Location: Mount Vernon-Anacortes, WA | Metro: Mount Vernon-Anacortes, WA MSA
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 | $1,070 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,180 | $340,189 | 0.35% | F |
| 2BR | $1,550 | $411,842 | 0.38% | F |
| 3BR | $2,160 | $476,137 | 0.45% | F |
| 4BR | $2,340 | $549,944 | 0.43% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP 98257, La Conner, WA, provides insight into the potential returns for landlords participating in the program. Using the Fair Market Rent (FMR) for a 2-bedroom unit at $1630 per month as of FY 2024, the annualized income would be $19,560. Against the median home value of $462,227, this translates to an implied gross yield of approximately 4.23%. This calculation assumes the property is valued at the median and rented out under Section 8 terms.
In contrast, using the market rent figure of $1,242 per month derived from the Census ACS data, the annualized income drops to $14,904. The implied gross yield in this scenario is significantly lower at about 3.23%. This reflects the typical rental income landlords might expect outside of the Section 8 program, based on current market conditions.
The 21.8% renter density suggests that a considerable portion of the population in La Conner relies on renting. However, the lack of specific Days on Market (DOM) data makes it challenging to gauge how quickly properties might be leased under either scenario. Despite this, the higher gross yield from the Section 8 program at 4.23% compared to the market rent at 3.23% indicates a more favorable return for landlords willing to participate in Section 8.
Given the higher gross yield and the significant number of renters, the Section 8 scenario appears more realistic for achieving better financial outcomes. Landlords should consider these figures when deciding whether to enroll their properties in the Section 8 program, understanding that the higher monthly rent can translate into a more attractive investment opportunity in this area.
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.