Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,940 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,370 |
| 3 Bedrooms | $3,090 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
U.S. Census Bureau data (2024)
Snohomish County's ZIP code 98026, Lynnwood, WA, stands out due to its significant population of 38,976 residents, where 26.0% live in rental properties. The median income in Lynnwood is notably high at $133,638, reflecting a prosperous local economy. However, the median home value of $872,940 indicates that homeownership is predominantly among higher-income households, making the area less accessible to middle-income families.
The economic dynamics of Section 8 vouchers in Lynnwood are favorable for landlords. The Fair Market Rent (FMR) for ZIP 98026 in fiscal year 2024 is set at $2,360, which exceeds the market rent (ZORI) of $2,065. This means that landlords can receive higher rents through the Section 8 program compared to typical market rates, providing a financial advantage.
Given the data, ZIP 98026 appears to be a stable area. The relatively high median income supports a strong local economy, while the high median home value suggests a robust housing market. The disparity between FMR and ZORI further indicates a stable demand for affordable housing options, making Section 8 vouchers an attractive option for landlords and small-portfolio investors.
Investors should note that the higher FMR compared to ZORI provides a unique opportunity to secure rental income above average market rates. This stability can be beneficial for long-term investment strategies, ensuring steady cash flow and minimizing risk associated with fluctuating market 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.