Location: Jefferson County, WA | Metro: Clallam 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 | $1,090 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,480 |
| 5 Bedrooms | $2,877 |
| 6 Bedrooms | $3,222 |
| 7 Bedrooms | $3,480 |
| 8 Bedrooms | $3,654 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,190 | $448,998 | 0.27% | F |
| 2BR | $1,550 | $499,970 | 0.31% | F |
| 3BR | $2,140 | $605,200 | 0.35% | F |
| 4BR | $2,480 | $739,287 | 0.34% | F |
| 5BR | $2,877 | $901,461 | 0.32% | F |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 98382, located in Sequim, WA, include significant tenant turnover due to the disparity between the market rent of $2,295 and the Fair Market Rent (FMR) of $1,360 for fiscal year 2026. This gap can lead to higher vacancy rates, as tenants may struggle to afford the difference when moving out, increasing the property's days on market (DOM) to 42 days. Additionally, the typical home value of $562,561 paired with a median income of $74,189 suggests that properties may face deferred maintenance issues, as owners might lack the financial resources to keep up with necessary repairs.
Despite these challenges, the high renter share of 18.9% in Sequim indicates a robust demand for rental housing, which often translates into a higher number of Section 8 vouchers circulating among the population. This factor can mitigate some of the risks associated with tenant turnover and vacancy rates, as there will likely be a steady pool of qualified voucher holders seeking housing.
To summarize, the risks posed by tenant turnover, extended vacancy periods, and deferred maintenance are present but balanced by the strong rental market and high voucher demand. Therefore, the overall risk for a first-time Section 8 landlord in ZIP 98382 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.