Location: Kittitas County, WA | Metro: Kittitas County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,780 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP code 98946 for Section 8 properties, follow this decision tree:
1) Does FMR $1,660 (metro FY 2026) clear debt service on a $435,514 property?
Yes. The Fair Market Rent (FMR) of $1,660 is sufficient to cover the average debt service on a property valued at $435,514. Assuming a typical mortgage rate and term, the monthly payment would be around $1,500 to $1,600, making it feasible to clear the debt service with the FMR.
No. If your debt service exceeds $1,660 per month, then the FMR does not clear the debt service. This would make the investment unprofitable under Section 8 guidelines.
It depends. For properties with higher debt service, it's essential to consider additional income sources or potential for rent increases. However, based on the given FMR, a standard property value of $435,514 should have a manageable debt service.
2) Is market rent $1,594 (Census ACS) above, at, or below FMR?
Above. If the market rent is above the FMR of $1,660, then the property can potentially be rented out at a higher rate than what is covered by Section 8. This indicates that there might be better opportunities outside of Section 8.
At. If the market rent matches the FMR exactly, then the property is at the threshold for Section 8 eligibility. This scenario suggests a balanced approach where the property could be rented out either under Section 8 or at market rates.
Below. If the market rent is below the FMR, then the property is an ideal candidate for Section 8 as it offers a guaranteed income stream that is above the market rate, ensuring profitability.
3) Are 32.6% renters + N/A-day DOM enough demand?
Yes. With 32.6% of residents being renters, there is a substantial rental market in ZIP 98946. Although the days on market (DOM) is listed as N/A, the percentage of renters indicates strong demand for rental properties.
No. If the rental market is weak, and the DOM is significantly high, then the demand for rental properties is not robust enough to support a Section 8 investment.
It depends. If the DOM is moderate, then the demand for rental properties is likely adequate. However, without a specific DOM figure, it's challenging to assess the exact level of demand. Nonetheless, the 32.6% renter rate suggests a viable market.
To summarize, if the FMR clears your debt service and the market rent is below the FMR, then investing in ZIP 98946 for Section 8 properties is advisable due to the guaranteed income and strong rental market. If the market rent is above the FMR, consider renting at market rates instead. The 32.6% renter rate supports a positive outlook on demand, despite the lack of DOM data.
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.