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City · 26,738 residents · Clackamas County, Oregon

Happy Valley , Oregon

In Happy Valley, a typical home is worth $725,300 and typical rent is $2,029 a month. Compared with all of Clackamas County, the typical home value is 19% higher, typical household income is 18% higher, and the share of households that own their home is 8 points higher.

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  • Typical home value

    $725,300

    19% above the county

    52% above Oregon

    • Happy Valley
    • Clackamas
    • Oregon

  • Typical rent

    $2,029a month

    15% above the county

    33% above Oregon

    • Happy Valley
    • Clackamas
    • Oregon

  • Typical household income

    $122,151a year

    18% above the county

    47% above Oregon

    • Happy Valley
    • Clackamas
    • Oregon

  • Households that own their home

    79%

    8 points above the county

    16 points above Oregon

    • Happy Valley
    • Clackamas
    • Oregon

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$675,784
about the same as 12 months ago
Typical rent
$1,871 a month
about the same as 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Happy Valley is in Clackamas County. The FHA loan limit ($701,500 for a one-unit home), the fair market rents and the help on this page are those of all of Clackamas County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Happy Valley apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Gresham, the typical home value is $458,700: 37% less than in Happy Valley ($725,300).

  2. Happy Valley has the 6th highest typical rent of the 102 cities in Oregon with more than 5,000 people ($2,029).

  3. Nearby, in Gresham, the typical rent is $1,586: 22% less than in Happy Valley ($2,029).

  4. The typical home in Happy Valley is worth $725,300, 19% more than in Clackamas County as a whole ($611,000).

  5. The typical household income in Happy Valley is $122,151, 18% more than in Clackamas County as a whole ($103,517).

  6. 79% of households in Happy Valley own their home, against 71% in Clackamas County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Happy Valley

What homes there are in Happy Valley, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Happy Valley, 7 in 10 homes are single-family detached houses, about the same as in Clackamas County.

Year built

Here half of the homes date from 2009 or later; in Clackamas County, from 1985 or later.

There is more room for a big family here: 81% of homes have 3 bedrooms or more, against 68% in Clackamas County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$3,106 a month

Clackamas County: $2,559 a month

Without a mortgage

$1,069 a month

Clackamas County: $871 a month

Owners with a mortgage

73%

Clackamas County: 68%

Owning costs more in Happy Valley: with a mortgage, the typical cost is $3,106 a month; in Clackamas County, $2,559. Without one, $1,069.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Happy Valley rose 43% since 2015–2019, less than in Clackamas County (55%).

Rents in Happy Valley rose more slowly than in Clackamas County: 27% since 2015–2019, against 36%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureHappy ValleyClackamas CountyOregonUnited States
Rental vacancy Unreliable estimate4.9%4.2%5.5%
Homeowner vacancy Unreliable estimate0.9%0.7%0.9%
More than one person per room Unreliable estimate2.2%3.2%3.4%
People per household 2.962.562.422.53
Drive alone 64%67%65%69%
Carpool 6%7%9%9%
Public transit Unreliable estimate1%2%3%
Walk or bike Unreliable estimate3%5%3%
Work from home 24%21%19%15%
Other means 2%1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

More people live in each home here: 2.96 on average, against 2.56 in Clackamas County.

Working from home is more common in Happy Valley: 24%, against 21% in Clackamas County.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Happy Valley?

A typical home costs more than the typical income allows

We start with a typical home in Happy Valley, worth $725,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 60% of the typical household income in Happy Valley, which is $122,151 a year. For that payment to be 28% of income, a household would need to earn about $260,402 a year.

The calculator's FHA and conventional loan limits are those of all of Clackamas County.

Your numbers

Local data
$

Starts at the typical home value in Happy Valley. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $25,386 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$6,076

at 7.18% · 30 years

Loan amount
$712,162
Total interest
$1,024,635
Paid off in
November 2056

Includes $12,248 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,850 a month

  • Tight

    $2,850 to $3,665 a month

  • Hard

    more than $3,665 a month

    Your payment · 60%

Compared with the typical household income in Happy Valley ($122,151 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$6,076
Principal & interest$4,824
Property tax$629
Home insurance$302
FHA mortgage insurance (MIP)$321

You need at least $25,386 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Happy Valley and Clackamas County

Happy Valley is in Clackamas County, Oregon. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Happy Valley's own numbers

Typical home value
$725,300
Typical monthly rent
$2,029
Typical yearly household income
$122,151
Households that own their home
79%
Effective property tax rate
1.04%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Clackamas County

FHA limit, one-unit home
$701,500
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,878
Price change over 5 years (FHFA)
+36%
Homes in a high flood-risk zone
1.3%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Clackamas County.

Everything about Clackamas County

Buying

Buying a home in Happy Valley

A typical home in Happy Valley is worth $725,300: 19% above the county and 52% above Oregon. With the typical household income in Happy Valley ($122,151 a year), a typical home costs 5.9 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Happy Valley 5.9 years
  • Clackamas 5.9 years
  • Oregon 5.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Clackamas County

According to FHFA’s house price index, home prices in Clackamas County rose 87% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Clackamas County.

Period County Oregon U.S.
Last year (2025) +1.6% +0.9% +2.9%
5 years (2020–2025) +36% +35% +47%
10 years (2015–2025) +87% +86% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Happy Valley next to Clackamas County, Oregon and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Happy Valley $725,300
  • Clackamas $611,000
  • Oregon $477,600
  • United States $332,700
Typical monthly rent
  • Happy Valley $2,029
  • Clackamas $1,758
  • Oregon $1,525
  • United States $1,413
Typical yearly household income
  • Happy Valley $122,151
  • Clackamas $103,517
  • Oregon $83,011
  • United States $80,734
See the full table
Happy Valley next to Clackamas County and Oregon
Measure Happy Valley Clackamas County Oregon U.S.
Typical home value $725,300 $611,000 $477,600 $332,700
Typical monthly rent $2,029 $1,758 $1,525 $1,413
Typical yearly household income $122,151 $103,517 $83,011 $80,734
Households that own their home 79% 71% 63% 65%
Typical yearly property tax $7,542 $5,171 $3,876 $3,119
Effective property tax rate 1.04% 0.85% 0.81% 0.94%
Renters with high rent for their income 57% 53% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Clackamas County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Happy Valley

For a typical $725,300 home in Happy Valley, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Happy Valley's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $6,076a month

    Above the FHA limit for Clackamas County ($701,500)
    Down payment
    $25,386
    Cash to close
    $47,145
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $321

  • Conventional, 5% down $5,943a month

    Least cash to close
    Down payment
    $36,265
    Cash to close
    $58,024
    Rate
    7.18%
    Mortgage insurance
    PMI · $345

  • Conventional, 20% down, no PMI $4,862a month

    Down payment
    $145,060
    Cash to close
    $166,819
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $5,532a month

    Down payment
    $108,795
    Cash to close
    $130,554
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is Conventional, 5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Happy Valley and for Clackamas County.

Property tax

Effective rate in Happy Valley

1.04%of the home’s value each year

$7,542 a year for the typical owner in Happy Valley.

  • Happy Valley 1.04%
  • Clackamas 0.85%
  • Oregon 0.81%

What Oregon publishes 3 percent cap on maximum assessed value (Measure 50) (Oregon Legislature (Oregon Revised Statutes))

Exemptions and deadlines in Oregon

Flood risk in Clackamas County

FEMA does not publish these numbers by city: they are for all of Clackamas County.

Homes in the high-risk zone
1.3%
1,926
Of those, with NFIP insurance
41%
County Oregon U.S.
Homes in the high-risk zone 1.3% 2.8% 3.5%
Of those, with NFIP insurance 41% 25% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Happy Valley

Typical rent in Happy Valley is $2,029 a month: 15% above the county. In Happy Valley, 57% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Clackamas County, by unit size. To pay the 2-bedroom one ($1,878 a month) without spending more than 30% of your income, you would need to earn $36.12 an hour working full time.

HUD fair market rent for all of Clackamas County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,527 $29.37 $61,080
1 bedroom $1,633 $31.40 $65,320
2 bedrooms $1,878 $36.12 $75,120
3 bedrooms $2,550 $49.04 $102,000
4 bedrooms $3,069 $59.02 $122,760

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Happy Valley

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Happy Valley has 3 ZIP codes with their own.

For 2 bedrooms it runs from $1,900 in 97086 to $2,820 in 97089.

3 of the 3 are above the fair market rent for Clackamas County ($1,878).

  • 97015 $1,980$2,690
  • 97086 $1,900$2,580
  • 97089 $2,820$3,830

3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Happy Valley when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Happy Valley

HUD lists 6 buildings with rents for lower incomes in Happy Valley. These are the largest.

  • Easton Ridge Apts 9009 SE Causey Ave, Happy Valley 97086 264 homes, 263 low-income · 1 bd: 159 · 2 bd: 105 · In service since 2014 · For families
  • Town Center Courtyards 11475 SE 85th Ave, Happy Valley 97086 60 low-income homes · 1 bd: 20 · 2 bd: 31 · 3 bd: 8 · In service since 2016 · For families, people experiencing homelessness
  • Town Center Station 8719 SE Monterey Ave, Happy Valley 97086 52 low-income homes · Studio: 10 · 1 bd: 42 · In service since 2010
  • Acadia Gardens 8370 SE Causey Ave, Happy Valley 97086 41 low-income homes · Studio: 12 · 1 bd: 4 · 2 bd: 19 · 3 bd: 6 · In service since 2012 · For families
  • Chez Ami 8358 SE Causey Ave, Happy Valley 97086 40 low-income homes · Studio: 40 · In service since 2002 · For people with disabilities, people experiencing homelessness

See all 47 buildings in Clackamas County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Happy Valley

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 2 HUD-approved agencies with an office in Clackamas County; 1 says it serves in Spanish.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Happy Valley

No down payment, repair or rent-help program on our list is for Happy Valley or Clackamas County. The ones below are statewide in Oregon: they work in Happy Valley the same as in the rest of the state.

Which programs do I qualify for? All programs in Oregon

  • OHCS Down Payment Assistance

    Statewide in Oregon

    Oregon state funds for the down payment and closing costs, delivered by local organizations: up to $60,000 or 20% of the price, sometimes as a grant or as a forgivable second mortgage, for first-time or first-generation buyers with income up to 100% of the area median. Offered by Oregon Housing and Community Services (OHCS).

    GrantForgivable

    See the program Official page

  • FirstHome (Flex Lending)

    Statewide in Oregon

    Oregon Housing and Community Services mortgage for low- and moderate-income first-time buyers, with down payment assistance of 4% or 5% of the loan as a second mortgage. Offered by Oregon Housing and Community Services (OHCS).

    Type not stated

    See the program Official page

  • NextStep (Flex Lending)

    Statewide in Oregon

    Oregon Housing and Community Services mortgage for any buyer, including people who have owned a home before, with down payment assistance of 4% or 5% of the loan as a second mortgage that can be forgivable or repayable. Offered by Oregon Housing and Community Services (OHCS).

    Type not stated

    See the program Official page

Housing counselors near Happy Valley

The HUD-approved agencies closest to the center of Happy Valley, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • DevNw

    421 High Street, Suite 110, Oregon City · 7 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 6 more
    (503) 655-8974

  • Portland Housing Center DBA Arrive

    3233 NE Sandy Blvd, Portland · 9 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 3 more
    (503) 282-7744

  • African American Alliance for Homeownership, Inc.

    825 NE 20th Ave Ste 100, Portland · 9 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 2 more
    (503) 595-3517

Every agency in Clackamas County All counseling agencies in Oregon

Help in Spanish near Happy Valley

3 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Happy Valley

HUD’s record names them for Happy Valley or Clackamas County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of Clackamas County Public housing and Section 8 vouchers (503) 655-8267

All housing agencies in Oregon Source: HUD

Cities

Other cities in Clackamas County

These cities are also in Clackamas County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Clackamas County Housing in Oregon
See 2 more cities in Clackamas County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Happy Valley, with the typical home value.

Neighboring counties

If Clackamas County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Happy Valley.

All guides
A mother holds her laughing daughter on a grey sofa.

Questions

Housing questions about Happy Valley

Short answers with the numbers for Happy Valley and all of Clackamas County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Happy Valley?

The typical home value in Happy Valley is $725,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Clackamas County it is $611,000.

How much does it cost to rent in Happy Valley?

Typical rent in Happy Valley is $2,029 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Clackamas County is $1,878.

What is the FHA loan limit in Happy Valley?

Happy Valley uses the FHA limit for all of Clackamas County (2026): $701,500 for a one-unit home and $1,349,050 for a four-unit home.

How much property tax do owners pay in Happy Valley?

The typical homeowner in Happy Valley pays $7,542 a year, according to the U.S. Census Bureau. That is 1.04% of the home’s value; in Clackamas County, the rate is 0.85%.

Where can I find free help to buy or rent in Happy Valley?

There are 2 HUD-approved counseling agencies with an office in Clackamas County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).