Section 8 Fair Market Rent (FMR) for ZIP 98827 - 2027

Location: Okanogan County, WA | Metro: Okanogan County, WA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,290
1 Bedroom	$1,420
2 Bedrooms	$1,800
3 Bedrooms	$2,490
4 Bedrooms	$2,560
5 Bedrooms	$2,970
6 Bedrooms	$3,326
7 Bedrooms	$3,592
8 Bedrooms	$3,772

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

289

Median Household Income

$43,309

Housing Units

276

Renter Percentage

57.0%

Occupancy Rate

64.9%

Renter Occupied

102

ZIP code 98827, located within Okanogan County, WA, presents a unique profile when compared against other ZIP codes in the county. The Fair Market Rent (FMR) for 98827 is set at $1,560 for the fiscal year 2026, slightly below the market rent of $1,663. This indicates that while government-assisted tenants might find rents marginally lower, private market rates are somewhat higher.

The median home value in 98827 stands at $264,752, which is reflective of the broader Okanogan County real estate market. However, the significant point here is the 57.0% renter share, notably higher than the average for the county. A higher percentage of renters typically suggests greater demand for rental properties, potentially making it an attractive area for landlords and small-portfolio investors looking to capitalize on rental income.

To determine if 98827 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the metro, consider the following:

Value Pocket: If other ZIP codes in the county have significantly higher home values and similar or lower renter shares, then 98827 could be considered a value pocket. It offers relatively affordable home values with a high renter share, indicating strong rental demand.
Mid-Tier Neighborhood: If 98827's characteristics align closely with the county average in terms of both rent and home values, it would be categorized as a mid-tier neighborhood. Its slightly below-market FMR and above-average renter share suggest it leans towards being a mid-tier option.
Premium Sub-Market: If ZIP 98827 has higher-than-average rental rates or home values, it might be seen as a premium sub-market. However, given the data, it appears more aligned with mid-tier status due to its median home value and slightly below-market FMR.

The notable divergence in 98827 is its high renter share combined with below-metro average home values. This characteristic can signal a sweet spot for Section 8 properties, where landlords can benefit from the robust rental demand without facing excessively high property acquisition costs.

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.