Location: Klickitat County, WA | Metro: Klickitat County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 98613 provides a clear picture of potential rental yields in the area. Based on the Fair Market Rent (FMR) for a 2-bedroom unit at $1,490 per month for fiscal year 2026, the annualized income would be $17,880. Given the median home value of $361,176, the implied gross yield from the FMR scenario is approximately 4.95%. This calculation is straightforward: divide the annual rental income by the property value.
However, since the market rent for the area is listed as N/A, we cannot provide a direct comparison using that figure. The lack of market rent data suggests either insufficient data points or significant variability in local rental rates, making it difficult to establish a reliable benchmark for non-subsidized rentals.
To assess the realism of these scenarios, consider the 14.7% renter density in ZIP 98613. This relatively low percentage indicates that homeownership is prevalent in the area, which might limit the pool of tenants interested in renting through the Section 8 program. Additionally, the N/A-day Days on Market (DOM) implies that there's either no available data or the market is highly competitive, leading to quick tenancy turnovers or long vacancies depending on the property type and condition.
In light of these factors, the FMR-based gross yield of 4.95% is a more concrete figure for investors to work with. While it's lower than what some investors might seek, it represents a guaranteed income stream through the Section 8 program, which can be particularly attractive in areas where finding qualified tenants is challenging due to low renter density. For landlords and small-portfolio investors, understanding this gross yield helps in comparing it against other investment opportunities and assessing the risk versus reward of participating in the Section 8 program.
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.