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 | $2,490 |
| 1 Bedroom | $2,590 |
| 2 Bedrooms | $3,030 |
| 3 Bedrooms | $3,950 |
| 4 Bedrooms | $4,700 |
| 5 Bedrooms | $5,452 |
| 6 Bedrooms | $6,106 |
| 7 Bedrooms | $6,594 |
| 8 Bedrooms | $6,924 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,590 | $527,696 | 0.49% | F |
| 2BR | $3,030 | $591,697 | 0.51% | F |
| 3BR | $3,950 | $930,765 | 0.42% | F |
| 4BR | $4,700 | $1,121,971 | 0.42% | F |
| 5BR | $5,452 | $1,252,429 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 98296, located in Snohomish, WA, has a population of 27,896 residents, with 11.1% being renters. This indicates that the area is primarily dominated by homeowners rather than renters, suggesting that the demand for rental properties, including those utilizing Section 8 vouchers, is relatively low compared to other areas with higher percentages of renters.
The median household income in this ZIP is notably high at $177,583. In contrast, the market rent for the area stands at $2,358. To put this into perspective, the typical rent consumes approximately 15.4% of the median household income, calculated as ($2,358 / $177,583) * 100. This percentage is lower than what might be expected in areas with a higher concentration of renters, indicating that most residents can afford to pay market rates without needing assistance from housing vouchers.
The Fair Market Rent (FMR) for ZIP 98296, set at $3,090 for FY 2024, is higher than the current market rent. This suggests that while there is some room for rent increases, the overall cost of living in the area is already quite high, which could deter potential voucher holders who require financial assistance to find affordable housing.
In summary, landlords in ZIP 98296 should expect a tenant pool that largely consists of individuals and families who can afford to pay market rents without relying on Section 8 vouchers. The typical tenant will likely have a stable income source and be able to cover the majority of their housing costs independently. Given the high median household income and low percentage of renters, the use of Section 8 vouchers in this area is expected to be limited.
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.