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Island County/Greenbank/98253

98253

ZIPSAFMR
Island County, WA
Zillow

ZIP Investment Score

40Below average

095130300
BRFMR
Eff. Rent
0 BR$1,530$1,680
1 BR$1,760$1,940
2 BR$2,200$2,390
3 BR$3,020$2,680
4 BR$3,600$3,140
5 BR$4,140Not available
6 BR$4,761Not available
7 BR$5,475Not available
8 BR$6,296Not available

Purchase Price Calculator

Maximum purchase price
$293,237

Cost breakdown

+Likely effective rent$2,390
HUD FMR$2,200
Market rent$2,490
Est. payment standard (109%)Used$2,390
-Principal and interest-$1,483
Loan amount$234,589
Down payment$58,647
Rate6.50%
Term30 years
-Operating costs-$707
Property taxes-$293
Insurance-$175
Utilities$0
HOA$0
Management-$239
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$38,152(65.1% ROI)
Projected value
$315,784
Return breakdown
Property appreciation+$22,547
Loan principal paid down+$8,405
Rental cash flow+$7,200
5-year hold
+$65,522(111.7% ROI)
Projected value
$331,770
Return breakdown
Property appreciation+$38,534
Loan principal paid down+$14,988
Rental cash flow+$12,000
10-year hold
+$141,845(241.9% ROI)
Projected value
$375,368
Return breakdown
Property appreciation+$82,131
Loan principal paid down+$35,714
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.62
1 BR
0.71
2 BR
0.88
3 BR
1.13
4 BR
1.15
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98253 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98253 (Greenbank, WA) is $2,200 a month. That is up 43.8% from $1,530 in FY 2026. Greenbank is in the Island County, WA non-metropolitan FMR area. 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 county-wide two-bedroom FMR of $1,824. Among 8 ZIP codes in Island County, 98253 has the highest two-bedroom rent (county range $1,650–$2,200). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98253 is 50% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98253
BedroomsFY 2027Change90–110% range
Studio$1,530+41.7%$1,377–$1,683
1BR$1,760+41.9%$1,584–$1,936
2BR$2,200+43.8%$1,980–$2,420
3BR$3,020+41.8%$2,718–$3,322
4BR$3,600+44.0%$3,240–$3,960

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98253
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,530$1,760$2,200$3,020$3,600
FY 2026$1,080$1,240$1,530$2,130$2,500
FY 2025$1,080$1,200$1,460$2,050$2,380
FY 2024area FMR$1,156$1,236$1,523$2,146$2,536
FY 2023area FMR$1,079$1,086$1,376$1,956$2,326

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Island County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98253
98236$1,750−20.5%
98239$1,650−25.0%
98249$1,720−21.8%
98253Current$2,200—
98260$1,940−11.8%
98277$1,870−15.0%
98278$1,870−15.0%
98282$1,950−11.4%

Questions about ZIP 98253 rents

How much will Section 8 pay for a two-bedroom in ZIP 98253?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,824, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,642 to $2,006 a month; under the ZIP-level Small Area FMR of $2,200 it would be $1,980 to $2,420. 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 98253 in?

ZIP 98253 is in the Island County, WA non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,824.

How much did fair market rent change in ZIP 98253 for FY 2027?

The two-bedroom FMR rose 43.8%, from $1,530 in FY 2026 to $2,200 in FY 2027. Since FY 2025 it has risen 50.7%.

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

County fair market rentGreenbank, WA fair market rentWA statewide rentsWhat is SAFMR?Data sources