Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
U.S. Census Bureau data (2024)
The ZIP code 98207, located in Everett, WA, stands out due to its relatively small resident base of only 843 individuals. Despite the lack of specific data on rental percentages, median income, and median home values, the area's economic landscape can be analyzed through the lens of Section 8 vouchers.
The Fair Market Rent (FMR) for ZIP 98207 in fiscal year 2024 is set at $2210. This figure is crucial for landlords and small-portfolio investors as it defines the upper limit for Section 8 rental assistance payments. The absence of comparative market rent data suggests that the local real estate market might not have robust tracking mechanisms for rental pricing, making the FMR a pivotal reference point for setting rental rates that attract Section 8 tenants.
Given the limited demographic data available, the ZIP code's economic profile appears transitional rather than stable. The small resident population indicates a niche market where changes in housing demand could significantly impact the local rental economy. Landlords should closely monitor any updates in the median income and home value data to better understand the economic dynamics of the area and adjust their investment strategies accordingly.
Investors interested in ZIP 98207 should consider the potential for growth and the unique challenges posed by the limited data. The FMR serves as a reliable benchmark for setting rental prices, ensuring compliance with federal guidelines while maximizing returns. As the area evolves, staying informed on local economic trends will be key to success in this market.
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.