ZIP Code · OR

ZIP 97233

Part of Portland, OR

Pop. 36,236·Multnomah County·109th most expensive ZIP in Oregon

Median rent (all units)

$1,487/mo

Year-over-Year

-0.5%

Month-over-Month

+0.5%

vs US Median

-$445

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 97233 · $1,487

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

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Compare your rent to the local median.

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

Compared with the peak

Rent in ZIP 97233 is 1.8% below its high of $1,515 in August 2025, at $1,487 as of September 2026.

Past year vs. the rest of Oregon

Rent in ZIP 97233 changed -0.5% 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 ($60,198) is $1,505 a month. That covers HUD's Fair Market Rent for up to a studio ($1,470); a 1-bedroom is $1,580.

Rank in Portland

1st cheapest of 27 ZIP codes in Portland.

From Zillow's monthly rent index (ZORI) for ZIP 97233. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$17,844/yr

At $1,487/mo median

Location

CityPortland

StateOR

CountyMultnomah 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 (-0.5% YoY, +0.5% MoM), not inventory.

Demographics

Who lives here

ZIP 97233 (Portland, OR) is roughly split between renters and owners, has a median income below the national average, 18.9% of residents hold a bachelor's degree or higher.

Population

36,236

Median income

$60,198

Median age

Renters

53%

Age distribution

21.9%

23.1%

29.1%

13.4%

12.5%

Under 1821.9%

18–3423.1%

35–5429.1%

55–6413.4%

65+12.5%

Gender

48.4%

51.6%

Male48.4%

Female51.6%

Race & ethnicity

56.6%

23.1%

White56.6%

Black7.2%

Hispanic23.1%

Asian9.4%

Other3.7%

Education (25+)

20.1%

29.3%

31.7%

18.9%

No HS diploma20.1%

HS diploma29.3%

Some college31.7%

Bachelor's+18.9%

Housing tenure

47%

53%

Owner47%

Renter53%

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

2022 vs 2026

How ZIP 97233 in Portland, OR has changed in 5 years

Rent

$1,311 → $1,487

up 13.4%

Income

$48,360 → $60,198

up 24.5%

Population

38,497 → 36,236

down 5.9%

Renter share

51.1% → 53%

+1.9 pts

Bachelor's+

16.6% → 18.9%

+2.3 pts

Median age

35.3 → 38

+2.7 yrs

Rent in ZIP 97233 in Portland, OR has increased 13.4% since 2022, going from about $1,311 per month to roughly $1,487 today. On the earnings side, the typical household in ZIP 97233 in Portland, OR now reports about $60,198, up from $48,360 in 2021. Income growth outran rent by about 11.1 percentage points, easing the affordability math somewhat compared with 2021. Headcount in the area went from 38,497 to 36,236 between 2021 and 2024, a 5.9% change. About 53% of households rent today, against 51.1% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 16.6% to 18.9%. For context, the 2022 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 97233 in Portland, OR reflects that arc in its own way.

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About renting in ZIP 97233

Last updated: October 17, 2026

ZIP code 97233 covers Portland, OR. The median rent here is $1,487/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 30% of local median household income ($60,198/yr), ZIP 97233 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 0.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 97233?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (about $28/hour full-time) to afford the median rent of $1,487/mo in ZIP 97233. The local median household income is $60,198/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 97233?

Rent in ZIP 97233 has fallen 0.5% over the past year as of September 2026. It sits 1.8% below its high of $1,515 in August 2025.

How does ZIP 97233 compare to other ZIPs in Oregon?

ZIP 97233 is one of the more affordable among Oregon ZIP codes for rent, ranking #109 of 114 at $1,487/mo. Over the year to September 2026, rent in ZIP 97233 changed -0.5%, against a typical +1.6% across the 106 Oregon ZIP codes Zillow tracks.