Location: Spokane, WA | Metro: Spokane, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
U.S. Census Bureau data (2024)
The Family Median Income (FMI) in ZIP 99018 is $52,813. This figure is critical for understanding the purchasing power of residents, which impacts their ability to afford housing. Given the median home value of $313,809, it suggests that homeownership might be challenging for many residents, thereby supporting a rental market.
The Fair Market Rent (FMR) for ZIP 99018 in fiscal year 2024 is $1,330. This is a key metric for evaluating potential rental yields. However, the absence of market rent data makes it difficult to compare FMR against actual market rates, which could provide insights into the profitability of rental properties.
Renters make up 24.3% of the population, indicating a moderate reliance on rental housing. While this percentage supports a viable rental market, it also suggests that the majority of the population may own homes, potentially limiting the size of the rental pool.
The analysis leans towards a steady-cashflow zone rather than a high-yield/low-stability market. With a significant portion of the population renting and a reasonable FMR, landlords can expect consistent rental income. However, the lack of specific data on median days on market (DOM) prevents us from making a definitive assessment on the stability of the rental market. Typically, lower DOM values indicate higher demand and quicker turnover, contributing to market stability.
In summary, ZIP 99018 appears to offer a balanced opportunity for landlords and small-portfolio investors, with a focus on steady cash flow over speculative high-yield investments. The median home value and median income suggest a moderate demand for rentals, but the exact dynamics would require more detailed market data.
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.