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 | $1,260 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,400 | $322,013 | 0.43% | F |
| 2BR | $1,830 | $372,458 | 0.49% | F |
| 3BR | $2,410 | $424,452 | 0.57% | F |
| 4BR | $2,650 | $461,442 | 0.57% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 98337, located in Bremerton, WA, within the Bremerton-Silverdale-Port Orchard MSA, reveals key insights for landlords and small-portfolio investors.
The rent math works favorably. The Fair Market Rent (FMR) for ZIP 98337 in fiscal year 2024 is set at $1690, which closely aligns with the Zillow Observed Rental Index (ZORI) of $1,694. This parity suggests that properties priced at the FMR level will remain competitive in the local rental market.
Acquisition in this area is moderately affordable. The median home value stands at $390,903. While the days on market (DOM) and the percentage of homes requiring price cuts are not available, the median home value indicates that purchasing properties here is within reach for many investors, especially considering the relatively stable rental income potential.
Tenant demand is robust. With a population of 7,370 and a significant 53.6% of residents being renters, there is a substantial pool of potential tenants. This high renter share supports a strong demand for rental properties, making it likely that vacancies will be short-lived and occupancy rates high.
Verdict: ZIP 98337 presents a viable investment opportunity for landlords and small-portfolio investors. The rent math is sound, with FMR and market rents nearly identical, ensuring competitive pricing without sacrificing income. Acquisition costs are reasonable, and the high renter share guarantees a steady stream of tenants. These factors collectively suggest a favorable environment for generating consistent rental income and maintaining a healthy property portfolio.
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.