Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,380 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,690 |
| 5 Bedrooms | $4,280 |
| 6 Bedrooms | $4,794 |
| 7 Bedrooms | $5,178 |
| 8 Bedrooms | $5,437 |
ZIP code 98046, located within the Seattle-Bellevue, WA HUD Metro FMR Area, serves as a strategic cash-flow anchor in a Section 8 portfolio. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $2420, which provides a stable baseline for rental income. While the market-specific data such as median home values and price-cut shares are currently unavailable, the FMR offers a reliable benchmark that ensures consistent cash flow.
The primary advantage of including properties in ZIP 98046 within a Section 8 portfolio is the predictability and security of the rental income. Landlords can depend on the government's commitment to paying a substantial portion of the rent, thus minimizing the risk of vacancy or delinquency. This makes the ZIP an ideal choice for investors looking to maintain a steady income stream, especially during volatile economic periods.
Additionally, the high FMR relative to other areas in the region indicates a strong demand for subsidized housing. This suggests that properties in ZIP 98046 will likely have low days on market (DOM), meaning they can be rented out quickly. However, specific DOM figures are not available for this ZIP code.
In summary, ZIP 98046 stands out as a cash-flow anchor within a Section 8 portfolio due to its defined FMR of $2420 for fiscal year 2024. The lack of market-specific data such as median home values and price-cut shares does not detract from the strategic value of this ZIP code, as the guaranteed rental income provides a solid foundation for investment stability.
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.