Location: Okanogan County, WA | Metro: Okanogan 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 | $900 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $980 | $144,000 | 0.68% | D |
| 2BR | $1,250 | $196,676 | 0.64% | D |
| 3BR | $1,730 | $290,135 | 0.6% | F |
| 4BR | $1,770 | $358,735 | 0.49% | F |
U.S. Census Bureau data (2024)
In ZIP code 98841, which encompasses Omak, Washington, the real estate landscape presents a unique set of dynamics for landlords and small-portfolio investors. The median home value stands at $265,650, indicating a relatively stable market. However, the fact that only 0.2% of listings have been reduced suggests a slight resistance to lowering asking prices, which can be interpreted as a mild bullish sentiment among sellers.
The median days on market (DOM) being listed as N/A points to a scarcity of recent sales data, but combined with the low percentage of price reductions, it implies that homes are selling relatively quickly when listed at their asking price. This signals that there might still be some pricing power for sellers in the short term, though the lack of DOM data should be considered a limitation in assessing the overall health and speed of the local housing market.
On the rental side, the forward market rate (FMR) for ZIP 98841 is projected to be $1,060 for fiscal year 2026, while the current market rate based on Census ACS data is $889. This gap between the expected future rent and the present market rent suggests that rental properties could see an increase in income potential as time progresses. Investors should prepare for a gradual rise in rental rates, aligning with the FMR projections.
For long-term hold investors, the appreciation thesis is somewhat tempered by the limited data available on DOM and the current market conditions. While the housing market in Omak does not show signs of rapid depreciation, the slow growth indicated by the median home value and the minimal listing reductions suggest that appreciation will likely be modest. Realistic expectations for capital gains should be grounded in conservative estimates, given the stable but unremarkable trends in both home values and rental rates.
The setup for investors in Omak, WA, as implied by the data, is one of steady, if unspectacular, returns. The market appears to be balanced, with neither extreme seller nor buyer dominance. Landlords and investors should focus on maintaining quality properties and gradually adjusting rents to match the anticipated increases in the FMR, ensuring a sustainable income stream without the promise of dramatic appreciation.
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.