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 | $2,210 |
| 1 Bedroom | $2,310 |
| 2 Bedrooms | $2,700 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $4,190 |
| 5 Bedrooms | $4,860 |
| 6 Bedrooms | $5,443 |
| 7 Bedrooms | $5,878 |
| 8 Bedrooms | $6,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,700 | $550,152 | 0.49% | F |
| 3BR | $3,520 | $813,551 | 0.43% | F |
| 4BR | $4,190 | $1,248,500 | 0.34% | F |
| 5BR | $4,860 | $1,715,600 | 0.28% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 98051, Ravensdale, WA, within King County, can be dissected into several key components to understand the financial implications for landlords. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $2,540. This figure represents the maximum amount that a Section 8 voucher will cover for rent in this specific area.
In contrast, the local market rent for a two-bedroom unit in ZIP 98051, according to Census ACS data, is approximately $1,727. This means that landlords participating in the Section 8 program are receiving a higher rent reimbursement compared to the average market rate, which can be seen as an advantage when considering the long-term stability and reduced vacancy risks associated with the program.
A Section 8 voucher pays a portion of the total rent, with the tenant responsible for paying the remainder. Typically, the tenant's contribution is around 30% of their income, but it cannot exceed 40% of the rent. In ZIP 98051, if we assume a standard tenant contribution, the reimbursement would be calculated as follows:
The SAFMR of $2,540 is the cap for the voucher payment. If the tenant's portion is 30%, they would pay about $765 towards rent. This leaves the Section 8 program covering the remaining balance, which in this case would be $1,775.
Additionally, there are utility allowances that vary based on the size of the unit and the specific needs of the tenant. For a two-bedroom apartment, the utility allowance can range between $300 and $500 per month, depending on the type of utilities included and the specific circumstances of the tenant.
Given these factors, landlords in ZIP 98051 can expect a reimbursement that exceeds the local market rent of $1,727. The typical surplus for a two-bedroom apartment would be around $348 per month, before accounting for utilities. This surplus provides landlords with a buffer that can help cover maintenance costs, property management fees, and other expenses related to owning rental properties.
However, it's important to note that while the SAFMR is set for this specific ZIP code, it does not guarantee that all tenants will have a voucher that matches this exact amount. Landlords should prepare for some variability in the actual reimbursement received, but the overall trend indicates a positive financial outcome for those willing to participate in the Section 8 program.
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.