Section 8 Fair Market Rent (FMR) for ZIP 98228 - 2027

FY 2027 Fair Market Rent Rates

1570 is the Fair Market Rent (FMR) for ZIP 98228 (Unknown, WA) as of fiscal year 2024. This figure represents the maximum amount that a landlord can charge for a two-bedroom unit under the Section 8 program.

N/A is the market rent for the area, indicating a lack of recent data to provide a precise comparison against the FMR. However, landlords should still consider local rental trends and demand to ensure competitiveness without exceeding the Section 8 limits.

N/A is also the median home value in ZIP 98228, suggesting that the data is not currently available. This absence of information makes it difficult to assess the broader real estate market dynamics in the area.

N/A is the percentage of renters in the area, which means there is no specific data on the proportion of residents who are renting versus owning. This statistic would typically help understand the local rental market's potential.

N/A is the median income for the area, another critical metric missing. Median income is essential for determining the affordability of housing for tenants and the potential for Section 8 participation.

N/A is the number of days on market (DOM) for listings in ZIP 98228, which would indicate the speed at which homes are selling. A low DOM suggests a robust market, while a high DOM might signal a slower market with less demand.

N/A is the percentage of homes that had their prices cut in the area, which would usually reflect the challenges sellers face in the current market conditions. Without this data, it's hard to gauge the overall health of the local real estate market.

The climate section highlights that 98228 has a minor risk of flooding, with 8% of properties expected to be severely affected over the next 30 years. This is a crucial consideration for both landlords and investors, as it affects property values and insurance costs.

Regarding wildfires, 98228 has a moderate risk, with 3% of properties expected to be at risk over the next 30 years. This risk level should be factored into any investment decisions, especially concerning property maintenance and insurance coverage.

The Section 8 verdict for ZIP 98228 hinges on the $1570 FMR for a two-bedroom unit. Landlords must ensure they do not exceed this limit to remain eligible for the program, while investors should consider the potential for stable, government-backed rental income despite the lack of detailed market data.

Data Sources: FMR data from HUD (2027).

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.