Section 8 Fair Market Rent (FMR) for ZIP 98243 - 2027

Location: San Juan County, WA | Metro: San Juan County, WA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,260
1 Bedroom	$1,380
2 Bedrooms	$1,810
3 Bedrooms	$2,370
4 Bedrooms	$2,380
5 Bedrooms	$2,761
6 Bedrooms	$3,092
7 Bedrooms	$3,339
8 Bedrooms	$3,506

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

327

Median Household Income

$139,167

Housing Units

351

Renter Percentage

33.3%

Occupancy Rate

41.0%

Renter Occupied

When considering whether to invest in ZIP code 98243 for Section 8 properties, follow this decision tree:

Step 1: Can the Fair Market Rent (FMR) of $1,670 cover the debt service on a property in ZIP 98243?

If YES, proceed to Step 2.
If NO, purchasing a Section 8 property in ZIP 98243 is financially unfeasible.

Step 2: Is the market rent of $1,125 (based on Census ACS data) above, at, or below the FMR?

If Above: The market rent exceeds the FMR, which means landlords might find it challenging to attract tenants who qualify for Section 8 subsidies. This suggests that investing in Section 8 properties would be less profitable.
If At or Below: The market rent is either equal to or lower than the FMR, making ZIP 98243 a viable option for Section 8 investment.

Step 3: Is there sufficient demand for rental properties? Consider the percentage of renters (33.3%) and the average days on the market (DOM).

If DOM is Low: Despite the percentage of renters being 33.3%, if the DOM is low, this indicates strong demand for rental properties. In such a scenario, landlords can confidently invest in Section 8 properties knowing they will likely fill quickly.
If DOM is High: A high DOM combined with the percentage of renters being 33.3% suggests weak demand. Landlords should be cautious about investing in Section 8 properties as they may face challenges in finding tenants willing to accept the subsidized rent.

In summary, if the FMR can cover the debt service and the market rent is at or below the FMR, landlords should then assess the DOM to determine the feasibility of investing in ZIP 98243 for Section 8 properties. The key figures to remember are an FMR of $1,670 and a market rent of $1,125.

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.