Location: Mount Vernon-Anacortes, WA | Metro: Bellingham, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
U.S. Census Bureau data (2024)
The ZIP code 98283 presents a unique challenge for both renters and landlords. The median household income stands at $72,237, which is relatively modest compared to the higher-end areas nearby. However, the market rate rent of $755 per month, according to the Census ACS, is quite affordable for most households. This suggests that many renters in this area could comfortably cover their monthly rent without financial strain.
In contrast, the Fair Market Rent (FMR) set by the voucher program for ZIP 98283 in fiscal year 2024 is $1680. This is significantly higher than the actual market rate, indicating that the voucher program aims to cover a broader range of housing costs, including those in pricier neighboring areas. For landlords in 98283, this means that accepting vouchers could bring in more substantial rental payments than the typical market rate.
With only 18.2% of the population being renters and a total population of 442, the competition among landlords for tenants is likely to be fierce. Given the limited number of potential renters, landlords must consider how to attract and retain tenants effectively. The affordability gap, where the voucher amount far exceeds the market rate, could work to a landlord's advantage by providing a reliable source of income that is above the average rent collected from cash-paying tenants.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can offer a more stable and higher income stream. While there might be fewer voucher holders in the area, the higher payment standard ($1680) makes it a worthwhile consideration. Landlords should weigh the benefits of increased rental income against any administrative complexities associated with participating in the voucher program. In a competitive market, offering a voucher-friendly property can set you apart and ensure a steady flow of tenants.
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.