Section 8 Fair Market Rent (FMR) for ZIP 98227 - 2027

FY 2027 Fair Market Rent Rates

The zip code 98227, located in Washington state, offers a unique opportunity for real estate investors interested in the Section 8 housing market. This area is characterized by its mix of residential neighborhoods and proximity to urban amenities, making it a viable option for those looking to invest in affordable housing.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 98227 for fiscal year 2024 is set at $1570.
• Market rent data for the area is currently unavailable, which suggests that the local rental market may be less competitive or underreported compared to other regions.
• The median home value in ZIP 98227 is also not available, indicating that there might be limited data on home sales in the area, or the market could be predominantly rental-focused.
• Renter share information is not available, but given the presence of Section 8 properties, it's likely that a significant portion of residents rely on rental assistance programs.
• The days on market (DOM) data is not available, which could imply that properties are either selling quickly or that there isn't enough transaction data to provide an accurate measure.
• Median household income data is not available, suggesting that economic details about the area are sparse, though the reliance on Section 8 indicates a community with lower-income households.

Investors looking to enter the ZIP 98227 market should focus on properties that can qualify for the Fair Market Rent rate of $1570 for a two-bedroom unit. The lack of detailed market rent and median home value data points to a potentially niche investment opportunity, where the demand for affordable housing could outweigh the limitations of current market transparency. Given the reliance on rental assistance programs, ensuring compliance with Section 8 requirements will be crucial for maintaining steady cash flow. The unknowns regarding renter share and DOM indicate a need for thorough due diligence and possibly working closely with local realtors to understand the dynamics of the area better.

Data Sources: FMR data from HUD (2027).

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.