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 | $1,710 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,710 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,780 | $595,071 | 0.3% | F |
| 2BR | $2,080 | $629,223 | 0.33% | F |
| 3BR | $2,710 | $782,235 | 0.35% | F |
| 4BR | $3,230 | $999,101 | 0.32% | F |
| 5BR | $3,747 | $1,093,887 | 0.34% | F |
U.S. Census Bureau data (2024)
Snohomish, WA, located in the ZIP code 98290, is situated within the broader Seattle-Bellevue, WA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 98290 in fiscal year 2024 is set at $2210, which is slightly higher than the median market rent of $2,085. This suggests that the rental market in Snohomish is somewhat above average compared to other areas within the Seattle-Bellevue metro region.
The home value in Snohomish stands at $846,863, indicating a relatively expensive housing market. However, this figure is lower than the typical home values found in more central parts of the Seattle-Bellevue area, where prices can exceed $1 million. This makes 98290 potentially attractive to investors looking for properties that offer good value relative to the metro's overall high cost of living.
A key factor in evaluating investment potential is the renter share, which is 19.3% in Snohomish. This percentage is notably lower than the typical renter share seen in many urban ZIP codes within the Seattle-Bellevue area, where it can exceed 30%. A lower renter share could indicate a preference for homeownership, but it also means fewer units might be available for rental income compared to areas with higher renter shares.
Comparatively, 98290 appears to be a mid-tier neighborhood within the Seattle-Bellevue HUD Metro FMR Area. It offers a balance between affordable property values and decent rental rates, making it neither a premium sub-market nor a value pocket. The divergence between the FMR being above the market rent and the lower renter share does not necessarily signal a Section 8 sweet spot, as the home values remain relatively high. However, landlords and investors can still find opportunities in this ZIP code, particularly if they target properties that cater to the needs of renters who are willing to pay slightly above average rents.
In conclusion, while Snohomish, WA, does not stand out as a particularly low-cost area for Section 8 investments due to its higher home values, it presents a moderate investment opportunity with slightly elevated rental rates and a reasonable renter share. Landlords should consider these factors when deciding whether to invest in this ZIP code.
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.