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 ZIP code 98089 in Unknown, WA, presents an interesting challenge for landlords and small-portfolio investors due to the lack of comprehensive demographic data. However, we can still analyze the potential tenant pool based on the available information regarding Section 8 vouchers and market rents.
Without specific population figures or the percentage of renters, it's difficult to definitively state whether this is a renter-heavy ZIP with deep voucher demand or a homeowner-dominated area where vouchers are less common. The absence of such data means we must rely on broader regional trends and the comparison of market rents to the Fair Market Rent (FMR).
The FMR for ZIP 98089 is set at $2700 for fiscal year 2024. This figure represents the maximum amount that landlords can charge tenants who receive Section 8 vouchers. To understand how this compares to the local economic conditions, we would need the median household income, which is currently unavailable. Nonetheless, the FMR provides a benchmark for assessing the affordability of housing for low-income families in this area.
Given the FMR of $2700, landlords should expect tenants whose incomes align closely with this standard. These tenants will likely be families or individuals who qualify for federal assistance due to their limited financial resources. The typical rent for properties in this ZIP code should not exceed the FMR to remain accessible to those receiving vouchers.
To conclude, while detailed demographic data is lacking, landlords in ZIP 98089 can anticipate a tenant pool that heavily relies on Section 8 vouchers to meet their housing needs. Properties priced at or below the FMR of $2700 will attract these tenants. Landlords should prepare to work within the guidelines and regulations associated with accepting voucher holders, including income verification and compliance with HUD standards.
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.