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 | $1,000 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,080 | $276,075 | 0.39% | F |
| 2BR | $1,380 | $308,772 | 0.45% | F |
| 3BR | $1,880 | $358,218 | 0.52% | F |
| 4BR | $2,260 | $351,812 | 0.64% | D |
| 5BR | $2,622 | $413,639 | 0.63% | D |
U.S. Census Bureau data (2024)
ZIP code 99201, located in Spokane, WA, falls within the Spokane, WA HUD Metro FMR Area. The Family Monthly Income (FMR) for ZIP 99201 in fiscal year 2024 is set at $1,160. This figure is slightly below the market rent of $1,193, indicating that rental prices in this area are marginally higher than what the government deems necessary for low-income families. The median home value in 99201 is $325,737, which is comparable to the overall median home values in the Spokane, WA HUD Metro FMR Area.
The renter share in ZIP 99201 is 69.5%, significantly higher than the average for the Spokane, WA HUD Metro FMR Area. This suggests a strong demand for rentals in this area, likely due to a concentration of renters who may be eligible for housing assistance programs such as Section 8. The combination of a high renter share with below-average home values compared to the broader metro area could signal a sweet spot for Section 8 landlords and small-portfolio investors. The lower FMR compared to market rent implies that there is potential for landlords to receive rental assistance payments that can cover a substantial portion of the actual market rent, making it a favorable location for those seeking to participate in government-assisted housing programs.
To further contextualize, let's consider some comparative metrics. If we assume the average FMR across the Spokane, WA HUD Metro FMR Area is around $1,200, then 99201 is slightly below this average. However, with a market rent just above the FMR, landlords can still achieve reasonable returns while benefiting from the Section 8 program. Additionally, the high proportion of renters in 99201 makes it an attractive area for landlords looking to capitalize on the demand for affordable housing.
In summary, ZIP 99201 appears to be a value pocket within the Spokane, WA HUD Metro FMR Area. It offers a balance between government-assisted income and market conditions, making it a strategic choice for investors focused on the Section 8 program.
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.