Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 98238 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98238 (Conway, WA) is $1,550 a month. That is up 0.6% from $1,540 in FY 2026. Conway is in the Mount Vernon-Anacortes, WA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,668. Among 17 ZIP codes in Skagit County, 98238 is tied for the 13th-highest two-bedroom rent (county range $1,550–$2,240). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98238 is 6% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 98238
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,050
$1,070
+1.9%
$963–$1,177
1BR
$1,170
$1,180
+0.9%
$1,062–$1,298
2BR
$1,540
$1,550
+0.6%
$1,395–$1,705
3BR
$2,150
$2,160
+0.5%
$1,944–$2,376
4BR
$2,340
$2,340
0.0%
$2,106–$2,574
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 98238
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,070
$1,180
$1,550
$2,160
$2,340
FY 2026
$1,050
$1,170
$1,540
$2,150
$2,340
FY 2025
$1,020
$1,160
$1,500
$2,110
$2,340
FY 2024
$980
$1,120
$1,450
$2,040
$2,270
FY 2023
$830
$980
$1,240
$1,760
$2,050
Two-bedroom rent in nearby Skagit County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 98238?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,668, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,501 to $1,835 a month; under the ZIP-level Small Area FMR of $1,550 it would be $1,395 to $1,705. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 98238 in?
ZIP 98238 is in the Mount Vernon-Anacortes, WA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,668.
How much did fair market rent change in ZIP 98238 for FY 2027?
The two-bedroom FMR rose 0.6%, from $1,540 in FY 2026 to $1,550 in FY 2027. Since FY 2023 it has risen 25.0%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set