Location: Stevens County, WA | Metro: Stevens County, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 99101 under the Section 8 program are significant and must be carefully considered. Tenant turnover is a critical issue, with the Fair Market Rent (FMR) set at $940 for FY 2024. This figure is lower than the typical market rent, which can lead to higher turnover rates as tenants may seek better rental deals elsewhere. High turnover can result in increased vacancy periods, impacting cash flow negatively. The average days on market (DOM) for rental properties in this area is currently unavailable, but it is important to note that any extended vacancy period can exacerbate financial stress for landlords.
Deferred maintenance is another substantial risk factor. With a typical home value of $366,091 and a median income of $78,750, many property owners might struggle to keep up with necessary repairs and upgrades. The disparity between the median income and the cost of housing means that landlords could face challenges in maintaining properties to meet Section 8 standards without incurring significant out-of-pocket expenses.
However, these risks are tempered by the high concentration of renters in ZIP 99101. The renter share stands at 11.3%, indicating a robust demand for rental properties. This high renter density often translates into a greater number of individuals seeking housing through the Section 8 voucher program. As such, the likelihood of finding qualified tenants who can provide consistent rental income is relatively high.
In conclusion, despite the risks associated with tenant turnover and deferred maintenance, the high renter density in ZIP 99101 suggests a moderate risk for first-time Section 8 landlords. While careful management and planning are essential, the potential for stable income makes this ZIP code a viable option for investors willing to navigate the challenges 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.