Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,250 |
| 1 Bedroom | $2,340 |
| 2 Bedrooms | $2,740 |
| 3 Bedrooms | $3,570 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,340 | $366,245 | 0.64% | D |
| 2BR | $2,740 | $741,857 | 0.37% | F |
| 3BR | $3,570 | $1,203,554 | 0.3% | F |
| 4BR | $4,250 | $1,666,640 | 0.26% | F |
| 5BR | $4,930 | $2,125,811 | 0.23% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 98119 in Seattle, WA, for fiscal year 2024 is set at $2770. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, but it does not necessarily mean that you will receive this exact amount. The actual rent paid by the tenant plus the subsidy from the government cannot exceed $2770.
In comparison, the local Zillow Observed Rental Index (ZORI) for the same area stands at $2,014. This means that the average rent for properties in your area is significantly lower than the FMR. However, participating in the Section 8 program allows you to potentially command higher rents than the market average, though still within the FMR limit.
The 61.8% renter share indicates a strong demand for rentals in ZIP 98119. Over six out of ten households in this area are renters, which suggests that there is a large pool of potential tenants who might be interested in your property.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in this area is approximately $1,041,135. This is the typical price you would expect to pay for a property in this ZIP code, which is a significant investment. However, the steady stream of government-subsidized tenants could provide a reliable source of income over time.
Before you decide to enter the Section 8 market with a property in ZIP 98119, it's crucial to verify that your property meets all the necessary requirements for the program. This includes ensuring that your property passes the Housing Quality Standards (HQS) inspection, which checks for basic safety and habitability conditions. Failure to meet these standards can result in your property being ineligible for the program, so it's important to make any necessary repairs or improvements beforehand.
In summary, the FMR of $2770 sets the ceiling for rent in the Section 8 program, while the local ZORI of $2,014 shows that you can potentially charge above the market rate. With a 61.8% renter share, demand for rentals is high. At an acquisition cost of $1,041,135, ensure your property meets HQS to avoid disqualification.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.