Location: Walla Walla, WA | Metro: Walla Walla, WA MSA
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 | $1,000 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $299,865 | 0.47% | F |
| 3BR | $1,910 | $483,275 | 0.4% | F |
| 4BR | $2,340 | $595,381 | 0.39% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 99323, located in Burbank, WA within the Walla Walla, WA MSA metro area, does not align favorably. The Federal Market Rent (FMR) for FY 2024 is set at $1360, which is significantly higher than the actual market rent of $1,045 as reported by the Census ACS. This discrepancy means that landlords may struggle to attract tenants eligible for Section 8, as the subsidy does not cover the true cost of renting in the area.
Regarding acquisition affordability, the median home value stands at $470,585. With no available data on Days on Market (DOM) or the percentage of homes requiring price cuts, it's challenging to assess the current market conditions for buying properties. However, given the high median home value, purchasing homes in this ZIP code may be costly and could present a barrier for small-portfolio investors looking to acquire properties at a reasonable price.
Tenant demand in ZIP 99323 is relatively low. The total population is 4,082, with only 12.1% being renters. This limited rental market suggests that finding and retaining tenants might be difficult, especially considering the mismatch between the FMR and the actual market rent. Landlords should expect competition for tenants who qualify for Section 8, and the pool of potential renters is quite small.
In conclusion, ZIP 99323 presents challenges for Section 8 landlords and small-portfolio investors. The rent math is unfavorable due to the gap between the FMR and market rents, making it hard to find tenants willing to pay the subsidized rate. Additionally, the high median home value poses a significant hurdle for property acquisition, while the low renter share implies a limited demand for rental units. These factors collectively suggest that investing in this ZIP code for Section 8 properties is not advisable unless other compensating factors exist.
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.