Location: Lewis County, WA | Metro: Lewis County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
U.S. Census Bureau data (2024)
Investors considering ZIP 98533 may have several concerns regarding the feasibility of investing in the area. Here, we address three key objections with available data.
Objection 1: Will Fair Market Rent (FMR) of $1,300 (metro FY 2026) cover the mortgage on a typical home?
The data does not provide specific median home values or typical mortgage costs for ZIP 98533. However, it's crucial to consider that the FMR is set to ensure affordability for low-income families, which means it may not be sufficient to cover the mortgage on higher-end properties. Landlords should calculate their mortgage costs and factor in the FMR to determine if the investment aligns with their financial goals.
Objection 2: Is there enough renter demand at 37.5%?
The 37.5% renter-occupied rate suggests a moderate level of rental demand. While this percentage might seem low compared to densely populated urban areas, it still indicates a significant portion of the housing market dedicated to rentals. The actual demand will depend on factors such as job availability, population growth, and the overall economic health of the area. It's advisable to research these additional metrics to better gauge the potential success of rental investments.
Objection 3: Will vouchers keep pace with market rents of $865?
The FMR of $1,300 is higher than the current market rent of $865, which could imply that voucher holders might find it challenging to secure housing within the ZIP code. However, the FMR is designed to reflect what is reasonable for the area, so while it may not perfectly match the $865 figure, it provides a benchmark for affordable housing. Vouchers typically adjust annually based on HUD guidelines, so they should eventually align with the FMR, though this process can take time.
While the data helps clarify some aspects of investing in ZIP 98533, it's important to note that certain specifics, such as home values and exact voucher adjustments, are not fully detailed here. Investors should conduct further research to make informed decisions.
Data Sources: FMR data from HUD (2027). 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.