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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $387,497 | 0.41% | F |
| 3BR | $2,190 | $457,499 | 0.48% | F |
| 4BR | $2,670 | $514,238 | 0.52% | F |
| 5BR | $3,097 | $612,815 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 99037, located in Spokane Valley, WA, stands out within Spokane County due to its unique demographic and economic profile. With a population of 16,522 residents, 35.4% of whom rent their homes, the area has a median income of $87,713. The median home value in the region is notably high at $482,900, indicating a robust housing market.
Landlords and small-portfolio investors should take note of the disparity between the Fair Market Rent (FMR) and the Zillow Observed Rent Index (ZORI). For fiscal year 2024, the FMR for ZIP 99037 is set at $1,360, while the ZORI, reflecting the actual market rent, is $1,585. This gap suggests that landlords accepting Section 8 vouchers may face a slight shortfall in rental revenue compared to market rates. However, the stability of the income provided by the government subsidy can offset this difference, offering a predictable cash flow.
Evaluating the overall data signature of ZIP 99037, it reads as stable. The relatively high median home value and median income indicate a prosperous local economy, which supports the demand for both rental and owned properties. The percentage of renters is significant but does not suggest an unstable market; rather, it points to a diverse housing landscape where both ownership and rental options coexist. For investors, this stability means that while there might be a slight financial incentive to seek market rents, the safety net of Section 8 vouchers remains a viable option for steady returns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.