Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,380 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,690 |
| 5 Bedrooms | $4,280 |
| 6 Bedrooms | $4,794 |
| 7 Bedrooms | $5,178 |
| 8 Bedrooms | $5,437 |
The analysis of ZIP 98291 within the Seattle-Bellevue, WA HUD Metro FMR Area reveals several critical insights for landlords and small-portfolio investors.
The first question concerns whether the rent math works. The Fair Market Rent (FMR) for ZIP 98291 in fiscal year 2024 is set at $2420. However, the lack of available data on market rent makes it impossible to directly compare these figures. Without a benchmark for market rent, it's challenging to assess if the FMR accurately reflects the local rental environment.
Regarding the affordability of property acquisition, the absence of specific data points such as median home value, days on market (DOM), and the percentage of price cuts shared among listings means that we cannot provide a concrete assessment. These metrics would typically help determine if properties are being sold at prices that align with the financial goals of potential investors.
Tenant demand is another crucial factor. With no specific population or renter share percentage provided for ZIP 98291, we cannot quantify the number of potential tenants or the proportion of residents likely to be renters. This data gap hinders our ability to evaluate the likelihood of finding and retaining tenants in this area.
Verdict: While the Fair Market Rent for ZIP 98291 is established at $2420, the incomplete dataset precludes a thorough analysis of market rent, property acquisition affordability, and tenant demand. Investors should seek additional, up-to-date data to make informed decisions regarding investments in this ZIP code. Until more comprehensive information is available, the investment potential remains uncertain.
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.