Location: Grant County, WA | Metro: Wenatchee-East Wenatchee, WA MSA
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 | $1,240 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,740 | $290,299 | 0.6% | F |
| 3BR | $2,360 | $367,742 | 0.64% | D |
| 4BR | $2,910 | $401,401 | 0.72% | D |
U.S. Census Bureau data (2024)
1370 is the Fair Market Rent (FMR) for ZIP 98858 in Waterville, WA, for fiscal year 2024, indicating the maximum amount Section 8 can pay for a two-bedroom rental unit. In contrast, 894 is the average market rent reported by the Census Bureau's American Community Survey, suggesting that landlords participating in the program could see a significant increase in their rental income. The median home value in this area stands at 327,591, which reflects a stable housing market but also highlights the potential for higher property values over time. 23.2% of residents are renters, showing a moderate demand for rental properties. With a median income of 78,669, tenants in Waterville have the financial capability to contribute towards higher rents, making the area attractive for investment. However, the lack of data on days on market (DOM) and the percentage of homes that have had their prices cut indicates a need for further local market research to understand the dynamics fully. Given the disparity between the FMR and the market rent, landlords in Waterville, WA, can benefit from the Section 8 program without compromising on the quality of tenants or the potential for long-term property appreciation. Therefore, the Section 8 verdict for ZIP 98858 is positive, with opportunities for increased rental income and stable tenant occupancy.
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.