ZIP Code · OR

ZIP 97086

Part of Happy Valley, OR

Pop. 34,567·Clackamas County·40th most expensive ZIP in Oregon

Median rent (all units)

$1,866/mo

Year-over-Year

+0.4%

Month-over-Month

+0.2%

vs US Median

-$66

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 97086 · $1,866

More expensive than 53% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,560

1 BR

$1,670

2 BR

$1,910

3 BR

$2,600

4 BR+

$3,090

Research median

$1,910/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

Compared with the peak

Rent in ZIP 97086 is 1% below its high of $1,885 in May 2024, at $1,866 as of September 2026.

Past year vs. the rest of Oregon

Rent in ZIP 97086 changed +0.4% 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 4 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($102,359) is $2,559 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,910); a 3-bedroom is $2,600.

Cheaper nearby

ZIP 97236, 3 miles away, rents for 10% less ($1,671/mo), about $2,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 97086. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$22,392/yr

At $1,866/mo median

Location

CityHappy Valley

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 (+0.4% YoY, +0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 97086 (Happy Valley, OR) is majority owner-occupied, has a median income above the national average, 41.9% of residents hold a bachelor's degree or higher.

Population

34,567

Median income

$102,359

Median age

40.2

Renters

37.3%

Age distribution

22.1%

26.9%

18.2%

Under 1822.1%

18–3422.1%

35–5426.9%

55–6410.8%

65+18.2%

Gender

49.1%

50.9%

Male49.1%

Female50.9%

Race & ethnicity

64.2%

16%

White64.2%

Black2.9%

Hispanic10.5%

Asian16%

Other6.4%

Education (25+)

18.3%

35%

41.9%

No HS diploma4.7%

HS diploma18.3%

Some college35%

Bachelor's+41.9%

Housing tenure

62.7%

37.3%

Owner62.7%

Renter37.3%

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

2023 vs 2026

How ZIP 97086 in Happy Valley, OR has changed in 5 years

Rent

$1,838 → $1,866

up 1.5%

Income

$94,416 → $102,359

up 8.4%

Population

32,037 → 34,567

up 7.9%

Renter share

35.6% → 37.3%

+1.7 pts

Bachelor's+

45% → 41.9%

-3.1 pts

Compared with 2023, rent in ZIP 97086 in Happy Valley, OR has climbed by $28 per month, settling near $1,866 after starting the period at $1,838. On the earnings side, the typical household in ZIP 97086 in Happy Valley, OR now reports about $102,359, up from $94,416 in 2021. Income growth outran rent by about 6.9 percentage points, easing the affordability math somewhat compared with 2021. Headcount in the area went from 32,037 to 34,567 between 2021 and 2024, a 7.9% change. About 37.3% of households rent today, against 35.6% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher slipped from 45% to 41.9%. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 97086 in Happy Valley, OR reflects that arc in its own way.

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About renting in ZIP 97086

Last updated: October 17, 2026

ZIP code 97086 covers Happy Valley, OR. The median rent here is $1,866/mo as of October 2026. A 1-bedroom rents for a median of $1,670/mo. A 2-bedroom rents for a median of $1,910/mo.

At 22% of local median household income ($102,359/yr), ZIP 97086 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.4% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 97086?

To keep rent at or below 30% of gross income, you would need to earn at least $75,000/year (about $36/hour full-time) to afford the median rent of $1,866/mo in ZIP 97086. The local median household income is $102,359/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 97086?

Rent in ZIP 97086 has been roughly flat over the past year as of September 2026, a +0.4% change. It sits 1% below its high of $1,885 in May 2024.

How does ZIP 97086 compare to other ZIPs in Oregon?

ZIP 97086 is in the middle among Oregon ZIP codes for rent, ranking #40 of 114 at $1,866/mo. Over the year to September 2026, rent in ZIP 97086 changed +0.4%, against a typical +1.6% across the 106 Oregon ZIP codes Zillow tracks.