Location: Kennewick-Richland, WA | Metro: Kennewick-Richland, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
The Section 8 housing market in ZIP code 99302, located within the Kennewick-Richland, WA MSA, presents unique challenges and opportunities for landlords and small-portfolio investors. The Fair Market Rent (FMR) set by HUD for this area in fiscal year 2024 is $1410. However, without specific data on the current market rent for the region, it's difficult to make a direct comparison. Based on the available HUD FMR, voucher tenants will likely only cashflow in premium units, given that the FMR is often below the market rent.
The median home value in the ZIP code is not provided, which makes deriving a precise rent-to-price ratio challenging. Nevertheless, understanding the local real estate trends can still provide valuable insights into the rent-versus-buy dynamics. Without specific data on the days-on-market (DOM) and the percentage of homes that required price reductions, we can infer that these metrics might impact the decision-making process for both renters and buyers. For instance, if the DOM is high, it suggests a slower sales market, which could lead more potential homeowners to choose renting over buying, potentially increasing demand for rental properties.
The strongest angle for investors in this market is likely stability. Given the reliance on HUD's FMR for cashflow considerations, having a steady stream of income through Section 8 vouchers can be a reliable investment strategy, especially in an area where market rents and home values may fluctuate unpredictably. This stability provides a solid foundation for long-term investment planning and portfolio management.
Data Sources: FMR data from HUD (2027).
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.