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 Fair Market Rent (FMR) for ZIP code 98073 in fiscal year 2024 is set at $2700. This figure represents the payment standard under the Section 8 housing program, meaning that if you choose to participate, the government will pay up to $2700 per month for a unit in this area. It's important to note that this does not necessarily reflect the actual rent you can charge tenants; it is the maximum amount the program will reimburse.
To put this into context, the local median rent for ZIP 98073 is currently N/A. While we don't have a specific dollar amount for comparison, understanding that the FMR is designed to be competitive with market rates can help you gauge whether participating in the Section 8 program aligns with your financial goals. The N/A% of renters in this area indicates a significant portion of the population who could potentially benefit from Section 8 assistance, suggesting strong demand for affordable housing options.
When acquiring a property in ZIP 98073 for a Section 8 rental, you should expect the initial costs to be around N/A. This includes the purchase price of the property and any necessary renovations to meet the Housing Quality Standards required by the program. These standards ensure that all units are safe and habitable, which might involve upgrading certain features of the home.
Before you decide to take the plunge into Section 8 rentals, one key verification step is essential: check if the property meets the Housing Quality Standards. Failure to comply with these standards can result in rejection from the program, so it's crucial to assess the condition of the property thoroughly. This ensures that once you've made the investment, you're eligible to receive the promised reimbursement without delay.
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.