Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,800 |
| 1 Bedroom | $2,920 |
| 2 Bedrooms | $3,410 |
| 3 Bedrooms | $4,450 |
| 4 Bedrooms | $5,290 |
| 5 Bedrooms | $6,136 |
| 6 Bedrooms | $6,872 |
| 7 Bedrooms | $7,422 |
| 8 Bedrooms | $7,793 |
U.S. Census Bureau data (2024)
Sammamish, WA, represented by ZIP code 98074, is situated within the broader Seattle-Bellevue, WA HUD Metro FMR Area. The Fair Market Rent (FMR) for 98074 in fiscal year 2024 is set at $3,640. This figure, however, stands slightly above the typical market rent of $3,374 observed in many ZIP codes within the same area, indicating a higher benchmark for rental properties in Sammamish.
The median home value in 98074 is notably high at $1,618,252, positioning it as a premium sub-market within the Seattle-Bellevue metro. Such elevated home values suggest a robust local economy and a preference for homeownership over renting, which aligns with the lower-than-average renter share of 16.3%.
In comparison to other ZIP codes in the Seattle-Bellevue, WA HUD Metro FMR Area, where the renter share can be significantly higher, the 16.3% figure in 98074 points towards a strong homeownership trend. This characteristic diverges from what might be considered a typical Section 8 sweet spot, which usually exhibits a higher renter share coupled with lower home values.
The combination of a relatively high FMR and premium home values suggests that while 98074 offers opportunities for landlords and investors seeking to capitalize on higher rents, it does not fit the profile of a value pocket where low home values and high renter share typically signal potential for affordable housing investments under Section 8 programs.
Investors looking to enter the 98074 market should anticipate a competitive landscape with high property costs but also recognize the potential for commanding higher rents reflective of the area's status as a premium sub-market. The data clearly shows that Sammamish stands out as an upscale community within the larger Seattle-Bellevue metro, with implications for both investment strategy and property management practices.
Data Sources: FMR data from HUD (2027). 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.