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 median home value for ZIP code 98063 in Federal Way, WA, was not immediately available through standard sources. However, analyzing the HUD Fair Market Rent (FMR) for ZIP 98063, which is set at $2700 for FY 2024, offers insights into the rental market dynamics for Section 8 investors.
Despite the lack of precise market rent data for ZIP 98063, it can be inferred from the HUD FMR that voucher tenants would likely cashflow at this rate, assuming market rents do not significantly exceed the FMR. Given the absence of specific market rent figures, the FMR serves as a reliable benchmark for determining the financial viability of properties under the Section 8 program.
The rent-to-price ratio cannot be accurately derived without the median home value. However, the HUD FMR indicates that the area has a relatively affordable rental market compared to other metropolitan regions. This affordability suggests that properties in ZIP 98063 could attract a steady stream of voucher tenants, thereby ensuring stable occupancy rates.
Regarding the days on market (DOM) and the percentage of price cuts, there is insufficient data to provide a definitive analysis. Nevertheless, these metrics are crucial for understanding the rent-versus-buy dynamics in the region. A low DOM and minimal price cuts would suggest a robust demand for rental properties, making ZIP 98063 an attractive investment opportunity.
The strongest angle for Section 8 investors in ZIP 98063 is likely cashflow, given the HUD FMR of $2700 aligns well with the affordability of the area, ensuring that voucher tenants can cover their rent obligations without requiring premium units. This makes the area a solid choice for those prioritizing consistent income over potential appreciation or 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.