Location: Grays Harbor County, WA | Metro: Grays Harbor County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
The Fair Market Rent (FMR) for ZIP 98559 in the metro area for fiscal year 2026 is set at $1,220. This figure raises several questions for skeptical investors. Will this amount cover the mortgage on a typical home in the area? Is there sufficient renter demand to fill properties at this price point? And will HUD vouchers keep pace with the local market rents?
Will FMR $1,220 cover the mortgage on a typical home in 98559? The median home value in the surrounding areas, such as Shelton and Olympia, ranges from $339,000 to $1,400,000. Assuming an average mortgage rate and a loan-to-value ratio, the monthly mortgage payment on a $339,000 home could be around $1,500, which exceeds the FMR. Therefore, relying solely on FMR to cover mortgage payments might not be feasible.
Is there enough renter demand at $1,220? The data does not provide specific vacancy rates for ZIP 98559. However, the presence of multiple homes listed for sale suggests that the real estate market is active. To accurately assess renter demand, one would need to look into local rental listings and occupancy rates. The lack of direct rental data makes it difficult to definitively answer this question.
Will vouchers keep pace with local market rents? The FMR of $1,220 is intended to reflect the market conditions for affordable housing. If local market rents rise above this figure, voucher holders might struggle to find suitable accommodations. It's crucial to monitor both FMR adjustments and market rent trends to ensure that vouchers remain effective in supporting tenants.
Note that the data provided focuses more on home sales rather than rentals, so some questions cannot be fully answered without additional rental-specific information.
Data Sources: FMR data from HUD (2027).
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.