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 | $1,420 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,590 | $517,952 | 0.31% | F |
| 2BR | $2,040 | $551,891 | 0.37% | F |
| 3BR | $2,740 | $653,049 | 0.42% | F |
| 4BR | $2,910 | $767,007 | 0.38% | F |
| 5BR | $3,376 | $806,779 | 0.42% | F |
U.S. Census Bureau data (2024)
The investment landscape in ZIP 98370, Poulsbo, WA, presents several challenges for landlords considering participation in the Section 8 program. First, tenant turnover could be a significant issue due to the discrepancy between the market rent of $2,416 and the Fair Market Rent (FMR) of $2,280 for FY 2024. This difference may cause tenants to seek higher-paying jobs or move to areas where they can afford market rates, leading to frequent turnover.
Vacancy exposure is another concern. With an average Days on Market (DOM) of 32 days, landlords might face periods when units remain unoccupied, resulting in lost rental income. The time it takes to fill vacancies can be crucial, especially if maintenance or other costs arise during this period.
Deferred-maintenance exposure is also notable. Given the typical home value of $667,205 and a median income of $116,756, many residents may struggle to keep up with substantial maintenance costs. This could lead to increased wear and tear on properties, necessitating more frequent repairs and replacements.
However, these risks must be weighed against the 24.5% renter share in the area, which indicates a high concentration of renters. High renter density generally correlates with a greater demand for housing assistance programs such as Section 8 vouchers. This increased demand can provide a steady stream of potential tenants who are committed to their housing through the voucher system, reducing the likelihood of prolonged vacancies.
In conclusion, the risks associated with tenant turnover, vacancy exposure, and deferred-maintenance in ZIP 98370 are considerable. However, the high renter share suggests a robust demand for Section 8 properties, which can mitigate some of these concerns. For a first-time Section 8 landlord, the overall risk level in this area is moderate.
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.