Section 8 Fair Market Rent (FMR) for ZIP 98528 - 2027
Location: Mason County, WA | Metro: Bremerton-Silverdale-Port Orchard, WA MSA
Investment Score for ZIP 98528
F
Monthly Rent (2BR)
$1,830
Median Price (2BR)
$483,894
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,290 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 1BR |
$1,450 |
$387,133 |
0.37% |
F |
| 2BR |
$1,830 |
$483,894 |
0.38% |
F |
| 3BR |
$2,460 |
$503,867 |
0.49% |
F |
| 4BR |
$2,800 |
$554,671 |
0.5% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$91,058
To decide whether you should buy in ZIP 98528 (Belfair, WA) for Section 8 investments, follow these steps:
Step 1: Debt Service Coverage Ratio (DSCR)
- If your answer is Yes: The Fair Market Rent (FMR) for ZIP 98528 in fiscal year 2024 is $1,690. For a property priced at $485,865, you must calculate if this FMR can cover the debt service. Assuming a typical mortgage rate and term, the monthly debt service would likely exceed $1,690, making it difficult to clear debt service solely with FMR.
- If your answer is No: Given that the FMR does not sufficiently cover the debt service on a property valued at $485,865, purchasing in this area for Section 8 purposes is not advisable.
Step 2: Market Rent Comparison
- If market rent is Above the FMR: The Census ACS reports the average market rent at $1,216, which is below the FMR of $1,690. This indicates that tenants might find it easier to afford the rent, but since the market rent is lower, there's no premium over FMR to consider.
- If market rent is At or Below the FMR: As mentioned, the market rent is below the FMR, so it falls into this category. Landlords can expect rents to be set at or slightly below the FMR level, which means they will not benefit from higher-than-market rents.
Step 3: Rental Demand Assessment
- If rental demand is considered Sufficient: With 19.4% of residents being renters, there is a notable demand for rental properties. However, the lack of data on days on the market (DOM) makes it challenging to assess how quickly units are filled. If you can secure a steady stream of Section 8 tenants, this percentage suggests there is enough demand.
- If rental demand is considered Inadequate: The 19.4% rental rate alone does not provide a complete picture without knowing the DOM. If units take too long to fill, even a decent rental rate might not be enough. In this case, it depends on the specifics of the local rental market dynamics and how easily you can find Section 8 tenants.
In conclusion, based on the provided data, the decision to invest in ZIP 98528 for Section 8 purposes hinges on the ability to manage debt service effectively and the specifics of the local rental market beyond just the rental rate. The FMR is insufficient to cover the debt service on a $485,865 property, and the market rent is below the FMR, suggesting limited upside. The rental rate of 19.4% is positive but requires further investigation into the speed of unit occupancy to make a final determination.
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.