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 98131 in Seattle, WA, is characterized by limited availability of demographic data, including income levels and the percentage of renters. However, recent listings indicate a significant number of rental properties in the area. For instance, Trulia lists over 7,936 rental properties in ZIP 98131 and nearby areas, suggesting a robust rental market.
The Fair Market Rent (FMR) for ZIP 98131 is set at $2700 for FY 2024. This figure is crucial for landlords considering participation in the Section 8 program. Given that Section 8 voucher holders typically pay 30% to 40% of their adjusted income towards rent, landlords should expect tenants with monthly incomes ranging from $6750 to $9000 before any deductions.
Despite the lack of detailed income distribution data, the high number of rental properties suggests that there is a substantial demand for affordable housing. This demand is likely met by both regular renters and those utilizing Section 8 vouchers, indicating that the tenant pool will include a mix of low-income individuals and families seeking subsidized housing.
Landlords in ZIP 98131 should prepare for a tenant base that relies heavily on subsidies. Ensuring that rental units meet the necessary qualifications for the Section 8 program is essential. The FMR of $2700 provides a benchmark for rent pricing, helping landlords set realistic expectations for their properties.
In conclusion, landlords in ZIP 98131 should anticipate a tenant pool that includes many low-income households seeking affordable housing options through the Section 8 program. With over 7,936 rental properties listed, the area appears to have a strong rental market, supporting the presence of a diverse tenant base reliant on various forms of financial assistance.
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.