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 | $2,170 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,460 |
| 4 Bedrooms | $4,110 |
| 5 Bedrooms | $4,768 |
| 6 Bedrooms | $5,340 |
| 7 Bedrooms | $5,767 |
| 8 Bedrooms | $6,055 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,650 | $679,540 | 0.39% | F |
| 3BR | $3,460 | $894,925 | 0.39% | F |
| 4BR | $4,110 | $1,202,699 | 0.34% | F |
| 5BR | $4,768 | $1,302,562 | 0.37% | F |
U.S. Census Bureau data (2024)
2390 is the Fair Market Rent (FMR) for ZIP 98014 in Carnation, WA, for fiscal year 2024, setting a clear benchmark for rental properties eligible under the Section 8 program. 1824 is the average market rent reported by the Census Bureau's American Community Survey, indicating that properties priced at the FMR level can still attract tenants willing to pay the going rate. 1034151 is the median home value in the area, reflecting a substantial investment opportunity for those looking to enter the housing market. 8.3 is the percentage of households that rent, suggesting a modest but stable demand for rental properties. 164306 is the median income figure for the region, which landlords should consider when evaluating tenant eligibility and income requirements for Section 8 participation. Although the days on market (DOM) is listed as N/A, this does not necessarily indicate a lack of activity; it could simply mean that recent sales data is insufficient to calculate an accurate average. 0.2 is the percentage of homes that have been subject to price cuts, demonstrating a highly competitive market where only a small fraction of listings need to adjust their pricing to attract buyers.
The combination of a relatively high FMR compared to the market rent and a moderate demand for rentals makes ZIP 98014 an attractive option for Section 8 landlords. The low price-cut share further supports the idea that the local real estate market is robust and efficient, ensuring that landlords who list their properties at fair prices will likely find interested tenants quickly. Moreover, the median income figure indicates that many residents are within the range to qualify for Section 8 assistance, making it easier to secure tenants who can meet the financial obligations of renting. In conclusion, the data points towards a favorable environment for Section 8 landlords in Carnation, WA, with strong potential for steady returns and minimal risk.
Verdict: ZIP 98014 presents a solid opportunity for Section 8 landlords.
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.