ZIP Code · OR

ZIP 97038

Part of Molalla, OR

Pop. 16,440·Clackamas County·67th most expensive ZIP in Oregon

Median rent (all units)

$1,746/mo

Year-over-Year

-1.6%

Month-over-Month

+0.8%

vs US Median

-$186

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 97038 · $1,746

More affordable than 55% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,470

1 BR

$1,580

2 BR

$1,800

3 BR

$2,470

4 BR+

$2,900

Research median

$1,800/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Oregon

Rent in ZIP 97038 changed -1.6% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.

Recent direction

Rent has risen 2 months in a row, and rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($89,564) is $2,239 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,800); a 3-bedroom is $2,470.

From Zillow's monthly rent index (ZORI) for ZIP 97038. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$20,952/yr

At $1,746/mo median

Location

CityMolalla

StateOR

CountyClackamas County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (-1.6% YoY, +0.8% MoM), not inventory.

Demographics

Who lives here

ZIP 97038 (Molalla, OR) is majority owner-occupied, has a median income above the national average, 20.4% of residents hold a bachelor's degree or higher.

Population

16,440

Median income

$89,564

Median age

35.1

Renters

35.2%

Age distribution

24.7%

25.1%

26.4%

14%

Under 1824.7%

18–3425.1%

35–5426.4%

55–649.7%

65+14%

Gender

48.7%

51.3%

Male48.7%

Female51.3%

Race & ethnicity

88%

White88%

Hispanic6.8%

Asian1%

Other4.2%

Education (25+)

13.6%

32.3%

33.7%

20.4%

No HS diploma13.6%

HS diploma32.3%

Some college33.7%

Bachelor's+20.4%

Housing tenure

64.8%

35.2%

Owner64.8%

Renter35.2%

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

2021 vs 2026

How ZIP 97038 in Molalla, OR has changed in 5 years

Income

$80,530 → $89,564

up 11.2%

Population

16,429 → 16,440

up 0.1%

Renter share

28.2% → 35.2%

+7.0 pts

Bachelor's+

18.1% → 20.4%

+2.3 pts

Median age

37.9 → 35.1

-2.8 yrs

Local incomes tracked alongside that move, going from a median of $80,530 in 2021 to $89,564 more recently. The renter share has risen from 28.2% to 35.2%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 18.1% to 20.4% across the same window.

Community

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Local insights

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About renting in ZIP 97038

Last updated: October 17, 2026

ZIP code 97038 covers Molalla, OR. The median rent here is $1,746/mo as of October 2026. A 1-bedroom rents for a median of $1,580/mo. A 2-bedroom rents for a median of $1,800/mo.

At 23% of local median household income ($89,564/yr), ZIP 97038 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 1.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 97038?

To keep rent at or below 30% of gross income, you would need to earn at least $70,000/year (about $34/hour full-time) to afford the median rent of $1,746/mo in ZIP 97038. The local median household income is $89,564/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 97038?

Rent in ZIP 97038 has fallen 1.6% over the past year.

How does ZIP 97038 compare to other ZIPs in Oregon?

ZIP 97038 is in the middle among Oregon ZIP codes for rent, ranking #67 of 114 at $1,746/mo. Over the year to September 2026, rent in ZIP 97038 changed -1.6%, against a typical +1.6% across the 106 Oregon ZIP codes Zillow tracks.