Location: Mason County, WA | Metro: Mason 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 | $1,100 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $527,294 | 0.29% | F |
| 3BR | $2,090 | $542,992 | 0.38% | F |
| 4BR | $2,220 | $621,576 | 0.36% | F |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 98524 in Allyn, WA, are significant. Firstly, tenant turnover poses a substantial challenge. The market rent stands at $2,083, whereas the Fair Market Rent (FMR) for FY 2026 is set at $1,320. This disparity can lead to frequent tenant changes as the government subsidy may not cover the full market rate, making it difficult for tenants to afford the rent. Secondly, there is a notable exposure to vacancies due to the lack of available data on the average days on market (DOM). Without this information, predicting occupancy rates becomes speculative and risky. Thirdly, the deferred maintenance risk is elevated given the typical home value of $537,779 and the median income of $99,483. The cost of necessary repairs and maintenance can be prohibitive for many residents, leading to potential neglect of properties.
However, these risks must be weighed against the high concentration of renters in the area. With 5.4% of the population being renters, there is a strong likelihood of a robust demand for housing vouchers. High renter density often translates into higher voucher utilization, which can provide a steady stream of tenants and reduce the financial burden of maintaining the property. The combination of these factors suggests that while there are challenges, the presence of a significant number of potential voucher holders can mitigate some of the risks associated with tenant turnover and vacancy.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.