Location: Wenatchee-East Wenatchee, WA | Metro: Wenatchee-East Wenatchee, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
U.S. Census Bureau data (2024)
The median income in ZIP code 98847 stands at $68,814, which places significant constraints on the ability of households to afford the market rate rent of $858 per month. This figure is derived from the Census ACS data and clearly illustrates the financial reality faced by residents.
Comparatively, the Fair Market Rent (FMR) standard set for vouchers in fiscal year 2024 is $1,400, which is notably higher than the actual market rate. This discrepancy highlights the challenge for voucher holders to find suitable housing that meets both their needs and the requirements of the voucher program.
In ZIP 98847, where 39.7% of the 1,641 population are renters, the affordability gap means that landlords face stiff competition. Many renters struggle to meet the market rate, let alone the higher FMR standard required for voucher acceptance. This situation creates a scenario where landlords must carefully consider their rental pricing and tenant selection strategies.
For landlords weighing the benefits of accepting Section 8 vouchers versus relying solely on cash-paying tenants, the key takeaway is that while vouchers guarantee a steady and reliable income stream, they also come with the condition of accepting a higher rent rate than what the market naturally dictates. Given the median income, it is advisable for landlords to balance their offerings between market-rate units and voucher-accepting units to cater to the diverse needs of the local rental market. This approach ensures a broader tenant pool and mitigates the risks associated with either strategy.
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.