Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,840 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,470 |
| 5 Bedrooms | $4,025 |
| 6 Bedrooms | $4,508 |
| 7 Bedrooms | $4,869 |
| 8 Bedrooms | $5,112 |
U.S. Census Bureau data (2024)
ZIP code 98166, located in Burien, WA, falls within the Seattle-Bellevue, WA HUD Metro FMR Area. The Fair Market Rent (FMR) for 98166 in fiscal year 2024 is set at $2210. Comparatively, the typical market rent for the entire Seattle-Bellevue area is around $1,776, indicating that 98166 has a higher FMR than the average.
The median home value in 98166 is $840,262, which is slightly above the overall median home value in the Seattle-Bellevue metro area. This suggests that 98166 is not a low-value area but rather a mid-tier neighborhood within the broader market context.
A notable feature of 98166 is its relatively high renter share of 32.1%. This percentage is higher than the average renter share in the Seattle-Bellevue area, which typically ranges between 25% to 30%. A higher renter share coupled with below-average home values could signal a potential sweet spot for Section 8 properties, though the home values in 98166 are above average.
To determine if 98166 is a value pocket, a mid-tier neighborhood, or a premium sub-market, consider the following:
The FMR of $2210 is higher than the typical market rent of $1,776, suggesting that it is not a low-cost area for renters. However, this also implies that it might offer better quality housing options compared to other areas with lower FMRs.
The median home value of $840,262 places 98166 firmly in the mid-tier range of the Seattle-Bellevue area. This indicates that while it is not the most expensive sub-market, it is certainly not the least expensive either.
The high renter share of 32.1% suggests a significant demand for rental properties in 98166. This can be an attractive feature for landlords looking to capitalize on the rental market, especially given the higher FMR.
In summary, ZIP code 98166 is best classified as a mid-tier neighborhood within the Seattle-Bellevue, WA HUD Metro FMR Area. It offers a balance between higher rents and above-average home values, making it neither a value pocket nor a premium sub-market. The high renter share provides opportunities for landlords and small-portfolio investors interested in the rental market dynamics of the area.
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.