Location: Lincoln County, WA | Metro: Wenatchee-East Wenatchee, WA MSA
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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $187,279 | 0.72% | D |
| 3BR | $1,860 | $329,032 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 99133 encompasses a small, tight-knit neighborhood in Grand Coulee, Washington, characterized by a modest population of 1,115 residents. The area has a relatively low rental rate, with only 24.8% of the households being renters. This indicates a primarily owner-occupied community, suggesting a stable environment where long-term residents might be more common. The median household income in this ZIP code is $68,854, which is above the national average, pointing towards a middle-class demographic. The median home value stands at $253,631, reflecting a reasonable cost of living and property investment potential.
The Federal Market Rent (FMR) for ZIP 99133 is set at $1,240 for fiscal year 2024, significantly higher than the Census ACS reported market rent of $591. This gap between FMR and actual market rents presents an opportunity for Section 8 landlords. It means that those who qualify for the Section 8 housing assistance can afford homes that are more expensive than the typical market rate, thus providing a buffer against potential rent shortfalls. Additionally, the higher reimbursement rates can make up for the administrative overhead associated with managing Section 8 properties.
Given the economic landscape, ZIP 99133 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the neighborhood and the generous FMR rates reduce risk and ensure steady cash flow. On the other hand, value-add buyers can leverage the disparity between FMR and market rent to renovate and improve properties, increasing their market value and attracting tenants willing to pay closer to the FMR rate. Both strategies can be effective depending on the landlord's goals and resources.
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.