Section 8 Fair Market Rent (FMR) for ZIP 98114 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 98114 is located in Seattle, WA, and is classified as a PO Box area by the US Census Bureau. This means there is limited demographic data available, including incomplete population figures. However, it's situated in King County, which is a significant indicator of its urban context.

Transitioning to economic factors, the median family income in the broader Seattle metropolitan area is essential for understanding the financial landscape. While specific figures for ZIP 98114 are not available, the Fair Market Rent (FMR) for a two-bedroom apartment in the area is set at $2700 for fiscal year 2024. This figure is critical for landlords and investors considering participation in the Section 8 program, as it dictates the maximum allowable rent for subsidized units.

In terms of fitting a particular investment strategy, ZIP 98114 seems more aligned with a hands-off voucher operator model. The FMR is a reliable benchmark, and given the urban setting of Seattle, the demand for affordable housing is likely strong. However, the lack of detailed demographic data makes it challenging to execute a value-add strategy that requires deep insight into local market dynamics and tenant preferences.

For investors looking to participate in the Section 8 program within ZIP 98114, setting rents at or slightly below the $2700 FMR will ensure compliance and attract tenants seeking affordable housing options. The urban environment suggests steady demand, making it a safe bet for hands-off operators who prioritize stability over aggressive growth strategies.

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.