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 | $1,620 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,950 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,990 |
| 5 Bedrooms | $3,468 |
| 6 Bedrooms | $3,884 |
| 7 Bedrooms | $4,195 |
| 8 Bedrooms | $4,405 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,670 | $338,830 | 0.49% | F |
| 2BR | $1,950 | $474,299 | 0.41% | F |
| 3BR | $2,570 | $575,780 | 0.45% | F |
| 4BR | $2,990 | $695,398 | 0.43% | F |
| 5BR | $3,468 | $743,169 | 0.47% | F |
U.S. Census Bureau data (2024)
ZIP 98252 encompasses the city of Granite Falls, Washington, which is characterized by a relatively small population of 10,361 residents. The area has a low percentage of renters at 14.1%, indicating that it is predominantly a homeownership community. With a median household income of $98,370, Granite Falls is a middle-class to upper-middle-class neighborhood. The median home value stands at $587,857, reflecting the overall economic status of the area.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 98252 in fiscal year 2024 is set at $2,210. This figure represents the maximum amount that a Section 8 voucher holder can be expected to pay towards their housing costs. However, the actual market rent for the area, according to the Census American Community Survey (ACS), is significantly lower at $1,618. This discrepancy between the FMR and the market rent suggests a potential opportunity for landlords and small-portfolio investors who are willing to operate in this space.
The question then becomes whether this place fits a hands-off voucher operator or a hands-on value-add buyer. Given the disparity between the FMR and the market rent, a hands-off voucher operator could find the area attractive due to the potential for higher rents without the need for extensive property management. On the other hand, a hands-on value-add buyer might see an opportunity to improve properties and charge closer to the FMR, thereby increasing rental income while still being competitive in the local market.
In conclusion, ZIP 98252 offers a stable environment for investment, with a solid economic foundation and a mix of opportunities for both passive and active investors. The key lies in understanding the local market dynamics and leveraging the difference between the FMR and the actual market rent to maximize returns.
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.