Location: Stevens 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 |
|---|---|---|---|---|
| 3BR | $1,880 | $453,119 | 0.41% | F |
U.S. Census Bureau data (2024)
ZIP 99110, located in Stevens County, WA, can be an effective component of a Section 8 portfolio strategy due to its characteristics as a cash-flow anchor. The Federal Market Rent (FMR) for the area in fiscal year 2024 is set at $1080, which exceeds the current market rent of $954. This spread indicates that properties in this ZIP code can potentially generate higher rental income when participating in the Section 8 program compared to typical market rates.
The median home value in ZIP 99110 stands at $432,019. Given the disparity between the FMR and market rent, landlords can expect a steady cash flow from tenants who qualify for Section 8 vouchers, as the government will cover the difference between the actual rent and what the tenant can afford based on their income. This makes the ZIP code particularly attractive for investors looking to ensure consistent monthly income.
Although the data does not provide specific percentages for price-cut share or days on market (DOM), the lack of these metrics suggests that the primary focus for this ZIP code should be on the cash flow rather than short-term appreciation. The 18.5% renter share and median income of $76,106 indicate a moderate demand for rentals and a reasonable economic base, but do not suggest rapid property value increases or significant speculative gains.
In conclusion, ZIP 99110 serves best as a cash-flow anchor within a Section 8 portfolio. Landlords can rely on the guaranteed income from the government subsidy, ensuring that they receive $1080 per unit, above the local market rate, without the risk associated with speculative investments in areas with high DOM or price-cut shares.
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.