Section 8 Fair Market Rent (FMR) for ZIP 98256 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 98256, located in the suburban areas of King County, Washington, offers a stable and growing real estate market. The area is characterized by its proximity to urban centers, which drives demand for both rental and homeownership opportunities.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 98256 for fiscal year 2024 is set at $2210. This figure represents the benchmark for rental pricing and can be used by landlords to adjust their rates accordingly.
• The median home value in this ZIP code stands at $421,074. This indicates that the housing stock is relatively affordable compared to other parts of King County, making it attractive for first-time buyers and investors looking for entry-level properties.
• Renters make up 14.1% of the population in ZIP 98256, suggesting a moderate demand for rental properties. However, this percentage also implies a strong potential for growth if more rental units become available to meet the needs of the increasing number of renters.
• The median household income in ZIP 98256 is $94,375. This robust income level supports a healthy rental market, as tenants have the financial means to afford higher rents without compromising their standard of living.
• Despite the lack of specific data on days on market (DOM), the overall economic indicators suggest that properties in ZIP 98256 are likely to sell quickly, given the area's appeal and the ongoing trend of suburban migration.
• The absence of market rent data points to either limited availability or recent changes in the local real estate landscape that may require further investigation to understand current trends and opportunities.

In summary, ZIP 98256 presents a balanced investment opportunity with a mix of rental and homeownership prospects. The moderate renter share and high median income levels indicate a resilient market that can support steady rental income. Landlords and small-portfolio investors should focus on properties priced around the median home value, as they are likely to attract both buyers and renters. Additionally, keeping rental rates aligned with the FMR will ensure competitiveness and compliance with federal guidelines. While the exact market rent remains unclear, the overall positive economic conditions suggest a favorable environment for real estate investments.

Data Sources: FMR data from HUD (2027). 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.