Section 8 Fair Market Rent (FMR) for ZIP 98102 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 98102

• Seattle Housing Authority (Seattle, WA) - 12,611 Section 8 vouchers
• HA OF KING COUNTY (Tukwila, WA) - 11,386 Section 8 vouchers
• HA City of Renton (Renton, WA) - 651 Section 8 vouchers

The ZIP code 98102 is located in the heart of Seattle, Washington, offering residents access to vibrant urban life, diverse dining options, and a plethora of cultural activities. This area is highly sought after due to its proximity to major employers, public transportation, and educational institutions, making it a prime location for both tenants and investors.

• The Fair Market Rent (FMR) for ZIP 98102 is set at $2,910 for the fiscal year 2024, indicating the rental market's robustness and potential for steady returns on investment.
• The Zillow Observed Rent Index (ZORI) for the area stands at $1,979, suggesting that while rents are high, they remain competitive and below the FMR threshold, providing opportunities for price differentiation.
• The median home value in ZIP 98102 is $740,599, reflecting the overall desirability and stability of the housing market in this region.
• Renters make up a significant portion of the population, with a 73.0% renter share, underscoring the strong demand for rental properties in this area.
• The days on market (DOM) for rental listings average 33 days, which is relatively low, showing that properties are quickly leased once listed, reducing vacancy periods.
• The median household income in the area is $114,925, indicating a financially stable tenant pool capable of affording higher rents.

Investors looking to enter the rental market in ZIP 98102 can expect a robust and competitive environment. The combination of a high median income and a substantial renter share supports strong rental demand. However, the difference between the ZORI and FMR suggests there is room for strategic pricing. A quick leasing process, as evidenced by the low DOM, will likely translate into minimal vacancy risk. Overall, the area presents a favorable investment opportunity for those willing to navigate its competitive landscape.

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.