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 | $2,180 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,660 |
| 3 Bedrooms | $3,470 |
| 4 Bedrooms | $4,130 |
| 5 Bedrooms | $4,791 |
| 6 Bedrooms | $5,366 |
| 7 Bedrooms | $5,795 |
| 8 Bedrooms | $6,085 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,270 | $593,025 | 0.38% | F |
| 2BR | $2,660 | $692,011 | 0.38% | F |
| 3BR | $3,470 | $859,554 | 0.4% | F |
| 4BR | $4,130 | $1,263,878 | 0.33% | F |
| 5BR | $4,791 | $1,399,339 | 0.34% | F |
U.S. Census Bureau data (2024)
16.3% of North Bend, WA's population are renters, indicating a smaller but stable demand for rental properties in ZIP 98045. The $2,726 market rent (ZORI) suggests that the average monthly rent for a property in this area aligns closely with the $2760 Fair Market Rent (FMR) set for zip code FY 2024. This parity is beneficial for landlords as it ensures that rental rates are competitive and fair.
$1,003,622 is the median home value in North Bend, reflecting a high-end residential market. However, the $175,765 median income indicates that residents may have varying levels of financial capability when it comes to housing costs. Landlords should consider these income levels when setting rents to ensure affordability for tenants and compliance with Section 8 guidelines.
The 0.2% price-cut share highlights that very few listings require significant price adjustments, suggesting that the market is robust and that properties are generally priced accurately. This stability is advantageous for both landlords and investors, as it reduces the risk of overpricing and the need for frequent rent revisions.
In conclusion, North Bend, WA presents an attractive opportunity for landlords and small-portfolio investors due to its stable rental market, close alignment between market rents and FMRs, and the minimal need for price adjustments. The combination of a high median home value and a moderate median income means that careful attention must be paid to pricing strategies to remain competitive while ensuring tenant affordability. Verdict: Suitable for Section 8 participation.
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.