Location: Lewis County, WA | Metro: Lewis County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
U.S. Census Bureau data (2024)
The median income in ZIP code 98356 stands at $60,060, which places significant constraints on how much rent a typical household can afford. At a market rate of $1,084 per month, based on Census ACS data, households are already spending a substantial portion of their income on rent. This figure represents approximately 21.6% of the annual median income, assuming a standard guideline that housing costs should not exceed 30% of gross income.
However, the situation becomes more challenging when considering the Fair Market Rent (FMR) set by HUD at $1,280 per month for the fiscal year 2026. This amount exceeds the market rate by over $196 per month, indicating a scenario where voucher payments could be higher than what the local market demands. This discrepancy highlights an affordability gap for renters who rely solely on their income versus those who have the support of government vouchers.
With only 20.5% of the 2,172 population being renters, competition among landlords in ZIP 98356 is relatively low. However, this also means there is a smaller pool of potential tenants, making it crucial for landlords to consider both voucher and cash-paying strategies to maximize occupancy rates and revenue stability.
Landlords should take note that while voucher tenants might offer lower overall rental income due to the administrative burden and potential delays in payment, they provide a steady stream of income that is often higher than the market rate. In contrast, cash-paying tenants may bring immediate financial benefits but could face challenges in affording rent without assistance, especially given the high cost relative to the median income.
The takeaway for landlords is clear: diversifying your tenant base to include both voucher and cash-paying options can mitigate risks and ensure a stable income flow. By accepting vouchers, you tap into a segment of the market that has guaranteed funding above the local market rate, while still keeping the door open for cash-paying tenants who prefer the flexibility and privacy that comes with paying directly.
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.