Location: Stevens County, WA | Metro: Stevens County, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
ZIP Code 99131, located in Stevens County, WA, can serve as a diversifier within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for FY 2024 is set at $960, which aligns well with the local median household income of $35,391. This indicates that the area has a significant renter share of 33.3%, making it an ideal location for landlords who wish to cater to low-income families.
The median home value in 99131 is $245,800, suggesting that the area is not particularly expensive compared to other regions. Given the relatively low median income, there is a higher dependency on rental assistance programs such as Section 8. Therefore, properties in this ZIP code are likely to attract tenants who qualify for such subsidies, ensuring steady cash flow.
A key consideration for landlords is the local poverty rate, which stands at 14%. This means that a portion of the population requires financial assistance, further supporting the viability of Section 8 properties. Additionally, the average worker earnings of $16,523 highlight the economic challenges faced by many residents, reinforcing the need for affordable housing solutions.
In conclusion, ZIP 99131 is best suited as a diversifier in a Section 8 portfolio. It provides a stable tenant base due to its high renter share and median income levels that align closely with the FMR. The low median home value and significant poverty rate ensure a consistent demand for subsidized housing, making it a reliable component of a balanced 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.