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 98041, located in King County, Washington, which includes parts of Seattle and Bellevue, stands out due to limited available demographic data. Specifically, there is no information on the number of residents, the percentage of renters, the median income, or the median home value. This scarcity of data points to an area that may be less populated or has not been extensively surveyed, making it somewhat unique compared to other well-documented ZIP codes in the region.
Despite the lack of comprehensive demographic information, the Section 8 housing voucher program still provides insight into the rental market dynamics. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 98041 is set at $2700. This figure represents the maximum amount landlords can charge tenants who receive vouchers, effectively capping the rent for subsidized units. Without specific market rent data for comparison, it's challenging to assess how competitive this FMR is relative to the local rental market. However, it's worth noting that the FMR is designed to reflect the average market rent for moderately-priced rentals, adjusted for geographic differences.
The absence of detailed market rent figures means we cannot provide a direct comparison between the FMR and typical market rents. Nevertheless, the FMR serves as a benchmark for affordable housing in the area. Given the high cost of living in the Seattle-Bellevue metropolitan area, the $2700 FMR likely supports a segment of the population seeking more affordable housing options.
In terms of stability, the data signature for ZIP 98041 reads as transitional. The lack of detailed demographic data could indicate recent changes in the area, such as new developments or shifts in population patterns. Landlords and small-portfolio investors should remain vigilant about any emerging trends in the local housing market and keep an eye on future updates to demographic and rental data for a clearer picture of the area's economic landscape.
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.