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 ZIP code 98293, located within the Seattle-Bellevue, WA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $2,420 for fiscal year 2024. In comparison, the average FMR for a two-bedroom home in the broader Seattle-Bellevue area is $2,645. This indicates that 98293 offers rental rates that are slightly below the typical FMR for the region.
Unfortunately, specific market rent and home value figures for ZIP code 98293 are not available at this time. However, we can infer that due to the lower FMR, 98293 could potentially be considered a value pocket within the Seattle-Bellevue metro area. Value pockets typically have rental rates that are more affordable compared to surrounding areas, which can attract a higher proportion of renters, including those utilizing Section 8 vouchers.
The lack of data regarding the renter share percentage means we cannot definitively conclude if 98293 has a high renter share relative to other ZIP codes in the area. If it did have a high renter share combined with below-average home values, it would signal a potential sweet spot for Section 8 properties. But without concrete figures, we must rely on the lower FMR as our primary indicator of the ZIP code's economic standing within the larger Seattle-Bellevue market.
Landlords and small-portfolio investors should consider the slightly below-average FMR when evaluating the potential profitability of properties in ZIP code 98293. While it may not be a premium sub-market, it could serve as an attractive location for tenants seeking affordable housing options within the Seattle-Bellevue metro area.
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.