Location: Lincoln County, WA | Metro: Spokane, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
U.S. Census Bureau data (2024)
21.6% of the residents in ZIP 99029 are renters, indicating a significant portion of the population relies on rental housing. This statistic aligns with the $740 market rent observed in the area according to Census ACS data, which is notably lower than the $1080 Fair Market Rent (FMR) for zip FY 2024. The gap between these two figures suggests an opportunity for landlords to offer affordable housing while still achieving rents close to the FMR. Additionally, the median home value stands at $408,826, which is high compared to the median income of $69,919, further emphasizing the importance of rental properties for affordability.
The lack of data on days on market (DOM) and price-cut share indicates either a stable market or limited transactions, which could be beneficial for landlords seeking long-term tenants who are less likely to move frequently. Given the disparity between the median income and home values, it's evident that many residents rely on rental options, making the rental market robust and potentially less volatile.
In conclusion, the $1080 FMR provides a benchmark for landlords to set competitive rental rates, ensuring profitability while catering to the needs of a substantial 21.6% renter population. The median income of $69,919 supports the viability of Section 8 vouchers, given that the maximum voucher amount is typically set at or below the FMR. Therefore, landlords in ZIP 99029 should consider participating in the Section 8 program to capitalize on the demand for affordable housing.
Verdict: ZIP 99029 is a prime location for Section 8 investment due to the high median home value and significant renter population.
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.