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 | $1,080 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,130 | $538,311 | 0.21% | F |
| 2BR | $1,480 | $661,862 | 0.22% | F |
| 3BR | $2,050 | $718,601 | 0.29% | F |
U.S. Census Bureau data (2024)
The ZIP code 98546, located in Grapeview, WA, presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The median income in this area stands at $97,159, which is relatively high. However, when considering the market rate for rent, which is $1,180 according to the Census ACS, it becomes evident that there is an affordability gap for many households.
To understand this gap, let’s look at the numbers. A household earning the median income would spend approximately 14.2% of their monthly income on rent at the market rate. This percentage is calculated by taking the annual median income ($97,159), dividing it by 12 to get the monthly income ($8,096.58), and then calculating the rent as a portion of that monthly income. While this is not unreasonably high, it does suggest that rent could be a significant expense for some residents.
Moreover, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,340, which is higher than the current market rate. This means that if landlords choose to accept Section 8 vouchers, they can potentially receive a higher rental payment, covering more of their costs and providing a better financial outcome. The FMR is designed to reflect the average rent for a standard unit in the area, adjusted for the quality and size of the unit, ensuring that voucher holders can find housing without overburdening their budget.
Given that only 6.1% of the 2,430 population are renters, the competition among landlords is likely to be fierce. Landlords who do not accept vouchers might struggle to fill vacancies, especially if potential tenants are looking for affordable options. On the other hand, those who do accept vouchers can tap into a government-supported income stream that exceeds the current market rate, making it a strategic choice.
In conclusion, for landlords in ZIP 98546, accepting Section 8 vouchers can be a financially beneficial strategy. It allows them to receive a higher payment ($1,340) compared to the current market rate ($1,180), while also helping to address the affordability concerns of renters in the area. Given the limited number of renters, landlords should consider the benefits of voucher payments to remain competitive and ensure steady occupancy.
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.