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 | $2,720 |
| 1 Bedroom | $2,830 |
| 2 Bedrooms | $3,310 |
| 3 Bedrooms | $4,320 |
| 4 Bedrooms | $5,130 |
| 5 Bedrooms | $5,951 |
| 6 Bedrooms | $6,665 |
| 7 Bedrooms | $7,198 |
| 8 Bedrooms | $7,558 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,830 | $367,800 | 0.77% | D |
| 2BR | $3,310 | $580,541 | 0.57% | F |
| 3BR | $4,320 | $1,113,256 | 0.39% | F |
| 4BR | $5,130 | $1,495,686 | 0.34% | F |
| 5BR | $5,951 | $1,925,191 | 0.31% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 98029, which includes Issaquah, WA, is set at $3680 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the rent you'll be setting for your property; it's the upper limit for reimbursement from the housing authority.
In comparison, the local market rent, known as the Zillow Observed Rental Index (ZORI), stands at $3,031. This means that the FMR is slightly higher than the typical market rent in the area, which could be beneficial for landlords participating in the Section 8 program as they might receive more in subsidies than they would from market-rate tenants.
The demand for rental properties in this area is strong, with 37.7% of the population being renters. This indicates a significant portion of the community looking for housing, including those who might qualify for the Section 8 program. The average acquisition cost for a rental property in Issaquah, based on recent sales, is around $1,195,247. This high cost reflects the desirability of the area and the potential for steady rental income.
Before you decide to enroll your property in the Section 8 program, verify that your property meets all the eligibility requirements, such as passing a Housing Quality Standards (HQS) inspection. This ensures compliance with federal standards and qualifies your property for the program.
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.