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City Report · OR

Happy Valley

Pop. 26,738·19th most expensive in Oregon·Rental market data updated monthly for Happy Valley, OR
Median rent (all units)
$1,903/mo
Year-over-Year
+1.2%
Month-over-Month
+3.8%
vs US Median
-$59
Rising (Monthly)
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Most AffordableMost Expensive
Happy Valley · $1,903
More expensive than 52% of US cities · National median $1,962/mo
Rent Reality Score
65/100
Good value
OverheatedFairGreat value

Rents are 7% below what Happy Valley's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,903/mo
Expected by trend
$2,053/mo
The Rent Reality Score compares today's median rent to where Happy Valley's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,610
1 BR
$1,730
2 BR
$1,980
3 BR
$2,720
4 BR+
$3,190
Fair Market Rent (HUD)
$1,980/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,903 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$22,836/yr
At $1,903/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 1.2% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+1.2% YoY, +3.8% MoM), not inventory.
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Demographics

Who lives here

Happy Valley, OR is majority owner-occupied, has a large share of families with children, has a median income above the national average, 46.4% of residents hold a bachelor's degree or higher.

Population
26,738
Median income
$122,151
Median age
39
Renters
21.1%
Age distribution
26.7%
18.7%
29.3%
15.8%
Under 1826.7%
18–3418.7%
35–5429.3%
55–649.5%
65+15.8%
Gender
48.2%
51.8%
Male48.2%
Female51.8%
Race & ethnicity
64.3%
16.3%
White64.3%
Black2.7%
Hispanic8.6%
Asian16.3%
Other8.1%
Education (25+)
14.4%
34.1%
46.4%
No HS diploma5%
HS diploma14.4%
Some college34.1%
Bachelor's+46.4%
Housing tenure
78.9%
21.1%
Owner78.9%
Renter21.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Happy Valley, OR has changed in 5 years

Rent
$1,582 → $1,903
up 20.3%
Income
$131,980 → $122,151
down 7.4%
Population
23,442 → 26,738
up 14.1%
Renter share
14.8% → 21.1%
+6.3 pts
Bachelor's+
50% → 46.4%
-3.6 pts

Since 2021, the typical rent in Happy Valley, OR has increased from $1,582 to $1,903, a 20.3% change over five years. Census figures show median household income at $122,151 today, compared with $131,980 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 14.1% since 2021, moving from about 23,442 residents to roughly 26,738. Renters now make up 21.1% of households, compared with 14.8% five years ago. College-educated residents now make up 46.4% of adults here, versus 50% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

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View Happy Valley rent history (2015–2026) →
Salary vs rent

Can you afford rent in Happy Valley on your salary?

At $1,903/mo, how Happy Valley rent compares to typical pay (30% rule).

By apartment size

Happy Valley rent by bedroom count

Median rent for each apartment size in Happy Valley. Click any size for full breakdown.

Local insights

Tips for renters in Happy Valley

About renting in Happy Valley, OR

Last updated: August 17, 2026

The median rent in Happy Valley is $1,903/mo as of August 2026. A studio apartment averages $1,610/mo while a 2-bedroom runs $1,980/mo. One-bedroom apartments average $1,730/mo and 3-bedroom units go for $2,720/mo.

At 19% of local median household income ($122,151/yr), Happy Valley ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.2% over the past year.

FAQ

Frequently asked questions

Is Happy Valley an affordable city for renters?

Happy Valley is considered very affordable for renters. At $1,903/mo, rent takes approximately 19% of the local median household income ($122,151/yr). The standard benchmark is 30%. Happy Valley falls comfortably within that range.

How much income do you need to rent in Happy Valley?

To keep rent at or below 30% of gross income, you would need to earn at least $76,000/year (~$37/hour full-time) to afford the median rent of $1,903/mo in Happy Valley. The local median household income is $122,151/yr, meaning the typical Happy Valley household meets that threshold.

Is rent going up or down in Happy Valley?

Rent in Happy Valley has increased 1.2% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Happy Valley rent compare to other cities in Oregon?

Happy Valley is one of the pricier cities in Oregon for rent, ranking #19 out of 64 tracked cities at $1,903/mo.

Which nearby cities are cheaper to rent in than Happy Valley?

Several nearby cities have lower median rents than Happy Valley ($1,903/mo): Gresham ($1,611/mo), Gladstone ($1,745/mo), Milwaukie ($1,749/mo).

What percentage of Happy Valley residents rent vs. own?

According to Census data, approximately 21.1% of Happy Valley households are renters, while 78.9% are owner-occupied. Happy Valley leans toward homeownership, which can mean a smaller rental inventory.

How does Happy Valley rent compare to the national average?

Happy Valley's median rent of $1,903/mo is $59 (3%) below the US national median of $1,962/mo. Within Oregon, it ranks #19 out of 64 tracked cities.
Income Affordability
19%
VERY AFFORDABLE

At $1,903/mo, rent takes ~19% of Happy Valley's median household income ($122,151/yr). The standard benchmark is 30%.

Happy Valley 19%Benchmark 30%
State income tax4.75–9.9%
Run the Happy Valley affordability calculator →
Lowest-rent ZIP codes in Happy Valley
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Happy Valley, OR

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