Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,280 |
| 1 Bedroom | $2,380 |
| 2 Bedrooms | $2,780 |
| 3 Bedrooms | $3,620 |
| 4 Bedrooms | $4,310 |
| 5 Bedrooms | $5,000 |
| 6 Bedrooms | $5,600 |
| 7 Bedrooms | $6,048 |
| 8 Bedrooms | $6,350 |
U.S. Census Bureau data (2024)
27.4% of residents in ZIP 98117, Seattle, WA, are renters, indicating a significant demand for rental properties. The $2,293 market rent (ZORI) suggests that landlords can expect to charge this amount per unit on average, which is below the $2850 Fair Market Rent (FMR) set for Section 8 housing vouchers in zip FY 2024. This means that landlords participating in the Section 8 program can potentially receive higher rents compared to the local market rate. Additionally, the median home value stands at $1,005,217, reflecting the high cost of homeownership in the area and further supporting the attractiveness of rental investments.
The median income of $182,984 in ZIP 98117 provides insight into the economic profile of the area, suggesting that many residents could afford higher rents but might still prefer the flexibility of renting. With a 7-day Days on Market (DOM), it's evident that properties are moving quickly, indicating strong interest and a competitive market. Furthermore, the 0.1% price-cut share shows that landlords rarely need to reduce their asking prices to attract tenants, reinforcing the stability and strength of the rental market.
In conclusion, the data paints a picture of a robust rental market in ZIP 98117, where participation in the Section 8 program can offer landlords a reliable source of income, albeit slightly below the market rent. The relatively low price-cut share and quick DOM times suggest minimal risk and high demand for rental units. Therefore, for small-portfolio investors looking for steady returns, Section 8 in ZIP 98117 is a viable option.
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.