Location: San Juan County, WA | Metro: San Juan County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 98222, which includes parts of Anacortes, WA, centers around the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for a two-bedroom home in the Mount Vernon-Anacortes MSA for fiscal year 2026 is set at $1,920 per month. However, the recent average market rent for all property types in Anacortes stands at $2,700 per month.
This creates a significant gap of $780 per month, or approximately 40%, between the FMR and the market rent. Given that 25.9% of the population are renters, and the median income is $106,333, the median home value of $871,456 suggests a relatively affluent area where rental prices can command a premium.
The cost of accepting housing voucher tenants below open-market rates is evident. Landlords and small-portfolio investors should be aware that they will be renting at a discount of $780 per month compared to the market rate. This scenario makes the ZIP code less favorable as a yield play, since the FMR is lower than the market rent.
In conclusion, while there is a strong demand for rental properties in Anacortes, the FMR is significantly below the market rate. This means that landlords who accept Section 8 vouchers will have to adjust their expectations for rental income accordingly.
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.