Location: Bellingham, WA | Metro: Bellingham, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,490 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,540 |
| 4 Bedrooms | $3,130 |
| 5 Bedrooms | $3,631 |
| 6 Bedrooms | $4,067 |
| 7 Bedrooms | $4,392 |
| 8 Bedrooms | $4,612 |
The market analysis for Section 8 investors in ZIP code 98231, located in Bellingham, WA MSA metro, reveals a rental market that is well-suited for those seeking stable cashflows. The HUD Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1570 per month. While specific market rent figures are currently unavailable, it is reasonable to infer that the FMR aligns closely with the average market rents, given the typically conservative nature of HUD's estimates.
Voucher tenants in this region will generally cashflow at the FMR rate, which means that landlords can expect a positive cash flow when renting properties at the HUD-set rate. This scenario is particularly favorable for investors who are looking to generate consistent income without the need for premium units. However, the exact cashflow margins will depend on the individual property's expenses, including utilities, maintenance, and taxes.
The median home value in the area is also currently unreported, but it is important for deriving the rent-to-price ratio. This ratio helps investors understand how rental income compares to the potential resale value of their properties. Once the median home value is known, it can be used to calculate the rent-to-price ratio, providing insight into the relative affordability of homes versus rentals in the area.
The days on market (DOM) and the percentage of price cuts are not available at this time. However, these metrics would be useful for understanding the broader rent-versus-buy dynamics. For instance, a low DOM indicates a strong rental market, while a high percentage of price cuts suggests that buyers might be facing more challenging conditions.
In conclusion, the strongest angle for investors in ZIP 98231 is likely to be cashflow, given the alignment between the HUD FMR and the expected market rents. This makes the area attractive for those focused on generating steady income from their investments.
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.