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 | $1,320 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,480 | $386,932 | 0.38% | F |
| 2BR | $1,900 | $429,693 | 0.44% | F |
| 3BR | $2,550 | $500,535 | 0.51% | F |
| 4BR | $2,710 | $554,317 | 0.49% | F |
| 5BR | $3,144 | $607,428 | 0.52% | F |
U.S. Census Bureau data (2024)
1940 is the Fair Market Rent (FMR) for ZIP 98366, Port Orchard, WA, as set by HUD for fiscal year 2024. 1865 represents the actual market rent, or ZORI, indicating a slight gap between the FMR and what tenants are paying on average. 503683 is the median home value in the area, showing a significant asset base for homeowners but also suggesting higher costs for potential rental properties. 30.7 is the percentage of residents who are renters, a figure that underscores the importance of the rental market in this community. 92011 is the median household income, which provides insight into the financial capabilities of local residents. 16 is the number of days it typically takes for a property to sell, or DOM, reflecting a relatively quick market turnover. 0.2 is the percentage of listings that have been price-cut, indicating a stable market where few properties need to be discounted to attract buyers.
The disparity between the FMR at 1940 and the ZORI at 1865 suggests that landlords can potentially charge slightly above the market rate without significantly deterring tenants. The high median home value at 503683 implies a strong economic foundation, yet the median income at 92011 indicates that many residents might rely on assistance programs such as Section 8. With 30.7 of the population renting, there is a substantial demand for affordable housing solutions. The short DOM of 16 days highlights the active nature of the real estate market, while the low price-cut share at 0.2 shows that properties are generally priced correctly and sell at their asking price.
Given these metrics, Section 8 remains a viable option for landlords and small-portfolio investors in Port Orchard. It offers a reliable stream of rental income, especially when considering the high median home value and the percentage of renters. However, landlords should be prepared to navigate the administrative requirements of the program. In conclusion, the combination of a slightly favorable FMR to market rent ratio and a significant renter population makes Section 8 a valuable tool for securing steady tenancy in ZIP 98366.
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.