ZIP 97034
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12-month history
Last updated: October 17, 2026
What the numbers show
Rent in ZIP 97034 is 1% below its high of $2,861 in October 2025, at $2,832 as of September 2026.
Rent in ZIP 97034 changed +0.8% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.
Rent rose in 6 of the last 12 months.
30% of the median household income ($149,236) is $3,731 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($3,150); a 4-bedroom is $3,740.
ZIP 97035, 2 miles away, rents for 26% less ($2,098/mo), about $8,800 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 97034. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 97034 (Lake Oswego, OR) is majority owner-occupied, has a large retiree population, has a median income above the national average, 74.2% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 97034 in Lake Oswego, OR has changed in 5 years
Rent in ZIP 97034 in Lake Oswego, OR has increased 24.6% since 2022, going from about $2,273 per month to roughly $2,832 today. Census figures show median household income at $149,236 today, compared with $135,538 five years earlier. Rent outpaced income growth by roughly 14.5 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 20,688 to 21,331 between 2021 and 2024, a 3.1% change. About 26% of households rent today, against 23.7% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.
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Tips for renters in ZIP 97034
Last updated: October 17, 2026
ZIP code 97034 covers Lake Oswego, OR. The median rent here is $2,832/mo as of October 2026. A 1-bedroom rents for a median of $2,020/mo. A 2-bedroom rents for a median of $2,310/mo.
At 23% of local median household income ($149,236/yr), ZIP 97034 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.8% over the past year.
Frequently asked questions
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How does ZIP 97034 compare to other ZIPs in Oregon?
How does ZIP 97034 compare to the rest of Lake Oswego?
At $2,832/mo, rent takes ~23% of ZIP 97034's median household income ($149,236/yr). The standard benchmark is 30%.
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