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 | $2,850 |
| 1 Bedroom | $2,980 |
| 2 Bedrooms | $3,480 |
| 3 Bedrooms | $4,540 |
| 4 Bedrooms | $5,400 |
| 5 Bedrooms | $6,264 |
| 6 Bedrooms | $7,016 |
| 7 Bedrooms | $7,577 |
| 8 Bedrooms | $7,956 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,480 | $683,835 | 0.51% | F |
| 3BR | $4,540 | $862,779 | 0.53% | F |
| 4BR | $5,400 | $1,017,526 | 0.53% | F |
| 5BR | $6,264 | $1,179,757 | 0.53% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 98019, located in Duvall, WA, within the Seattle-Bellevue, WA HUD Metro FMR Area, reveals several key points relevant to landlords and small-portfolio investors.
The rent math works perfectly in this area. The Fair Market Rent (FMR) for ZIP 98019 in fiscal year 2024 is set at $3550, which aligns exactly with the market rent (ZORI) of $3,550. This parity ensures that rental properties can attract tenants willing to pay the FMR without any discrepancy between government guidelines and actual market rates.
Acquisition of properties in ZIP 98019 is moderately affordable. With a median home value of $972,015, potential investors should consider their budget and financing options carefully. However, the lack of data on days on market (DOM) and the low percentage of homes needing price cuts (0.2%) suggest that the housing market is stable and homes are likely to sell at or near asking price.
Tenant demand in Duvall is relatively low. The total population of 12,242 residents includes only a 12.3% renter share, indicating that fewer people are actively seeking rentals in this area. This could present challenges in filling vacancies quickly, especially given the smaller pool of potential renters.
Verdict: ZIP 98019 offers a straightforward rental scenario where the rent math is aligned with market conditions. While property acquisition is feasible, it requires careful consideration due to the high median home value. The low tenant demand poses a significant challenge, necessitating strategic marketing and possibly competitive pricing to ensure occupancy. Despite these considerations, the absence of price-cutting suggests that once a property is occupied, maintaining it at the established rental rate is achievable.
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.