Location: Kennewick-Richland, WA | Metro: Kennewick-Richland, WA MSA
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 99345 stands out due to its unique demographic and economic characteristics. With only 162 residents, it is one of the least populated areas, making every unit count for landlords and small-portfolio investors. The rental rate at 31.9% indicates that a significant portion of the population is already accustomed to leasing properties, which can be beneficial for maintaining a steady stream of tenants. Despite the low population, the median income of $102,500 suggests a relatively affluent community, which could translate into higher-quality renters who are less likely to default on payments.
The absence of a median home value figure points to limited homeownership in the area, potentially indicating a market dominated by rentals. This scenario aligns well with the principles of Section 8 housing, where federal assistance is provided to low-income families to help them afford decent and safe rental housing.
From an economic standpoint, the Fair Market Rent (FMR) for ZIP 99345 is set at $1300 for the fiscal year 2024. This is significantly higher than the market rent of $488, based on Census ACS data. Landlords participating in the Section 8 program can expect to receive a substantial subsidy, effectively bridging the gap between the local market rates and the FMR established by the government. This subsidy ensures that landlords are compensated at a level that reflects a fair market rate, even when the actual rents charged to tenants are lower.
The data signature for ZIP 99345 reads as "stable." Although the population is small, the high median income and the established rental market suggest a consistent demand for rental units. The disparity between the FMR and the market rent also implies that there is ample room for landlords to benefit financially from the Section 8 program without facing significant risks. For small-portfolio investors, this stability can be particularly appealing, as it offers a reliable source of income with minimal fluctuations.
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.