Location: Stevens County, WA | Metro: Stevens County, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The Section 8 housing analysis for ZIP code 99126 centers around the discrepancy between the Fair Market Rent (FMR) set at $980 for the fiscal year 2024 and the observed market rents. Based on recent data from Trulia, the average market rent for apartments in nearby areas is approximately $1,045 per month. This places the FMR $65 below the market rate, a difference of roughly 6.2%. The median home value in 99126 is $349,864, with 9.4% of residents being renters. The median income is not specified, but it is crucial for understanding the affordability of housing.
The gap between FMR and market rent means that landlords accepting Section 8 vouchers in 99126 could face financial constraints if they rely solely on the voucher amount. Landlords must charge no more than the FMR to qualify for the voucher program, which can result in lower yields compared to renting at market rates. For instance, a landlord might lose out on $65 per month per unit, translating into a significant annual loss if multiple units are involved.
Investors should consider the broader economic context when deciding whether to accept Section 8 tenants. Despite the lower rent, the stability and security offered by government-backed vouchers can be an attractive feature. However, the cost of maintaining properties at below-market rates and potential difficulties in finding tenants willing to pay the higher market rents post-voucher period must also be factored into the investment strategy.
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.