Section 8 Fair Market Rent (FMR) for ZIP 98496 - 2027

FY 2027 Fair Market Rent Rates

1990 is the Fair Market Rent (FMR) for ZIP 98496 in Lakewood, WA, for fiscal year 2024. Despite the lack of specific market rent data, the FMR indicates a significant benchmark for rental pricing. There is no median home value available, suggesting limited residential sales activity in the area. The absence of detailed income data makes it challenging to assess the average financial capacity of residents.

N/A is the reported median income, indicating incomplete data. This lack of information can make it difficult to predict tenant behavior or financial stability. Similarly, the renter share percentage is also unavailable, which would have been useful for understanding the proportion of renters in the area.

The data does show that there are 17 total businesses in ZIP 98496, reflecting a modest local economy. However, without employment rate data, it's unclear how these businesses impact the job market and local incomes.

Given the incomplete data set, particularly the absence of median home values and median income figures, landlords and small-portfolio investors must rely heavily on the Fair Market Rent figure of $1990. This reliance underscores the importance of the FMR as a guideline for setting competitive rental rates. However, without additional context on local market conditions, making precise investment decisions remains challenging.

Section 8 Verdict: Proceed with caution, relying on the $1990 FMR as a key reference point.

Data Sources: FMR data from HUD (2027).

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.