Location: Whitman County, WA | Metro: Spokane, WA HUD Metro FMR Area
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 | $1,000 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,380 | $174,492 | 0.79% | D |
| 3BR | $1,880 | $267,865 | 0.7% | D |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) set at $1080 for ZIP 99033 in fiscal year 2024, landlords and small-portfolio investors can expect to receive a substantial subsidy from the Section 8 program. The actual market rent, according to Census ACS data, stands at $796, indicating a significant gap between what the government deems fair and the current rental market rates. This discrepancy presents an opportunity for savvy investors to leverage the difference for higher returns. The median home value in Tekoa, WA, is $235,125, which suggests that property values are relatively stable and affordable, making it a good area for investment. With a renter share of 33.2%, there is a notable portion of the population who rely on renting, creating a consistent demand for rental properties. The median income of $58,750 supports the viability of the local economy, ensuring that tenants have the means to pay their rents. Unfortunately, the data does not provide specific days on market (DOM) or the percentage of homes that experienced price cuts, which would be useful metrics for gauging the health of the real estate market. However, the combination of a favorable FMR, a reasonable market rent, and a steady median home value makes ZIP 99033 an attractive option for Section 8 investments.
The $1080 FMR is notably above the $796 market rent, allowing landlords to benefit from the additional support while still maintaining competitive pricing. Given the median home value of $235,125, the potential for appreciation and rental income growth is promising. The 33.2% renter share underscores the importance of rental properties in the area, ensuring a steady stream of potential tenants. Moreover, the median income of $58,750 provides assurance that the local population can sustain rental payments, reducing the risk of default. Despite the lack of detailed market dynamics such as DOM and price-cut percentages, the overall economic and rental environment in ZIP 99033 appears robust and supportive of Section 8 investments.
Investors should take note of the $1080 FMR compared to the $796 market rent, which offers a compelling reason to consider Section 8 participation. The $235,125 median home value also indicates a manageable entry point for new investments. With a 33.2% renter share and a median income of $58,750, the demand for rental properties and the ability of residents to pay rent are solid indicators of a healthy market. In conclusion, the data points towards ZIP 99033 being a viable and profitable location for Section 8 investments.
Verdict: ZIP 99033 is a strong candidate for Section 8 investments due to its favorable FMR and market conditions.
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.