Location: Stevens County, WA | Metro: Stevens County, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The ZIP code 99157 is located in a neighborhood characterized by a modest population size of 605 residents. Approximately 31.6% of these residents are renters, indicating a relatively stable rental market. The median household income in this area stands at $43,650, which suggests a middle-income community. The median home value is $250,270, reflecting the overall property values and the economic status of homeowners in the region.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for ZIP 99157 as of the fiscal year 2024 is set at $930. This figure represents the government's assessment of what is considered a fair rent price for the area, taking into account various factors such as location and amenities. However, the actual market rent, according to Census ACS data, is significantly lower at $686. This discrepancy between the FMR and the market rent presents an interesting opportunity for investors, especially those involved with Section 8 housing programs.
Given the disparity between the FMR and the market rent, ZIP 99157 could be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR provides a guaranteed income floor that exceeds the current market rates, making it a safe bet for steady returns without the need for active property management. On the other hand, for value-add buyers looking to increase the property value and potentially charge closer to the FMR, there is room to improve the quality and amenities of the properties to justify a higher rent. This could include renovations or upgrades that cater to the needs of Section 8 tenants while also appealing to the broader rental market.
In conclusion, ZIP 99157 offers a balanced investment environment where the potential for steady, government-backed returns exists alongside opportunities for hands-on investors to enhance their portfolio's value through strategic improvements. The current market conditions, combined with the demographic profile of the area, make it a viable option for both types of investors.
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.