Section 8 Fair Market Rent (FMR) for ZIP 98538 - 2027
Location: Lewis County, WA | Metro: Lewis County, WA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,150 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$105,000
To determine if you should buy in ZIP code 98538 for Section 8 investment, follow these steps:
- If the Fair Market Rent (FMR) of $1,470 for the metro area in fiscal year 2026 can cover the debt service on a property in ZIP 98538:
- Yes. This means that the rental income from a Section 8 tenant would be sufficient to meet the mortgage payments and other costs associated with owning the property.
- If the market rent in ZIP 98538 is above the FMR of $1,470:
- It depends. While market rents being higher than the FMR suggests that there might be opportunities to earn more from non-Section 8 tenants, it also indicates that the demand for affordable housing could be high, making Section 8 properties attractive to those who qualify.
- If the market rent in ZIP 98538 is at the FMR of $1,470:
- Yes. This scenario aligns perfectly with the FMR, ensuring that the rental income from a Section 8 tenant matches the expected market rent, thus providing stable cash flow.
- If the market rent in ZIP 98538 is below the FMR of $1,470:
- No. In this case, the market rent is lower than what the government pays for Section 8, which would mean the landlord is receiving less than the potential market rate, reducing the attractiveness of the investment.
- If the percentage of renters at 15.1% combined with the days on market (DOM) figure indicate sufficient demand:
- Yes. A 15.1% rental rate suggests a reasonable portion of the population is renting. However, without the specific DOM figure, it's challenging to provide a definitive answer. Typically, lower DOM indicates higher demand.
- If the percentage of renters at 15.1% combined with the DOM figure does not indicate sufficient demand:
- No. Insufficient demand would mean that finding tenants, even for Section 8 units, could be difficult, leading to potential vacancies and financial losses.
Note: The decision to invest in ZIP 98538 hinges on the specifics of the local real estate market and the individual financial situation of the landlord. Ensure that you have accurate local market data to make an informed decision.
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.