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 | $1,190 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $422,246 | 0.38% | F |
| 3BR | $2,190 | $513,055 | 0.43% | F |
| 4BR | $2,670 | $543,527 | 0.49% | F |
| 5BR | $3,097 | $657,688 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 99021 in Mead, Washington, is distinct within Spokane County due to several key characteristics. With a population of 8,942 residents, only 6.2% are renters, indicating a predominantly owner-occupied community. The median income in this area is $85,489, reflecting a relatively affluent demographic. Moreover, the median home value stands at $512,861, which is notably high compared to other areas in the county.
Turning to the specifics of Section 8 housing, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,400. This figure closely aligns with the market rent reported by the Census Bureau's American Community Survey (ACS), which is $1,415. The near parity between the FMR and market rent suggests that landlords participating in the Section 8 program can expect rental income that is competitive with the local market rates. However, it is important to note that the demand for Section 8 vouchers might be lower due to the relatively low percentage of renters in the area.
The data signature for ZIP 99021 reads as stable. The high median home value and income levels indicate a strong economic foundation, while the modest rental market implies a community where homeownership is the norm. For landlords and small-portfolio investors considering Section 8 participation, the stability of the area combined with the competitive FMR makes it a viable option, although they should be prepared for potentially lower demand compared to more densely populated or economically diverse areas.
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.