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)
The Fair Market Rent (FMR) for ZIP code 99032 in fiscal year 2024 is set at $1300. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a government subsidy program designed to help low-income families afford housing. It's important to note that this $1300 is the payment standard and does not necessarily reflect the actual rent you will receive; it includes both the tenant's portion and the government subsidy.
To put this into perspective, the average rent in ZIP 99032, according to Census ACS data, is $873. This suggests that the FMR for Section 8 is significantly higher than the local market rate, providing an opportunity for landlords to potentially earn more per unit compared to non-subsidized rentals.
The demand for rental properties in this area is strong, with 20.6% of residents being renters. This high percentage indicates a robust market for rental properties, including those participating in the Section 8 program. Landlords can expect a steady pool of tenants looking for affordable housing options.
However, it's crucial to understand that the acquisition cost for properties in this ZIP code is currently unknown (N/A), which means you should conduct thorough research on property values before making any investment decisions. This could involve reaching out to local real estate agents or reviewing recent sales data to get a better sense of what you might pay to acquire a property.
Before you decide to participate in the Section 8 program with a rental in ZIP 99032, one key thing to verify is whether your property meets the Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable. Failure to meet these criteria could result in disqualification from the program, so it's essential to have your property inspected and make any necessary repairs to comply with HQS requirements.
In summary, the FMR of $1300 for ZIP 99032 offers a competitive advantage over the local average rent of $873. With a significant 20.6% of the population renting, there is a solid demand for rental properties. Ensure your property meets the HQS to avoid any issues once you're part of the program.
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.