Location: Spokane, WA | Metro: Spokane, 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 | $1,640 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,200 |
| 3 Bedrooms | $3,010 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,730 | $488,597 | 0.35% | F |
| 2BR | $2,200 | $440,766 | 0.5% | F |
| 3BR | $3,010 | $542,044 | 0.56% | F |
| 4BR | $3,680 | $629,421 | 0.58% | F |
| 5BR | $4,269 | $770,811 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 99019, located in Liberty Lake, WA, presents an interesting scenario for both renters and landlords. The median household income here stands at $120,053, which might initially suggest a high level of financial stability among residents. However, when compared to the market rate rent of $1,893, the picture becomes more nuanced.
A household earning the median income would spend approximately 16% of their monthly income on rent at the market rate. This is generally considered affordable, as it falls below the widely accepted threshold of 30% of income dedicated to housing costs. Yet, the reality is more complex due to other living expenses and financial obligations.
The Fair Market Rent (FMR) set by HUD for ZIP 99019 for fiscal year 2024 is $1,720. This figure represents the amount landlords can expect from Section 8 vouchers, which is slightly lower than the market rate. Given that 31.9% of the population are renters, this means that over 3,950 households could potentially be looking for affordable housing options.
The affordability gap between the market rate and the FMR indicates that there is a segment of the rental market that may struggle to find housing without assistance. For landlords, this means that competition for tenants paying the market rate can be fierce, especially if many potential renters are seeking subsidized housing.
In conclusion, landlords in ZIP 99019 should consider the benefits of accepting Section 8 vouchers. While the voucher payment is less than the market rate, it guarantees a steady stream of reliable tenants. Landlords who are considering whether to adopt a voucher or cash-pay strategy should weigh the stability of guaranteed payments against the potential for higher income from market-rate rents. Accepting vouchers can help secure long-term occupancy, which is crucial for maintaining consistent cash flow and minimizing vacancy rates.
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.