Location: Kennewick-Richland, WA | Metro: Kennewick-Richland, 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 | $1,160 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $347,399 | 0.45% | F |
| 3BR | $2,180 | $412,580 | 0.53% | F |
| 4BR | $2,490 | $479,028 | 0.52% | F |
| 5BR | $2,888 | $580,950 | 0.5% | F |
U.S. Census Bureau data (2024)
ZIP code 99337, located within the Kennewick-Richland, WA MSA, has a Federal Market Rent (FMR) of $1720 for fiscal year 2024. This figure is slightly lower than the market rent of $1,877, indicating that while it is affordable for tenants receiving federal assistance, it still aligns closely with the broader rental market dynamics.
The median home value in ZIP 99337 is $432,109, which is a key metric for assessing overall property value. In comparison to typical ZIP codes within the Kennewick-Richland, WA MSA, this value suggests that 99337 is neither a value pocket nor a premium sub-market, but rather a mid-tier neighborhood. The home values are consistent with the average range found in the area, reflecting a balanced market where properties are neither undervalued nor excessively expensive.
The renter share in ZIP 99337 stands at 14.5%, a statistic that is crucial for landlords and small-portfolio investors. This percentage indicates that a significant portion of residents are renters, making it an attractive location for those interested in the rental market. However, the divergence between the FMR and the market rent, combined with the relatively low renter share compared to some other areas, does not necessarily signal a sweet spot for Section 8 properties. A higher renter share coupled with lower home values would typically indicate a stronger presence of Section 8 tenants, but this is not the case here.
In summary, ZIP 99337 represents a mid-tier neighborhood within the Kennewick-Richland, WA MSA, with rental rates and home values that are reflective of the broader market trends. While it offers opportunities for landlords due to its renter share, it does not stand out as a particularly valuable pocket for Section 8 investments based on the provided data.
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.