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 | $569,432 | 0.25% | F |
| 2BR | $1,830 | $612,645 | 0.3% | F |
| 3BR | $2,410 | $653,045 | 0.37% | F |
| 4BR | $2,650 | $856,332 | 0.31% | F |
U.S. Census Bureau data (2024)
The Section 8 housing market in ZIP code 98346, Kingston, WA, within the Bremerton-Silverdale-Port Orchard MSA, presents a favorable opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) as per HUD for FY 2024 is set at $1,990, which is notably higher than the average market rent of $1,591 reported by the Census ACS. This means that voucher tenants will generally cashflow positively at the HUD FMR rate, providing a significant buffer for property owners.
To further analyze the investment potential, consider the median home value in the area, which stands at $661,897. By dividing the HUD FMR of $1,990 by the median home value, we derive a rent-to-price ratio of approximately 0.30%. This ratio indicates that rental income can be a substantial component of overall property value, making it an attractive proposition for those looking to leverage their investments through rental income.
Regarding the typical time on the market and price adjustments, the median Days on Market (DOM) is not applicable (N/A), and there is a negligible 0.2% share of properties experiencing price cuts. These figures suggest a stable real estate market where the dynamics of renting versus buying do not significantly impact the need for frequent price adjustments or extended marketing periods. Therefore, landlords can expect consistent demand for their properties without the necessity of frequent rent reductions.
The strongest investor angle in this market is cashflow. Given the disparity between the HUD FMR and the market rent, landlords can benefit from positive cash flow scenarios, particularly when considering the stable nature of the local real estate market and the high median home values.
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.