Location: Mount Vernon-Anacortes, WA | Metro: Mount Vernon-Anacortes, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
U.S. Census Bureau data (2024)
To understand how Section 8 economics work in ZIP 98263, it's essential to know the SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment, which is set at $1750 for the fiscal year 2024. This figure represents the maximum amount that the Housing Choice Voucher program will pay for rent in this specific ZIP code.
The SAFMR does not take into account the local market rent, which is currently unavailable for ZIP 98263. However, this discrepancy between the SAFMR and the actual market rent can significantly impact a landlord's decision to participate in the Section 8 program.
A voucher payment to a landlord consists of two parts: the tenant contribution and the government subsidy. Tenants are generally required to pay 30% of their adjusted income towards rent. For example, if a tenant's adjusted income is $2000 per month, they would contribute $600 towards the rent of a two-bedroom apartment. The government then covers the remaining balance up to the SAFMR limit.
In addition to the rent subsidy, the Section 8 program also provides utility allowances. These allowances vary based on the type of utilities required and the size of the unit. For a two-bedroom apartment, the utility allowance might be around $200-$300 per month, depending on the specifics of the case. This allowance is intended to help cover the cost of electricity, gas, water, and other utilities.
Let's break down the typical reimbursement scenario for a landlord in ZIP 98263. If the total rent for a two-bedroom apartment is $1750 and the tenant contributes $600, the government would subsidize the remaining $1150. Including an average utility allowance of $250, the total reimbursement a landlord could receive is approximately $1400.
This leaves a potential reimbursement gap of $350 for landlords whose market rents exceed the SAFMR. Conversely, if the market rent is below the SAFMR, landlords might see a surplus in their rental income when compared to non-voucher tenants. For instance, if the market rent for a two-bedroom apartment is $1500, the landlord would receive the full $1750 from the voucher program, resulting in a surplus of $250.
Landlords must carefully consider these economic factors when deciding whether to accept Section 8 vouchers. The SAFMR sets a strict ceiling on government subsidies, which can lead to financial gaps if market rents are higher. On the other hand, if market rents are lower, the Section 8 program can provide a stable and slightly higher income than the local market rate.
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.