Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
U.S. Census Bureau data (2024)
2210 The Fair Market Rent (FMR) for ZIP 98002 in Auburn, WA, for fiscal year 2024 stands at $2,210. This figure represents the maximum amount a landlord can charge for a rental unit under the Section 8 program. 1899 In comparison, the market rent, known as the Zillow Observed Rent Index (ZORI), is $1,899, indicating a significant premium for Section 8 rentals. 494323 With a median home value of $494,323, the area presents a solid investment opportunity for those looking to enter the housing market. 511 Furthermore, the high renter share of 51.1% suggests a robust demand for rental properties, which benefits landlords and investors alike. 78684 Despite a median income of $78,684, the renter share remains high, implying that many residents prefer renting over buying. N/A The lack of available data on days on market (DOM) could indicate stable property turnover rates, but it's worth investigating further. 02 Only 0.2% of listings have been reported to require price cuts, showing that the rental market in this area is highly resilient and competitive. 2210 Based on these figures, ZIP 98002 offers an attractive environment for Section 8 investments, with strong demand and favorable rental conditions.
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.