Location: Bremerton-Silverdale-Port Orchard, WA | Metro: Bremerton-Silverdale-Port Orchard, 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 | $1,410 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,720 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,030 | $422,022 | 0.48% | F |
| 3BR | $2,720 | $499,002 | 0.55% | F |
| 4BR | $2,890 | $559,796 | 0.52% | F |
| 5BR | $3,352 | $617,329 | 0.54% | F |
U.S. Census Bureau data (2024)
The potential pitfalls for a Section 8 landlord in ZIP code 98311, Bremerton, WA, are significant. First, consider the tenant turnover rate, which can be higher due to the disparity between the market rent of $2,018 and the Fair Market Rent (FMR) of $2,140 for fiscal year 2024. This gap might encourage tenants to seek higher-paying jobs or move to areas where their income better matches housing costs, leading to frequent turnovers.
Vacancy exposure is another concern. With an average days on market (DOM) of only 9 days, it's tempting to think that vacancies will be minimal. However, this quick turnover also indicates a competitive rental market, where a property might remain vacant longer if not priced correctly or maintained to a high standard. The median home value in the area is $510,707, while the median household income stands at $108,757. This suggests that landlords may face deferred maintenance issues, as the cost of upkeep can be substantial relative to the income level of the residents.
Despite these challenges, there are factors that mitigate the risks. The renter share in Bremerton is 24.0%, indicating a relatively high concentration of renters in the area. High renter density typically translates into a robust demand for housing vouchers, which can provide a steady stream of tenants and reduce the likelihood of prolonged vacancies. Additionally, the presence of a large number of renters often correlates with a diverse economic base, reducing the impact of any single economic downturn on the rental market.
In conclusion, the risks associated with becoming a first-time Section 8 landlord in ZIP 98311 are moderate. While there are notable challenges related to tenant turnover and maintenance costs, the high renter density provides a strong counterbalance, ensuring a stable and predictable source of rental income.
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.