FY2027 Small Area FMR · Portland, OR

ZIP 97223 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 97223 (Portland, OR) is $1,970 a month, down 3.0% from FY2026. That is 5% above the Portland-Vancouver-Hillsboro, OR-WA area-wide FMR of $1,878.

2-bedroom SAFMR$1,970per month ▼ 3.0%

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

Rank in the area42ndof 165 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,773

2 BR Small Area FMR$1,970

110% of SAFMR$2,167

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

Studio$1,600▼ 3.6%

1 BR$1,710▼ 3.4%

2 BR$1,970▼ 3.0%

3 BR$2,670▼ 3.6%

4 BR$3,220▼ 1.8%

FY2027 FY2026

Where 97223 sits in the Portland-Vancouver-Hillsboro, OR-WA area

Of the 165 ZIP codes HUD lists for the area, 97223 has the 42nd 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 $1,970 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	$1,600	$1,440 – $1,760	$1,527	$1,660
1 bedroom	$1,710	$1,539 – $1,881	$1,633	$1,770
2 bedrooms	$1,970	$1,773 – $2,167	$1,878	$2,030
3 bedrooms	$2,670	$2,403 – $2,937	$2,550	$2,770
4 bedrooms	$3,220	$2,898 – $3,542	$3,069	$3,280

A household renting a two-bedroom home at the Small Area FMR of $1,970 needs about $78,800 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 97223 lies mainly in Washington 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
97078	Beaverton	1.0 mi	$2,070
97008	Beaverton	1.9 mi	$1,830
97224	Portland	2.6 mi	$1,890
97035	Lake Oswego	3.1 mi	$2,170
97005	Beaverton	3.7 mi	$1,860
97219	Portland	3.9 mi	$1,970

Questions

What is the Fair Market Rent for ZIP code 97223?

HUD's FY2027 Small Area Fair Market Rents for 97223 are $1,600 (studio), $1,710 (1 BR), $1,970 (2 BR), $2,670 (3 BR) and $3,220 (4 BR) a month.

What is the Section 8 payment standard in 97223?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 97223 that range is $1,773 to $2,167 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 97223?

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.