Location: Island County, WA | Metro: Island County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,560 |
| 4 Bedrooms | $3,060 |
| 5 Bedrooms | $3,550 |
| 6 Bedrooms | $3,976 |
| 7 Bedrooms | $4,294 |
| 8 Bedrooms | $4,509 |
U.S. Census Bureau data (2024)
The ZIP code 98278 in Oak Harbor, WA, stands out due to its unique demographic profile. With a total population of 1,496 residents, it is significantly smaller than the initially reported figure of 1,932. The area supports a mix of business and residential activities, with 29 business establishments employing about 1,024 people.
Pivoting to the voucher economics, the Fair Market Rent (FMR) for ZIP 98278 is set at $1,620 for the fiscal year 2026. Given the limited available data on market rents, this FMR serves as a critical benchmark for landlords and small-portfolio investors considering participation in the Section 8 program. The FMR is higher than the median rent in the area, making it a potentially attractive option for property owners.
In terms of stability, ZIP 98278 presents a transitional picture. The small population and limited income data suggest that the area may be undergoing changes. However, the employment rate of 60.19%, supported by local businesses, indicates a level of economic activity that could contribute to future stability. For landlords and investors, this transitional phase offers opportunities to engage with the Section 8 program, leveraging the FMR to ensure steady rental income while serving a community that might benefit from affordable housing options.
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.