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 | $2,110 |
| 1 Bedroom | $2,200 |
| 2 Bedrooms | $2,570 |
| 3 Bedrooms | $3,350 |
| 4 Bedrooms | $3,990 |
| 5 Bedrooms | $4,628 |
| 6 Bedrooms | $5,183 |
| 7 Bedrooms | $5,598 |
| 8 Bedrooms | $5,878 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,200 | $301,222 | 0.73% | D |
| 2BR | $2,570 | $588,420 | 0.44% | F |
| 3BR | $3,350 | $783,038 | 0.43% | F |
| 4BR | $3,990 | $979,484 | 0.41% | F |
| 5BR | $4,628 | $1,157,459 | 0.4% | F |
U.S. Census Bureau data (2024)
The Section 8 housing market in ZIP code 98155, Shoreline, WA, offers a unique opportunity for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the area is set at $2,620 per month for the fiscal year 2024. This figure contrasts with the actual market rent, as measured by Zillow's ZORI index, which stands at $2,256. This means that voucher tenants will generally cashflow positively at the FMR rate, providing a stable income source for investors.
To further analyze the investment potential, consider the median home value in the area, which is $853,049. This gives us a rent-to-price ratio of approximately 0.26%, indicating that rental properties are relatively affordable compared to the overall housing market. This ratio suggests that the rental market is not overly inflated relative to property values, making it a viable option for investors looking to balance rental income with property ownership.
The current rental market dynamics are also favorable for investors. With a 7-day median Days on Market (DOM), properties are moving quickly, suggesting strong demand. Additionally, the price-cut share of 0.2% indicates that very few listings are being discounted, a sign of a healthy market where landlords can maintain their asking rents without significant concessions.
In conclusion, the strongest angle for Section 8 investors in ZIP 98155 is cashflow. Given the positive cashflow from voucher tenants at the HUD FMR rate, coupled with quick turnover and minimal need for price reductions, this area presents a robust investment opportunity for those focused on generating steady rental income.
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.