Location: Mount Vernon-Anacortes, WA | Metro: Bellingham, 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 | $1,320 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,350 | $423,662 | 0.32% | F |
| 2BR | $1,700 | $445,024 | 0.38% | F |
| 3BR | $2,350 | $546,352 | 0.43% | F |
| 4BR | $2,710 | $618,617 | 0.44% | F |
| 5BR | $3,144 | $751,749 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 98284 in Washington state presents a mixed landscape for landlords and small-portfolio investors considering Section 8 tenants. With a population of 27,835, the area has 27.0% of residents who are renters, indicating a moderate presence of potential Section 8 tenants. The median household income stands at $93,006, which provides a benchmark against which rental prices can be assessed.
A typical market rent of $2,070 consumes approximately 22.3% of the median household income. This percentage suggests that while the rent is not prohibitively high, it still represents a significant portion of the average resident's earnings. In comparison, the Fair Market Rent (FMR) set at $1,750 for fiscal year 2024 reflects the maximum amount that housing authorities will pay for a rental unit in this ZIP code. This indicates that landlords may need to adjust their expectations if they wish to attract Section 8 tenants, as the typical market rent exceeds the FMR by about $320.
The discrepancy between the market rent and the FMR highlights a potential challenge for landlords in this area. While there is a decent pool of renters, the higher market rents might deter some Section 8 tenants unless landlords are willing to accept the lower payment rates covered by vouchers. The FMR is designed to ensure affordable housing options, and at $1,750, it is below the median household income, making it feasible for a portion of the population to qualify for assistance.
Landlords in ZIP 98284 should anticipate a tenant profile that includes individuals and families seeking affordable housing solutions. These tenants will likely have a combined income that is less than 50% of the area median income, which is $93,006 in this case. Given the mix of homeowners and renters, landlords must decide whether to cater to the broader market or focus on attracting Section 8 tenants, keeping in mind the financial realities of both the local income levels and the established FMRs.
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.