Location: Tacoma, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,740 |
| 1 Bedroom | $1,820 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,780 |
| 4 Bedrooms | $3,300 |
| 5 Bedrooms | $3,828 |
| 6 Bedrooms | $4,287 |
| 7 Bedrooms | $4,630 |
| 8 Bedrooms | $4,862 |
U.S. Census Bureau data (2024)
The Section 8 housing program in ZIP code 98022, which encompasses Enumclaw, WA, presents an interesting opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $2210, while the actual market rent, as measured by the Zillow Rent Index (ZORI), stands at $2158. This indicates that the FMR is $52 higher than the market rent, representing a 2.4% premium.
This gap makes voucher tenants a valuable yield play for property owners. Despite the slightly higher FMR, landlords can secure guaranteed monthly rental payments from the government, mitigating risks associated with non-payment and vacancy. The 18.8% share of renters in Enumclaw suggests a steady demand for affordable housing, which aligns well with the Section 8 program's goals.
The median home value in Enumclaw is $681,014, indicating a relatively high-value residential market. However, the median household income of $120,406 underscores the need for affordable rental options, especially for those who do not qualify for homeownership due to financial constraints. By participating in the Section 8 program, landlords can cater to this demographic while ensuring a consistent revenue stream.
In summary, the slight premium offered by the FMR over the market rent makes Section 8 a viable strategy for maximizing yields in Enumclaw, WA. Landlords should consider the benefits of stable, government-backed rental income, particularly given the local economic conditions and the ongoing demand for affordable housing.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.