Skip to main content
Loading page
Jefferson County/Port Ludlow/98365

98365

ZIPSAFMR
Jefferson County, WA
Zillow

ZIP Investment Score

52Below average

095130300
BRFMR
Eff. Rent
0 BR$1,650$1,650
1 BR$1,790$1,790
2 BR$2,120$2,120
3 BR$2,940$2,940
4 BR$3,540$3,540
5 BR$4,071Not available
6 BR$4,682Not available
7 BR$5,384Not available
8 BR$6,191Not available

Purchase Price Calculator

Maximum purchase price
$253,115

Cost breakdown

+Likely effective rent$2,120
HUD FMRUsed$2,120
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,280
Loan amount$202,492
Down payment$50,623
Rate6.50%
Term30 years
-Operating costs-$640
Property taxes-$253
Insurance-$175
Utilities$0
HOA$0
Management-$212
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,917(67.0% ROI)
Projected value
$272,577
Return breakdown
Property appreciation+$19,462
Loan principal paid down+$7,255
Rental cash flow+$7,200
5-year hold
+$58,199(115.0% ROI)
Projected value
$286,376
Return breakdown
Property appreciation+$33,261
Loan principal paid down+$12,937
Rental cash flow+$12,000
10-year hold
+$125,721(248.3% ROI)
Projected value
$324,008
Return breakdown
Property appreciation+$70,893
Loan principal paid down+$30,827
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98365 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98365 (Port Ludlow, WA) is $2,120 a month. That is up 5.0% from $2,020 in FY 2026. Port Ludlow is in the Jefferson 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 $1,588. Among 9 ZIP codes in Jefferson County, 98365 has the highest two-bedroom rent (county range $1,240–$2,120). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98365 is 45% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98365
BedroomsFY 2027Change90–110% range
Studio$1,6500.0%$1,485–$1,815
1BR$1,790+4.1%$1,611–$1,969
2BR$2,120+5.0%$1,908–$2,332
3BR$2,940+4.6%$2,646–$3,234
4BR$3,540+4.4%$3,186–$3,894

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98365
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,650$1,790$2,120$2,940$3,540
FY 2026$1,650$1,720$2,020$2,810$3,390
FY 2025$1,610$1,670$1,850$2,590$3,110
FY 2024area FMR$1,052$1,080$1,213$1,709$2,058
FY 2023area FMR$901$994$1,123$1,596$1,913

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

Two-bedroom rent in nearby Jefferson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98365
98320$1,250−41.0%
98325$1,630−23.1%
98331$1,240−41.5%
98339$1,430−32.5%
98358$1,920−9.4%
98365Current$2,120—
98368$1,640−22.6%
98376$1,260−40.6%
98382$1,550−26.9%

Questions about ZIP 98365 rents

How much will Section 8 pay for a two-bedroom in ZIP 98365?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,588, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,429 to $1,747 a month; under the ZIP-level Small Area FMR of $2,120 it would be $1,908 to $2,332. 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 98365 in?

ZIP 98365 is in the Jefferson County, WA non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,588.

How much did fair market rent change in ZIP 98365 for FY 2027?

The two-bedroom FMR rose 5.0%, from $2,020 in FY 2026 to $2,120 in FY 2027. Since FY 2025 it has risen 14.6%.

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 rentPort Ludlow, WA fair market rentWA statewide rentsWhat is SAFMR?Data sources