Section 8 Fair Market Rent (FMR) for ZIP 98260 - 2027
Location: Island County, WA | Metro: Island County, WA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,350 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$101,987
Housing Authorities Serving ZIP 98260
To decide whether you should buy in ZIP code 98260 (Langley, WA) for Section 8, follow this decision tree:
- Does the Fair Market Rent (FMR) of $1,750 cover the debt service on a $774,246 property?
- Yes. If your debt service is less than or equal to $1,750 per month, then the FMR can support your investment. This means that the rental income from a Section 8 tenant will be sufficient to meet mortgage payments and other monthly expenses.
- No. If your debt service exceeds $1,750 per month, the FMR will not cover all your costs, making the investment unprofitable for Section 8 tenants.
- Is the market rent of $2,600 (ZORI) above, at, or below the FMR?
- Above. The ZORI is higher than the FMR, indicating that the market rent is more favorable. However, you must ensure that the FMR still covers your debt service before proceeding.
- At. This scenario is unlikely given the figures, but if the market rent were exactly at the FMR, you would need to evaluate if the FMR meets your debt service requirements.
- Below. If the ZORI were below the FMR, it would suggest a misalignment in market expectations, but since the ZORI is above the FMR, this branch does not apply.
- Are 15.6% renters and N/A-day days on market (DOM) enough demand?
- It depends. With 15.6% of residents being renters, there is a moderate level of demand for rental properties. However, the lack of specific DOM data makes it difficult to assess how quickly properties are rented out. If the DOM is low, indicating fast turnover, this could support a positive outlook on demand. Conversely, high DOM values would suggest challenges in finding tenants.
In summary, the decision to invest in ZIP 98260 for Section 8 properties hinges on whether the FMR of $1,750 can cover your debt service on a property priced at $774,246. Additionally, the market rent of $2,600 provides a favorable comparison to the FMR, but the success of your investment ultimately depends on the actual DOM and the strength of the local rental market.
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.