Location: Ferry County, WA | Metro: Ferry County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
U.S. Census Bureau data (2024)
The ZIP code 99140 is located in a rural area of Alaska, characterized by a small, tight-knit community. With a total population of just 486 residents, it is evident that this region is sparsely populated. Approximately 20.8% of the residents are renters, indicating a modest demand for rental properties. The median household income in this area stands at $53,529, which suggests that while the economy is not booming, there is a stable level of financial activity among the local populace.
When considering the economic viability of Section 8 investments in ZIP 99140, the disparity between the Fair Market Rent (FMR) and the actual market rent becomes apparent. For fiscal year 2026, the FMR for the metropolitan area is set at $1,140, whereas the Census ACS reports an average market rent of only $450. This significant gap implies that properties eligible for Section 8 could command rents substantially higher than the current market rate, offering a considerable upside for investors.
The question then arises: Is ZIP 99140 suitable for a hands-off voucher operator or would it benefit more from a hands-on value-add buyer? Given the low population density and the substantial difference between FMR and market rent, a hands-on approach is likely more rewarding. A value-add buyer can improve the quality of existing properties to meet the requirements for Section 8 eligibility, potentially increasing their rental value closer to the FMR. Such an investment strategy would be more aligned with the needs of this particular ZIP code, where the demand for affordable housing is clear but the supply is limited and often subpar.
A hands-off operator might find the returns less attractive due to the lower market rent and the challenges associated with managing properties in a remote location. In contrast, a hands-on investor who is willing to renovate and maintain properties to a higher standard can capitalize on the discrepancy between the actual rent and the FMR, thereby maximizing profitability in this niche market.
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.