Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,850 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,250 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,490 |
| 5 Bedrooms | $4,048 |
| 6 Bedrooms | $4,534 |
| 7 Bedrooms | $4,897 |
| 8 Bedrooms | $5,142 |
U.S. Census Bureau data (2024)
The ZIP code 98148, located in Burien, Washington, presents a challenging rental market scenario for households. The median income in the area stands at $87,342, which is insufficient to cover the market rate rent of $1,800 per month without financial strain. To put this into perspective, a household earning the median income would need to allocate over 25% of their monthly income towards rent alone, assuming no other significant expenses.
Comparatively, the Fair Market Rent (FMR) for the ZIP code as of fiscal year 2024 is set at $2,310. This amount represents the maximum allowable rent for housing units under the Section 8 program. However, it also highlights a substantial affordability gap for typical renters in the area. The difference between the market rate and the FMR indicates that landlords who wish to attract tenants eligible for Section 8 vouchers must adjust their expectations regarding rental income.
In ZIP 98148, where 49.5% of the 9,715 population are renters, the competition among landlords is likely to be fierce. Landlords who solely rely on cash-paying tenants may find themselves with fewer options as many potential renters cannot afford the market rate. On the other hand, landlords who accept Section 8 vouchers could benefit from a steady stream of tenants, albeit at a lower rent compared to the market rate.
The takeaway for landlords considering their strategy in ZIP 98148 is clear: accepting Section 8 vouchers can be a viable option to ensure occupancy and avoid vacancies. While the voucher payment standard is lower than the market rate, it provides a guaranteed and stable source of income, which is crucial in a competitive rental market. Landlords should weigh the benefits of consistent occupancy against the slightly reduced rental income when deciding whether to participate in the Section 8 program.
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.