Location: Spokane, WA | Metro: Spokane, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,520 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,770 |
| 4 Bedrooms | $3,380 |
| 5 Bedrooms | $3,921 |
| 6 Bedrooms | $4,392 |
| 7 Bedrooms | $4,743 |
| 8 Bedrooms | $4,980 |
U.S. Census Bureau data (2024)
The classification of ZIP code 99023 hinges significantly on the interplay between its yield potential and stability metrics. With a Fair Market Rent (FMR) of $1580 for the fiscal year 2024, it presents a clear rental income opportunity. However, the lack of available market rent data introduces an element of uncertainty that must be considered. The median home value in this area stands at $719,384, indicating a relatively high investment cost.
Stability indicators reveal a different picture. The ZIP code boasts a median household income of $114,298, which is robust and suggests financial health among residents. Yet, the reported 0.0% of renters implies a predominantly owner-occupied community, which can reduce the immediate rental market size and thus affect the cash flow expectations. This low percentage of renters could also signal a challenge in finding tenants if the property is to be rented out.
The absence of data regarding the days on market (DOM) further complicates the assessment of how quickly a property might be leased. Despite these uncertainties, the strong income figure supports a stable economic base, potentially mitigating some risks associated with rent collection and tenant turnover.
Given these factors, ZIP 99023 does not clearly fall into a high-yield/low-stability category typical of flip-style markets. Instead, it appears more aligned with a steady-cashflow zone, albeit with caveats. The high median home value and the limited rental market suggest that while there is potential for steady income, it may come with higher acquisition costs and possibly slower leasing times. The strong income level provides a solid foundation for rental payments, making it a viable option for those seeking reliable returns over time rather than quick flips.
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.