Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,120 |
| 1 Bedroom | $2,210 |
| 2 Bedrooms | $2,590 |
| 3 Bedrooms | $3,380 |
| 4 Bedrooms | $4,020 |
| 5 Bedrooms | $4,663 |
| 6 Bedrooms | $5,223 |
| 7 Bedrooms | $5,641 |
| 8 Bedrooms | $5,923 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,590 | $700,679 | 0.37% | F |
| 3BR | $3,380 | $678,745 | 0.5% | F |
| 4BR | $4,020 | $828,848 | 0.49% | F |
| 5BR | $4,663 | $932,404 | 0.5% | F |
U.S. Census Bureau data (2024)
2840 is the Fair Market Rent (FMR) for ZIP code 98010 in Black Diamond, WA, for fiscal year 2024. This means that the maximum amount a landlord can charge a Section 8 tenant is $2840 per month. In comparison, the market rent, known as ZORI, stands at $2,486, indicating that the Section 8 payment standard is slightly higher than the average rental price in the area. The median home value in this ZIP code is $784,790, reflecting a robust real estate market where property values are significantly above the national average. With only 14.3% of residents being renters, the demand for rentals is relatively low compared to other areas, which could affect the turnover rate for properties. However, the median income of $142,048 suggests that those who are renting or purchasing homes have strong financial backing, potentially leading to fewer issues with late payments or evictions. The lack of available data on days on market (DOM) and the fact that the price-cut share is at a minimal 0.2% further supports the notion that the real estate market here is stable and competitive. Given these figures, landlords and small-portfolio investors should find the opportunity to participate in the Section 8 program financially viable, especially considering the high FMR relative to market rents. The stable income levels and low percentage of price cuts indicate a healthy local economy and a market where properties maintain their value well. In conclusion, for ZIP 98010, the Section 8 program offers a solid investment option with favorable payment standards and a reliable tenant base.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.