland	5.0 mi	$2,100
97227	Portland	5.1 mi	$1,830
97211	Portland	5.1 mi	$2,070
98663	Vancouver	5.2 mi	$1,780

Questions

What is the Fair Market Rent for ZIP code 97203?

HUD's FY2027 Small Area Fair Market Rents for 97203 are $1,460 (studio), $1,570 (1 BR), $1,800 (2 BR), $2,440 (3 BR) and $2,940 (4 BR) a month.

What is the Section 8 payment standard in 97203?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 97203 that range is $1,620 to $1,980 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 97203?

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.