Section 8 Fair Market Rent (FMR) for ZIP 99116 - 2027

Location: Okanogan County, WA | Metro: Wenatchee-East Wenatchee, WA MSA

Investment Score for ZIP 99116

Monthly Rent (2BR)

$1,350

Median Price (2BR)

$194,363

1% Rule

0.69%

Annual Yield

8.33%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$940
1 Bedroom	$1,030
2 Bedrooms	$1,350
3 Bedrooms	$1,860
4 Bedrooms	$2,270
5 Bedrooms	$2,633
6 Bedrooms	$2,949
7 Bedrooms	$3,185
8 Bedrooms	$3,344

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,350	$194,363	0.69%	D
3BR	$1,860	$262,287	0.71%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,786

Median Household Income

$65,946

Housing Units

864

Renter Percentage

32.8%

Occupancy Rate

88.3%

Renter Occupied

250

The ZIP code 99116, located in Spokane, WA, is a vibrant neighborhood with a mix of residential and commercial properties. The area offers convenient access to local amenities and services, making it attractive for both renters and buyers. Here is a concise market analysis based on key data points.

The Fair Market Rent (FMR) for ZIP 99116 is set at $1,200 for fiscal year 2024, indicating the rental rates that are considered fair for the area by HUD standards.
The actual market rent, according to Census ACS data, stands at $1,055. This suggests that while the FMR is higher, there is still a strong demand for rental properties at slightly lower rates.
The median home value in the area is $230,903, which reflects the typical price range for homeownership in ZIP 99116.
Renters make up 32.8% of the population, showing a significant portion of residents prefer renting over buying, which can be beneficial for landlords and small-portfolio investors.
The median income for the area is $65,946, providing insight into the financial capacity of potential tenants and buyers.

Investors looking to enter the Spokane, WA market should note the discrepancy between the HUD FMR and the actual market rent, indicating opportunities to adjust pricing strategies. The substantial renter share and median income levels suggest a stable tenant base capable of meeting rent obligations. With a median home value that is relatively low compared to other urban areas, ZIP 99116 presents a balanced opportunity for both rental and purchase investments, depending on the investor's strategy and goals.

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.