Section 8 Fair Market Rent (FMR) for ZIP 99151 - 2027

Location: Stevens County, WA | Metro: Stevens County, WA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$830
1 Bedroom	$860
2 Bedrooms	$1,110
3 Bedrooms	$1,530
4 Bedrooms	$1,850
5 Bedrooms	$2,146
6 Bedrooms	$2,404
7 Bedrooms	$2,596
8 Bedrooms	$2,726

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

242

Median Household Income

$55,489

Housing Units

106

Renter Percentage

12.9%

Occupancy Rate

95.3%

Renter Occupied

To determine if you should buy in ZIP code 99151 for Section 8 investments, follow this decision tree:

1) Does the Fair Market Rent (FMR) of $1050 for FY 2024 cover the debt service on a property?

No: Do not proceed with buying in this area. The primary source of income for Section 8 properties is the government subsidy based on FMR. If $1050 does not cover your debt service, the investment will result in financial losses.
Yes: Continue to the next question.

2) How does the market rent of $975 compare to the FMR?

Market Rent Below FMR: Proceed with caution. While the FMR provides a guaranteed income floor, the gap between market rent and FMR suggests limited potential for additional income from non-Section 8 tenants. This could indicate a less desirable location for market-rate rentals.
Market Rent Equal to or Above FMR: Consider the next factor.

3) Is there sufficient demand with 12.9% of residents renting and an average of N/A days on the market (DOM)?

N/A DOM indicates high demand: Yes, you should consider purchasing in ZIP 99151. With a significant portion of residents renting and a short time on the market, there is strong evidence of rental demand. The FMR of $1050 can support debt service, and while the market rent is slightly lower, the demand signals suggest that finding Section 8 tenants will be feasible.
N/A DOM indicates low demand: It depends. Despite the FMR covering debt service, the low demand could mean difficulty in filling vacancies. Evaluate other factors such as property values, local employment rates, and amenities before making a decision.

Note: The analysis assumes that the landlord is seeking to purchase a property where the FMR of $1050 can indeed cover the debt service. If this is not the case, the recommendation is clear - do not invest in this ZIP code for Section 8 purposes.

The key takeaway is that the demand for rentals in ZIP 99151 must be robust enough to ensure consistent occupancy. The FMR providing a safety net for income is crucial, but without sufficient demand, even a guaranteed income may not be enough to justify the investment.

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.