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 | $970 |
| 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 |
|---|---|---|---|---|
| 3BR | $1,910 | $595,859 | 0.32% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 99360 in fiscal year 2024 is set at $1530. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, not the actual rent paid by individual tenants. The FMR is a benchmark used by the Department of Housing and Urban Development (HUD) to determine the payment standards for Section 8 housing vouchers.
To put this into perspective, the average rent for the area, according to the latest Census American Community Survey (ACS), is $953. This means that if you participate in the Section 8 program, you could potentially receive a higher rent payment than the market average, which is beneficial for covering costs and maintaining profitability.
The demand for rental properties in ZIP 99360 is relatively high, with 25.2% of the population being renters. This indicates a strong market for rental units, especially those that qualify for Section 8 assistance. Given the high percentage of renters, there's a good chance that your property will be occupied, reducing the risk of vacancy.
Acquiring a rental property in this area can come at a price. The median home value in ZIP 99360 is approximately $568,958. This is an important number to consider when evaluating the potential return on investment for a Section 8 property. While the initial outlay might seem significant, the steady income from the Section 8 program can help offset the acquisition cost over time.
Before deciding to enter the Section 8 market, it's crucial to verify that your property meets all the necessary requirements for participation. This includes ensuring that the unit passes a Housing Quality Standards (HQS) inspection, which checks for safety and habitability issues. Once these conditions are met, you can confidently proceed with listing your property under the Section 8 program.
In summary, the FMR of $1530 provides a clear guideline for the maximum rent you can charge under Section 8, which is significantly higher than the local average of $953. With a high renter share of 25.2%, you're likely to have consistent occupancy, and the median home value of $568,958 gives a solid basis for assessing your investment. However, make sure your property complies with HQS standards before signing up for the program.
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.