Section 8 Fair Market Rent (FMR) for ZIP 98028 - 2027
Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $2,060 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,510 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,890 |
| 5 Bedrooms | $4,512 |
| 6 Bedrooms | $5,053 |
| 7 Bedrooms | $5,457 |
| 8 Bedrooms | $5,730 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$139,764
Housing Authorities Serving ZIP 98028
The ZIP code 98028, located in Kenmore, WA, presents a mix of opportunities and challenges for landlords and small-portfolio investors. Let's address some common objections that skeptical investors might have.
- Will FMR $2440 (zip FY 2024) cover the mortgage on a $1,047,722 home? The Fair Market Rent (FMR) of $2440 for ZIP 98028 in fiscal year 2024 is likely insufficient to cover the mortgage on a home valued at $1,047,722. Based on typical interest rates and loan terms, the monthly mortgage payment for such a property could easily exceed $4000. Therefore, relying solely on FMR would leave a significant shortfall. Investors should consider higher-value properties for Section 8 participation or look into additional revenue streams.
- Is there enough renter demand at 30.7%? With 30.7% of households being renters, the demand for rental properties in Kenmore is moderate. This percentage suggests a decent pool of potential tenants but also indicates that the majority of residents own their homes. For landlords, this means maintaining competitive pricing and quality to attract and retain tenants. However, the data does not provide detailed insights into the specific demand for Section 8 eligible units, which could be lower due to income restrictions.
- Will vouchers keep pace with $2,414 market rents? The question of whether Section 8 vouchers will match the $2,414 market rent is crucial. According to HUD guidelines, voucher amounts are adjusted annually based on local market conditions. If the FMR for 98028 is set at $2440, it implies that vouchers should generally cover this amount. However, the exact allocation and availability of these funds can vary, impacting the ability to secure tenants with vouchers. It's important to monitor local HUD announcements and adjust expectations accordingly.
While the data provides a foundation for understanding the rental landscape in Kenmore, it does not fully address every concern. For instance, the specifics of voucher distribution and the precise number of Section 8-eligible renters remain unclear. Investors should conduct further research and consult local real estate experts to gain a comprehensive view of the market dynamics.
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.