Location: Island County, WA | Metro: Island County, WA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,200 |
| 3 Bedrooms | $3,020 |
| 4 Bedrooms | $3,600 |
| 5 Bedrooms | $4,176 |
| 6 Bedrooms | $4,677 |
| 7 Bedrooms | $5,051 |
| 8 Bedrooms | $5,304 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,760 | $599,991 | 0.29% | F |
| 2BR | $2,200 | $793,774 | 0.28% | F |
| 3BR | $3,020 | $886,290 | 0.34% | F |
U.S. Census Bureau data (2024)
11.4% of the residents in Greenbank, WA, live as renters, indicating a modest demand for rental properties. However, the $1,530 Fair Market Rent (FMR) set for the metro area in fiscal year 2026 suggests that there is room for landlords to charge competitive rents without exceeding affordability thresholds. The $1,470 average market rent, derived from Census ACS data, aligns closely with the FMR, implying that the local rental market is fairly priced. Landlords can leverage this data to set their rental rates accordingly, ensuring they remain both competitive and compliant.
The median home value stands at $755,642, which is significantly higher than the median income of $71,131. This stark disparity highlights the financial challenge faced by many residents in the area when it comes to purchasing homes, thereby potentially increasing the reliance on rental housing. Given the high median home value and lower median income, the rental market could see steady occupancy rates as fewer individuals opt to buy homes.
Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the alignment between the FMR and market rent indicates a stable rental environment. Investors should consider these factors when evaluating the potential returns on investment in Greenbank's rental market. With the FMR and market rent nearly identical, landlords have little flexibility to increase rents beyond the current levels without risking vacancy.
In conclusion, the rental market in Greenbank, WA, appears to be balanced and stable, with rental rates closely matching the affordability standards set by the government. For landlords and small-portfolio investors, the $1,530 FMR provides a clear guideline for setting rents, ensuring both profitability and compliance with HUD standards. The Section 8 program, with its $1,530 maximum rent limit, will likely attract tenants who cannot afford the median home value but require affordable housing options. Therefore, participation in the Section 8 program remains a viable option for landlords seeking to maintain occupancy in a challenging housing market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.