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 | $1,130 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,470 |
| 5 Bedrooms | $2,865 |
| 6 Bedrooms | $3,209 |
| 7 Bedrooms | $3,466 |
| 8 Bedrooms | $3,639 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,050 | $417,795 | 0.49% | F |
U.S. Census Bureau data (2024)
In assessing the investment risk for Section 8 properties in ZIP code 99173, several factors must be considered to determine the viability of such an investment for landlords and small-portfolio investors.
Tenant turnover is a significant concern. The Fair Market Rent (FMR) for ZIP 99173 in fiscal year 2024 is set at $1130, but the actual market rent is currently unknown. This discrepancy can lead to higher turnover rates if tenants find more affordable options outside the Section 8 program. High turnover increases the costs associated with finding new tenants, including advertising, screening, and preparation between tenancies.
Vacancy exposure is another critical issue. With the days on market (DOM) also unknown, it's challenging to predict how quickly a property might fill once it becomes vacant. However, given that the typical home value in this area is $312,364 and the median income is $60,000, there is likely to be a significant disparity between the cost of housing and residents' ability to pay without assistance. This gap can result in extended periods of vacancy, especially if non-assisted renters cannot afford the market rate.
Deferred maintenance is a substantial risk due to the financial constraints many residents face. The median income of $60,000 suggests that tenants may struggle to maintain the property beyond their basic responsibilities. Landlords will need to be prepared to handle any maintenance issues promptly to avoid penalties and ensure compliance with housing standards.
Despite these risks, the high renter density in ZIP 99173, where 14.3% of the population are renters, indicates a robust demand for rental housing. This high percentage of renters often translates into a greater number of Section 8 voucher holders seeking housing, which can stabilize occupancy rates. However, landlords should be aware that the concentration of renters does not guarantee the availability of sufficient vouchers to cover all units.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.