Section 8 Fair Market Rent (FMR) for ZIP 98507 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 98507 in fiscal year 2024 is set at $1800. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's the cap on what the Housing Choice Voucher program will pay.

In ZIP 98507, the median market rent is currently listed as N/A. While this doesn't provide a direct comparison to the FMR, it's useful to understand that the FMR is designed to reflect the average rents paid by the private market in similar units. If the FMR is higher than the typical market rent, it could indicate that participating in Section 8 might be financially viable for your property.

The percentage of renters in ZIP 98507 is N/A%, which suggests a significant portion of the population relies on rental housing. This indicates a steady demand for rental properties, including those under the Section 8 program.

Regarding the acquisition cost of a property in ZIP 98507, the average price is listed as N/A. This figure helps you gauge the investment required to enter the market. However, remember that the Section 8 program requires properties to meet certain quality standards, which may necessitate additional upfront costs.

Before proceeding with a Section 8 rental, it is crucial to verify that your property meets all the necessary requirements set by the program. These include passing an inspection to ensure it complies with health and safety standards. This step is non-negotiable and ensures that your property is eligible for participation.

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.