Island County/Oak Harbor/98277

98277

ZIPSAFMR

Island County, WA

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ZIP Investment Score

61Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,300	$1,430	4.0%
1 BR	$1,500	$1,650	6.7%
2 BR	$1,870	$1,910	7.1%
3 BR	$2,560	$2,440	6.1%
4 BR	$3,060	$2,780	6.5%
5 BR	$3,519	Not available	6.5%
6 BR	$4,047	Not available	6.5%
7 BR	$4,654	Not available	6.5%
8 BR	$5,352	Not available	6.5%

Purchase Price Calculator

Maximum purchase price

$221,909

Cost breakdown

+Likely effective rent$1,910

HUD FMR$1,870

Market rent$1,930

Est. payment standard (102%)Used$1,910

-Principal and interest-$1,122

Loan amount$177,527

Down payment$44,382

Rate6.50%

Term30 years

-Operating costs-$588

Property taxes-$222

Insurance-$175

Utilities$0

HOA$0

Management-$191

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$30,623(69.0% ROI)

Projected value

$238,971

Return breakdown

Property appreciation+$17,063

Loan principal paid down+$6,360

Rental cash flow+$7,200

5-year hold

+$52,503(118.3% ROI)

Projected value

$251,069

Return breakdown

Property appreciation+$29,161

Loan principal paid down+$11,342

Rental cash flow+$12,000

10-year hold

+$113,180(255.0% ROI)

Projected value

$284,062

Return breakdown

Property appreciation+$62,153

Loan principal paid down+$27,026

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.85ratio

FMR$1,300

Market$1,530

vs market-$230

FMR is below market; voucher rent may lag private rents.

0.85

1 BR

0.82ratio

FMR$1,500

Market$1,830

vs market-$330

FMR is below market; voucher rent may lag private rents.

0.82

2 BR

0.97ratio

FMR$1,870

Market$1,930

vs market-$60

FMR is near market; voucher and private rents are aligned.

0.97

3 BR

1.05ratio

FMR$2,560

Market$2,440

vs market+$120

FMR is near market; voucher and private rents are aligned.

1.05

4 BR

1.10ratio

FMR$3,060

Market$2,780

vs market+$280

FMR is above market; underwrite to market rent.

1.10

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 98277 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98277 (Oak Harbor, WA) is $1,870 a month. That is up 15.4% from $1,620 in FY 2026. Oak Harbor 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, 98277 is tied for the 4th-highest two-bedroom rent (county range $1,650–$2,200). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98277 is 27% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98277
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,140	$1,300	+14.0%	$1,170–$1,430
1BR	$1,310	$1,500	+14.5%	$1,350–$1,650
2BR	$1,620	$1,870	+15.4%	$1,683–$2,057
3BR	$2,250	$2,560	+13.8%	$2,304–$2,816
4BR	$2,650	$3,060	+15.5%	$2,754–$3,366

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98277
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,300	$1,500	$1,870	$2,560	$3,060
FY 2026	$1,140	$1,310	$1,620	$2,250	$2,650
FY 2025	$1,100	$1,230	$1,500	$2,100	$2,450
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 code	2 bedroom	vs. 98277
98236	$1,750	−6.4%
98239	$1,650	−11.8%
98249	$1,720	−8.0%
98253	$2,200	+17.6%
98260	$1,940	+3.7%
98277Current	$1,870	—
98278	$1,870	0.0%
98282	$1,950	+4.3%

Questions about ZIP 98277 rents

How much will Section 8 pay for a two-bedroom in ZIP 98277?

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 $1,870 it would be $1,683 to $2,057. 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 98277 in?

ZIP 98277 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 98277 for FY 2027?

The two-bedroom FMR rose 15.4%, from $1,620 in FY 2026 to $1,870 in FY 2027. Since FY 2025 it has risen 24.7%.

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 rent Oak Harbor, WA fair market rent WA statewide rents What is SAFMR?Data sources