ZIP Code · OR

ZIP 97217

Part of Portland, OR

Pop. 35,169·Multnomah County·92nd most expensive ZIP in Oregon

Median rent (all units)

$1,592/mo

Year-over-Year

+1.5%

Month-over-Month

+0.6%

vs US Median

-$340

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 97217 · $1,592

More affordable than 66% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,177

1 BR

$1,251

2 BR

$1,437

3 BR

$1,957

4 BR+

$2,322

Research median

$1,437/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

Cheapest month to sign

December. Asking rents in ZIP 97217 usually run 0.7% below trend in December and 0.7% above it in September, about $22 a month apart at today's median. Based on 10 years of data.

Compared with the peak

Rent in ZIP 97217 is at its highest level since Zillow's records here began in May 2016.

Past year vs. the rest of Oregon

Rent in ZIP 97217 changed +1.5% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 97217 rose 19% while median household income rose 24% ($80,953 to $100,361). Income kept ahead of rent.

Since before the pandemic

Rent in ZIP 97217 is 18.7% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 2 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($100,361) is $2,509 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,320); a 3-bedroom is $3,160.

Rank in Portland

8th cheapest of 27 ZIP codes in Portland.

From Zillow's monthly rent index (ZORI) for ZIP 97217. 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

$19,104/yr

At $1,592/mo median

Location

CityPortland

StateOR

CountyMultnomah County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (1.5% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+1.5% YoY, +0.6% MoM), not inventory.

Demographics

Who lives here

ZIP 97217 (Portland, OR) is majority owner-occupied, has a median income above the national average, 59.1% of residents hold a bachelor's degree or higher.

Population

35,169

Median income

$100,361

Median age

37.5

Renters

43.5%

Age distribution

14.1%

29.7%

35.1%

Under 1814.1%

18–3429.7%

35–5435.1%

55–649.3%

65+11.8%

Gender

50%

Male50%

Female50%

Race & ethnicity

72%

White72%

Black5.4%

Hispanic10.6%

Asian3.6%

Other8.4%

Education (25+)

12.3%

24.3%

59.1%

No HS diploma4.4%

HS diploma12.3%

Some college24.3%

Bachelor's+59.1%

Housing tenure

56.5%

43.5%

Owner56.5%

Renter43.5%

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

2021 vs 2026

How ZIP 97217 in Portland, OR has changed in 5 years

Rent

$1,354 → $1,592

up 17.6%

Income

$92,255 → $100,361

up 8.8%

Population

35,049 → 35,169

up 0.3%

Renter share

42% → 43.5%

+1.5 pts

Bachelor's+

56.4% → 59.1%

+2.7 pts

Across the past five years, the going rent in ZIP 97217 in Portland, OR has shifted from $1,354 to $1,592, up 17.6% since 2021. Census figures show median household income at $100,361 today, compared with $92,255 five years earlier. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. The renter share has risen from 42% to 43.5%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 56.4% to 59.1% across the same window. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

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About renting in ZIP 97217

Last updated: October 17, 2026

ZIP code 97217 covers Portland, OR. The median rent here is $1,592/mo as of October 2026. A 1-bedroom rents for a median of $1,251/mo. A 2-bedroom rents for a median of $1,437/mo.

At 19% of local median household income ($100,361/yr), ZIP 97217 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 97217?

To keep rent at or below 30% of gross income, you would need to earn at least $64,000/year (about $31/hour full-time) to afford the median rent of $1,592/mo in ZIP 97217. The local median household income is $100,361/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 97217?

Rent in ZIP 97217 has risen 1.5% over the past year as of September 2026. That is the highest level since Zillow's records here began in May 2016.

When is the cheapest time to rent in ZIP 97217?

Asking rents in ZIP 97217 are usually lowest in December, about 0.7% below their yearly trend, and highest in September, about 0.7% above it. At today's median that is a gap of roughly $22 a month. This pattern comes from 10 years of Zillow rent data.

Has rent outpaced income in ZIP 97217?

No. From 2019 to 2024, rent in ZIP 97217 rose 19% while median household income rose 24%, from $80,953 to $100,361. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 97217 compare to other ZIPs in Oregon?

ZIP 97217 is one of the more affordable among Oregon ZIP codes for rent, ranking #92 of 114 at $1,592/mo. Over the year to September 2026, rent in ZIP 97217 changed +1.5%, against a typical +1.6% across the 106 Oregon ZIP codes Zillow tracks.