Location: Lewiston, ID | Metro: Lewiston, ID-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
U.S. Census Bureau data (2024)
The ZIP code 99401 is located in a rural area of Alaska, specifically encompassing parts of the city of Ketchikan. This neighborhood is primarily characterized by its low population density and a small resident base of approximately 163 individuals. Notably, there are no renters reported in the area, indicating that the majority of residents own their homes. The median household income in ZIP 99401 stands at $41,438, which is relatively modest compared to larger urban centers in Alaska.
Despite the lack of reported market rent data, the Fair Market Rent (FMR) for ZIP 99401 has been set at $1180 for the fiscal year 2024. This figure represents the estimated rent cost for a standard two-bedroom apartment and is used as a benchmark for housing assistance programs such as Section 8. Given the absence of median home values and market rent figures, it suggests that the real estate market in this ZIP code is quite unique, possibly due to the remote location and the nature of the local economy.
Considering these factors, ZIP 99401 would likely be a challenging environment for a hands-off voucher operator. The lack of rental properties means that there is limited opportunity to manage a portfolio without actively engaging in property acquisition and management. On the other hand, a hands-on value-add buyer could find potential in this area, particularly if they focus on developing rental units that cater to the needs of lower-income families seeking housing assistance. However, such an investor must be prepared for the unique challenges associated with operating in a rural Alaskan setting, including logistical difficulties and potentially higher operational costs.
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.