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 | $1,660 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,140 |
| 5 Bedrooms | $3,642 |
| 6 Bedrooms | $4,079 |
| 7 Bedrooms | $4,405 |
| 8 Bedrooms | $4,625 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,020 | $488,679 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 98224, which includes Gold Bar, WA, is set at $2210 for fiscal year 2024. This figure represents the payment standard for Section 8 vouchers, meaning it's the maximum amount that the government will pay toward rent for a unit in this area. It does not reflect the total rent you can charge your tenant; rather, it's the ceiling for the government's contribution.
To put this into perspective, the local median rent for similar properties is currently N/A. While this specific data point is unavailable, we can infer that the FMR is likely close to the average market rate for rentals in the area. This ensures that landlords receive a fair compensation for their units.
In ZIP 98224, 11.1% of the population are renters, indicating a steady demand for rental properties. However, this percentage also suggests that the market might be less competitive compared to urban areas with higher renter populations.
If you're considering purchasing a property for a Section 8 rental, the average acquisition cost is around $491,271. This figure helps you understand the initial investment required to enter this market. With the FMR at $2210, you can calculate the potential annual income from the government subsidy, which is approximately $26,520 per year. This should factor significantly into your decision-making process regarding profitability and return on investment.
Before committing to a Section 8 rental property in Gold Bar, ensure you verify the condition of the property. The Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD) must be met for the property to qualify for Section 8. These standards cover essential aspects such as structural integrity, heating, plumbing, and safety features. A property that doesn't meet these standards could result in disqualification, leading to financial losses and wasted time.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.