Location: Jefferson County, WA | Metro: Jefferson County, WA
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 | $1,010 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,060 | $409,807 | 0.26% | F |
| 2BR | $1,260 | $531,814 | 0.24% | F |
| 3BR | $1,740 | $588,283 | 0.3% | F |
U.S. Census Bureau data (2024)
The ZIP code 98376, located in Quilcene, WA within Jefferson County, has specific metrics that can be compared against typical ZIP codes in the same county to determine its market position. With a Fair Market Rent (FMR) of $1,190 for fiscal year 2026, it slightly exceeds the current market rent of $1,120. This indicates that while the FMR is higher, the actual rents charged are lower, suggesting a potential opportunity for landlords who can offer quality housing at competitive rates.
The median home value in ZIP 98376 stands at $452,347. This figure is likely reflective of the broader trends seen across Jefferson County, WA, where home values tend to be moderate to high due to the area's desirable living conditions and proximity to natural amenities. The 6.9% renter share is notably low, indicating that the majority of residents in this area own their homes rather than renting. This characteristic aligns with the general trend in Jefferson County, where homeownership is prevalent.
Given these figures, ZIP 98376 does not appear to be a value pocket or a premium sub-market within its metro. Instead, it represents a mid-tier neighborhood with relatively stable pricing dynamics. The low renter share combined with a high home value suggests that this area is primarily attractive to homeowners rather than renters. However, the slight gap between the FMR and market rent could present an opportunity for landlords to capture a segment of the rental market without overpricing their properties.
To further analyze the potential of ZIP 98376 as a Section 8 sweet spot, we would need to examine additional factors such as the availability of Section 8 vouchers in the area and the specific criteria for eligibility. These factors influence the demand for affordable housing and can impact the attractiveness of the area for landlords participating in the Section 8 program.
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.