Location: Lincoln County, WA | Metro: Stevens County, 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 | $800 |
| 1 Bedroom | $970 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $340,044 | 0.33% | F |
| 3BR | $1,550 | $395,964 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 99122, encompassing Davenport, WA, presents a market in flux, characterized by the interplay between rental and ownership dynamics. The Fair Market Rent (FMR) for the area is set at $1,080 for fiscal year 2024, slightly above the market rent of $1,064 as reported by the Census American Community Survey. This suggests that the rental market is somewhat balanced but leans towards a slight premium, indicating that landlords can maintain or slightly increase their rents without significant pushback.
The price-cut share of 0.2% indicates that very few properties are being discounted, which could imply a relatively stable or even tight housing market where demand meets supply closely. However, the lack of data on days on market (DOM) prevents a definitive conclusion on whether homes are selling quickly or lingering on the market, which would be a clearer indicator of demand strength.
The median home value in Davenport stands at $363,534. This figure provides insight into the affordability and desirability of homeownership in the area. While it's a substantial investment, the low percentage of price cuts might suggest that this value is generally accepted by buyers, keeping the market steady.
With an 18.0% renter share, Davenport shows a predominantly owner-occupied community. This statistic is crucial for understanding long-term housing pressures. A lower renter share often correlates with less immediate pressure for rental units but can also indicate that potential renters are either priced out of the market or prefer homeownership. For landlords and small-portfolio investors, this means the rental market is niche but potentially lucrative for those who cater to specific needs, such as short-term stays or specialized housing requirements.
The dynamics of this market point to a balance where demand for both rentals and homeownership is present, though the rental market appears to have a bit more room to grow. Landlords can expect to maintain their current pricing structures, while small-portfolio investors should focus on the stability and value appreciation potential of their investments. The slight premium on FMR over market rent signals a healthy market, where landlords can charge more without significantly deterring tenants.
In summary, ZIP 99122 represents a market where the equilibrium between supply and demand is finely tuned. The relatively high median home value and low renter share suggest a preference for homeownership among residents, yet the rental market remains viable, offering opportunities for those willing to invest in quality, well-priced properties.
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.