ZIP Code · OR

ZIP 97123

Part of Hillsboro, OR

Pop. 48,410·Washington County·7th most expensive ZIP in Oregon

Median rent (all units)

$2,305/mo

Year-over-Year

+0.2%

Month-over-Month

+1.1%

vs US Median

+$373

Reported rents

Rising (Monthly)

Be the first to discuss 97123 rents ↓

Most AffordableMost Expensive

ZIP 97123 · $2,305

More expensive than 74% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,620

1 BR

$1,730

2 BR

$1,980

3 BR

$2,700

4 BR+

$3,200

Research median

$1,980/mo

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

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

November. Asking rents in ZIP 97123 usually run 0.9% below trend in November and 0.8% above it in June, about $39 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 97123 is 0.8% below its high of $2,323 in April 2025, at $2,305 as of September 2026.

Past year vs. the rest of Oregon

Rent in ZIP 97123 changed +0.2% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.

Recent direction

Rent rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($109,985) is $2,750 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,700); a 4-bedroom is $3,200.

Cheaper nearby

ZIP 97003, 5 miles away, rents for 17% less ($1,915/mo), about $4,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 97123. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$27,660/yr

At $2,305/mo median

Location

CityHillsboro

StateOR

CountyWashington County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.2% YoY, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 97123 (Hillsboro, OR) is majority owner-occupied, has a median income above the national average, 37.4% of residents hold a bachelor's degree or higher.

Population

48,410

Median income

$109,985

Median age

37.8

Renters

30.2%

Age distribution

20.6%

24.8%

28.3%

14.5%

Under 1820.6%

18–3424.8%

35–5428.3%

55–6411.8%

65+14.5%

Gender

50.4%

49.6%

Male50.4%

Female49.6%

Race & ethnicity

56.7%

28.1%

White56.7%

Black1.9%

Hispanic28.1%

Asian9.6%

Other3.7%

Education (25+)

13.6%

20%

29%

37.4%

No HS diploma13.6%

HS diploma20%

Some college29%

Bachelor's+37.4%

Housing tenure

69.8%

30.2%

Owner69.8%

Renter30.2%

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

2021 vs 2026

How ZIP 97123 in Hillsboro, OR has changed in 5 years

Rent

$1,875 → $2,305

up 22.9%

Income

$89,492 → $109,985

up 22.9%

Population

47,972 → 48,410

up 0.9%

Renter share

31.4% → 30.2%

-1.2 pts

Bachelor's+

32.5% → 37.4%

+4.9 pts

Median age

36 → 37.8

+1.8 yrs

Rent in ZIP 97123 in Hillsboro, OR has climbed 22.9% since 2021, going from about $1,875 per month to roughly $2,305 today. Census figures show median household income at $109,985 today, compared with $89,492 five years earlier. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 32.5% to 37.4%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

Discussions about ZIP 97123

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 97123

About renting in ZIP 97123

Last updated: October 17, 2026

ZIP code 97123 covers Hillsboro, OR. The median rent here is $2,305/mo as of October 2026. A 1-bedroom rents for a median of $1,730/mo. A 2-bedroom rents for a median of $1,980/mo.

At 25% of local median household income ($109,985/yr), ZIP 97123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 97123?

To keep rent at or below 30% of gross income, you would need to earn at least $92,000/year (about $44/hour full-time) to afford the median rent of $2,305/mo in ZIP 97123. The local median household income is $109,985/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 97123?

Rent in ZIP 97123 has been roughly flat over the past year as of September 2026, a +0.2% change. It sits 0.8% below its high of $2,323 in April 2025.

When is the cheapest time to rent in ZIP 97123?

Asking rents in ZIP 97123 are usually lowest in November, about 0.9% below their yearly trend, and highest in June, about 0.8% above it. At today's median that is a gap of roughly $39 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 97123 compare to other ZIPs in Oregon?

ZIP 97123 is one of the pricier among Oregon ZIP codes for rent, ranking #7 of 114 at $2,305/mo. Over the year to September 2026, rent in ZIP 97123 changed +0.2%, against a typical +1.6% across the 106 Oregon ZIP codes Zillow tracks.