Location: Grant County, WA | Metro: Grant County, WA
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 | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $200,756 | 0.64% | D |
| 3BR | $1,750 | $340,107 | 0.51% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 99123, Electric City, WA, stands at $87,841. At first glance, this figure seems adequate to cover the market rate rent of $1,095 per month. However, the reality is more nuanced when considering the broader financial landscape of a typical household.
To frame this from a renter’s perspective, let’s break down the numbers. A household earning the median income would allocate approximately 30% of their monthly earnings toward housing costs, which equates to $2,200 per month. This leaves a significant buffer above the market rate rent of $1,095, suggesting that most renters could indeed afford the market rates without substantial difficulty.
However, it’s important to note the Housing Choice Voucher Program’s Fair Market Rent (FMR) standard for the metro area in fiscal year 2026, which is set at $1,080 per month. This means that for landlords, the difference between market rate and voucher payments is minimal—only $15 per month. Given that only 18.5% of the 977 residents are renters, competition among landlords for tenants is relatively low, making it easier to secure tenants willing to pay market rates.
The affordability gap, therefore, does not significantly impact the ability of renters to find suitable housing within their budget. For landlords, this translates into a choice between accepting vouchers, which come with federal oversight and regulations, or relying on cash-paying tenants who might be willing to pay slightly higher rents.
Takeaway: Landlords in ZIP 99123 should consider the minimal difference between market rate and voucher payments when deciding their tenant acquisition strategy. The slight premium from cash-paying tenants, combined with fewer regulatory constraints, might favor a focus on attracting those who can pay the full $1,095. However, given the small number of renters and the close alignment of voucher amounts with market rates, both strategies could be viable depending on the landlord's preference for simplicity versus maximizing rental income.
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.