Location: Yakima, WA | Metro: Yakima, 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 | $990 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,810 | $348,074 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 98933 is situated in a rural area of Washington State, characterized by a small population of 1,230 residents. With 34.0% of the population renting their homes, it offers a modest rental market. The median income in this area stands at $75,972, indicating a middle-class community where most residents are financially stable but not necessarily affluent. The median home value of $314,473 suggests that homeownership is attainable for many local residents, yet still represents a significant investment.
From an economic standpoint, the Fair Market Rent (FMR) for ZIP 98933 in fiscal year 2024 is set at $1,280, which is notably higher than the reported market rent of $959 based on Census ACS data. This discrepancy highlights an opportunity for landlords who can offer quality rental properties that meet the higher FMR standards, potentially attracting tenants who qualify for Section 8 vouchers.
Given these conditions, ZIP 98933 could be a suitable location for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the potential to receive the higher FMR compensation makes it attractive, as long as they can maintain properties that meet the necessary qualifications. On the other hand, value-add buyers might find opportunities to renovate or improve existing properties to command rents closer to the FMR, thereby capturing a segment of the market that is currently underserved. The key will be understanding the local demand and the specific requirements of Section 8 tenants, ensuring that any investments align with the financial realities of the area.
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.