Location: Bremerton-Silverdale-Port Orchard, WA | Metro: Bremerton-Silverdale-Port Orchard, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,930 |
| 1 Bedroom | $2,160 |
| 2 Bedrooms | $2,770 |
| 3 Bedrooms | $3,710 |
| 4 Bedrooms | $3,950 |
| 5 Bedrooms | $4,582 |
| 6 Bedrooms | $5,132 |
| 7 Bedrooms | $5,543 |
| 8 Bedrooms | $5,820 |
U.S. Census Bureau data (2024)
The renter's perspective in ZIP code 98314 reveals a complex landscape where affordability plays a critical role in decision-making. The median household income in this area stands at $184,417, which is notably high. However, when juxtaposed against the market rate rent of $2,684 per month (as reported by the Census Bureau's American Community Survey), it becomes clear that even with such a robust income, the cost of housing is a significant expenditure. This places considerable financial pressure on residents, especially considering that 100.0% of the 1,186 population are renters.
To put this into context, the Federal Market Rent (FMR) for ZIP 98314 in fiscal year 2024 is set at $1,780. This means that a substantial portion of the rental market operates above the government-subsidized rates, indicating a wide affordability gap between market rates and what is considered fair market value by HUD standards.
This gap has direct implications for landlords and small-portfolio investors. In an environment where all residents are renters, and the market rate significantly exceeds the FMR, competition for tenants willing to pay the higher market rates intensifies. Landlords who rely solely on market-rate rents must ensure their properties offer competitive value to attract and retain tenants.
On the other hand, those considering voucher programs have a different set of dynamics to navigate. While voucher payments are capped at $1,780, they provide a stable and predictable income stream. Moreover, vouchers can be particularly attractive in areas with high living costs, as they allow lower-income households access to housing they might otherwise be unable to afford. For landlords in ZIP 98314, accepting vouchers could serve as a strategy to fill vacancies in a highly competitive rental market.
The takeaway for landlords is to carefully evaluate the benefits and trade-offs of both market-rate and voucher tenant strategies. High market-rate rents can yield greater immediate revenue, but the competition for these tenants is fierce. Vouchers offer a reliable income source and can help secure occupancy in a tight market, albeit at a lower monthly rate. Balancing these considerations will be key to success in this ZIP code's unique rental environment.
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.