Location: Stevens County, WA | Metro: Stevens County, WA HUD Metro FMR Area
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 | $990 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $394,346 | 0.33% | F |
| 3BR | $1,800 | $498,601 | 0.36% | F |
| 4BR | $2,180 | $674,931 | 0.32% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 99148, Loon Lake, WA, is set at $1030 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers, meaning it's the maximum amount the government will pay toward a tenant's rent. It does not represent the total rent you can charge your tenants.
To put this into perspective, the average rent in Loon Lake based on Census American Community Survey (ACS) data is $989. This suggests that the FMR is slightly above the market rate, which could be beneficial for landlords participating in the Section 8 program. However, the actual rent you receive will depend on the tenant's contribution, which is typically a percentage of their income.
The demand for rental properties in Loon Lake is relatively high, with 18.4% of residents being renters. This indicates that there is a substantial portion of the population looking for affordable housing options, including those who might qualify for Section 8 assistance. Given the local renter share, landlords can expect a reasonable pool of potential tenants interested in subsidized housing.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in Loon Lake is approximately $402,386. This is an important number to keep in mind when evaluating whether the potential income from a Section 8 rental justifies the investment. Remember, the FMR of $1030 is the cap for government payments, so you should ensure that this amount, combined with the tenant's contribution, covers your mortgage, maintenance, and other costs associated with owning and managing a rental property.
Before proceeding with your first Section 8 rental, verify that the property meets all the required standards for habitability and safety. The Housing Quality Standards (HQS) inspection is crucial; failing it can lead to rejection and loss of potential income. Ensure your property is up to code and ready for occupancy to avoid any complications.
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.