ZIP 97203
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12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 97203 usually run 1.7% below trend in January and 1.2% above it in July, about $49 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 97203 is 2% below its high of $1,724 in June 2026, at $1,689 as of September 2026.
Rent in ZIP 97203 changed +0.3% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.
From 2019 to 2024, rent in ZIP 97203 rose 28.2% while median household income rose 14.2% ($68,860 to $78,660). Rent outpaced income.
Rent in ZIP 97203 is 31.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has fallen 3 months in a row, and rose in 6 of the last 12 months.
30% of the median household income ($78,660) is $1,967 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,850); a 3-bedroom is $2,520.
17th cheapest of 27 ZIP codes in Portland.
ZIP 97227, 5 miles away, rents for 11% less ($1,497/mo), about $2,300 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 97203. 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.
Who lives here
ZIP 97203 (Portland, OR) is majority owner-occupied, skews toward younger working-age adults, 45.2% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 97203 in Portland, OR has changed in 5 years
Five years ago, renters in ZIP 97203 in Portland, OR paid around $1,389 a month. That figure now sits near $1,689, up 21.6% from the 2021 baseline. Median household income climbed from $71,498 to $78,660 between 2021 and 2024, a 10.0% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 97203 in Portland, OR losing about 1,467 residents over the five-year window, down 4.2% on net. Taken together, the five-year picture in ZIP 97203 in Portland, OR reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Tips for renters in ZIP 97203
Last updated: October 17, 2026
ZIP code 97203 covers Portland, OR. The median rent here is $1,689/mo as of October 2026. A 1-bedroom rents for a median of $1,610/mo. A 2-bedroom rents for a median of $1,850/mo.
At 26% of local median household income ($78,660/yr), ZIP 97203 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.3% over the past year.
Frequently asked questions
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How does ZIP 97203 compare to other ZIPs in Oregon?
How does ZIP 97203 compare to the rest of Portland?
At $1,689/mo, rent takes ~26% of ZIP 97203's median household income ($78,660/yr). The standard benchmark is 30%.
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