Section 8 Fair Market Rent (FMR) for ZIP 99335 - 2027
Location: Kennewick-Richland, WA | Metro: Kennewick-Richland, WA MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,010 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$91,667
To determine if you should buy in ZIP code 99335 for Section 8 investment, follow this decision tree:
- Does the Fair Market Rent (FMR) of $1310 cover the debt service on a property?
- If yes: Proceed to the next question.
- If no: Do not invest in this area as the rental income will not be sufficient to meet your financial obligations.
- Is the market rent above, at, or below the FMR?
- If market rent is above $1310: The potential for higher rents exists, but focus on properties that can be rented at or near the FMR to attract Section 8 tenants.
- If market rent is at $1310: This aligns perfectly with the FMR, making it an ideal location for Section 8 investment.
- If market rent is below $1310: Consider the risk of overpricing your property, which could deter tenants. Ensure your property offers value to justify the FMR.
- Are 27.3% of residents renters, and does the average Days on Market (DOM) support sufficient demand?
- If the DOM is low: This indicates strong demand for rentals, supporting a positive outlook for your investment. The 27.3% rental rate suggests a decent portion of the population is seeking housing.
- If the DOM is moderate: Demand is present but not overwhelming. The investment might still be viable depending on other factors such as competition and vacancy rates.
- If the DOM is high: There is insufficient demand for rentals, making it difficult to find tenants even if the rental rate meets the FMR. Look for ways to improve demand, such as reducing rent or improving property features.
The final decision on whether to invest in ZIP 99335 hinges on the answers to these questions. If the FMR covers debt service, the market rent aligns with or slightly exceeds the FMR, and the DOM supports sufficient tenant demand, then the answer is yes. Otherwise, the decision shifts towards no or it depends based on the specifics of the local real estate market and individual property conditions.
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.