Location: Tacoma, 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 | $1,780 |
| 1 Bedroom | $1,860 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,830 |
| 4 Bedrooms | $3,370 |
| 5 Bedrooms | $3,909 |
| 6 Bedrooms | $4,378 |
| 7 Bedrooms | $4,728 |
| 8 Bedrooms | $4,964 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,170 | $412,762 | 0.53% | F |
| 3BR | $2,830 | $529,887 | 0.53% | F |
| 4BR | $3,370 | $610,002 | 0.55% | F |
U.S. Census Bureau data (2024)
In ZIP code 98047, which is located in Pacific, Washington, within King County, the Section 8 economics can be quite straightforward when analyzed properly. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for FY 2024 is set at $2210. This means that the government will pay up to this amount per month for a unit under the Housing Choice Voucher program.
The local market rent, as indicated by ZORI (Zillow Observed Rent Index), is currently running at $1900. This represents the average rent that similar properties in the area are commanding on the open market.
When a landlord enters into a Section 8 agreement, the payment structure involves both the government and the tenant contributing to the total rent. The tenant is responsible for paying approximately 30% of their adjusted income towards rent. For simplicity, let's assume the tenant's portion is around $550, which is a common figure based on average incomes in the area. In addition to the rent, there are utility allowances that the voucher covers, typically around $300 for a two-bedroom unit in this region.
Therefore, the total reimbursement a landlord can expect from a voucher for a two-bedroom apartment would be the sum of the government's contribution and the tenant's share. In this case, the government would cover $2210, and the tenant would contribute $550, making the total monthly rent reimbursement $2760. This figure includes the utility allowance.
To break it down further:
Given these numbers, a landlord would find themselves with a surplus when comparing the SAFMR reimbursement to the local market rent. Specifically, the difference between the reimbursement ($2760) and the local market rent ($1900) amounts to a surplus of $860 per month. This surplus can help offset any additional costs associated with participating in the Section 8 program, such as administrative fees or the need to maintain higher standards of property upkeep.
It's important to note that while the SAFMR sets the upper limit for government payments, the actual amount paid is determined by the lower of the SAFMR or the market rent of the unit, whichever is less. Thus, in ZIP 98047, landlords should expect the government to pay up to $2210, but if the market rent is below this, the reimbursement will reflect that lower figure.
In summary, landlords in ZIP 98047 can anticipate a reimbursement of $2760 per month for a two-bedroom apartment, leading to a surplus of $860 over the local market rent of $1900.
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.