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 | $1,960 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,390 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,040 | $250,610 | 0.81% | C |
| 2BR | $2,390 | $482,376 | 0.5% | F |
| 3BR | $3,120 | $710,350 | 0.44% | F |
| 4BR | $3,710 | $851,587 | 0.44% | F |
| 5BR | $4,304 | $955,242 | 0.45% | F |
U.S. Census Bureau data (2024)
Everett, ZIP code 98208, serves as a mixed residential and commercial hub within Snohomish County, characterized by established neighborhoods and convenient arterial access. The area benefits from proximity to major employment centers, including the Boeing Assembly Plant in south Everett, which anchors the local economy with high-paying aerospace jobs. This district offers a blend of mid-century single-family homes and newer apartment complexes, providing a pragmatic, working-class atmosphere that appeals to commuters seeking value relative to the closer-in Seattle markets.
Financial metrics reveal a compelling spread for voucher landlords. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is set at $2,310 for FY2026, while current market rents (Zillow ZORI) lag significantly at $1,957. This creates a premium gap of $353 per month for Section 8 units compared to the open market. Despite the high median home value of $771,417, inventory moves quickly with a median days on market of just 18 days, indicating robust demand even at elevated price points.
With a renter share of 30.5% and a median household income of $103,705, the tenant base is generally stable, yet rising housing costs push many families toward rental assistance programs. The area is served by the Everett School District, which includes several highly-rated options such as Cascade High School, enhancing long-term appeal for families. Additionally, local transit links and proximity to I-5 support strong rental demand from workers commuting to Boeing or the Seattle tech corridor.
The Section 8 verdict for 98208 is positive, driven primarily by cashflow potential. The 18% premium over market rent for 2-bedroom units ($2,310 vs $1,957) allows investors to outperform standard leasing strategies immediately. While entry costs are high given the median home value, the rapid turnover rate and strong local employer base suggest that acquiring voucher-eligible properties here can yield reliable, above-market income with low vacancy risk.
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.