Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,130 |
| 1 Bedroom | $2,220 |
| 2 Bedrooms | $2,600 |
| 3 Bedrooms | $3,390 |
| 4 Bedrooms | $4,030 |
| 5 Bedrooms | $4,675 |
| 6 Bedrooms | $5,236 |
| 7 Bedrooms | $5,655 |
| 8 Bedrooms | $5,938 |
The ZIP code 98035 is located in Kent, WA, within King County. It is classified as a PO Box area, which means it may not provide complete residential data. However, it is situated in a suburban setting that is part of the larger metropolitan area around Seattle.
Unfortunately, specific demographic data such as population size, percentage of renters, median income, and median home value are not available for ZIP 98035 due to its classification as a PO Box area. This makes it challenging to build a detailed economic portrait based solely on this ZIP code.
Moving to the rent economics, the Fair Market Rent (FMR) for ZIP 98035 is set at $2700 for fiscal year 2024. Without precise local market rent data, we can infer that this figure is likely close to the actual market rates given the proximity to Seattle and the general trend of rental prices in the region.
Given the limited data available, ZIP 98035 would be suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The lack of detailed demographic information makes it difficult to implement strategies that require deep understanding of the local market. For a hands-off approach, the FMR provides a reliable benchmark for setting rents, ensuring compliance with HUD guidelines and attracting tenants who qualify for the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.