Location: Grays Harbor County, WA | Metro: Grays Harbor County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
U.S. Census Bureau data (2024)
The ZIP code 98583, with a median income of $62,750, presents an interesting scenario for both renters and landlords alike. The absence of specific market rate data suggests variability or lack of comprehensive rental data, which could be due to limited housing stock or unique market conditions.
In contrast, the Fair Market Rent (FMR) standard for voucher payments in the metro area for fiscal year 2026 is set at $1,120. This figure represents the maximum amount that a voucher holder can pay towards their rent, making it a critical benchmark for affordability in the area.
With 56.0% of the residents being renters and a total population of 79, the demand for affordable housing is evident. However, the small population size indicates a niche market, where competition among landlords might be less intense compared to larger metropolitan areas. Yet, this also means there is limited room for error when setting rental prices.
The affordability gap becomes apparent when comparing the median income against the FMR. A household earning $62,750 annually has a monthly disposable income of approximately $3,600, assuming no other significant expenses. Given the FMR of $1,120, a voucher holder would have around $2,480 left per month for other living expenses and savings, which is manageable but tight.
This dynamic influences the competition between landlords who accept vouchers versus those who seek cash-paying tenants. Accepting vouchers ensures a steady stream of income, albeit at a fixed rate. On the other hand, targeting cash-paying tenants might allow for higher rents, but landlords must be prepared to offer competitive rates to attract these renters.
The takeaway for landlords considering their strategy in ZIP 98583 is clear: the choice between accepting vouchers or seeking cash-paying tenants should be informed by a careful analysis of local demand and the financial stability of potential tenants. Given the small population and high percentage of renters, landlords might find success by diversifying their tenant mix, thereby balancing the predictability of voucher income with the potential for higher cash rents from financially stable households.
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.