Location: Spokane, WA | Metro: Spokane, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
U.S. Census Bureau data (2024)
The ZIP code 99202 in Spokane, WA, serves as a cash-flow anchor within a Section 8 portfolio strategy. This designation is based on the spread between the Fair Market Rent (FMR) for the Spokane, WA, HUD Metro FMR Area for fiscal year 2024, which stands at $1,250, and the current market rent of $1,541. The difference indicates that landlords can expect a steady, reliable income stream that is well below the market rate but guaranteed by the government.
The median home value in ZIP 99202 is $311,679, reflecting a stable housing market where property values are unlikely to experience rapid appreciation. Instead, the focus for investors should be on the consistent cash flow generated by the Section 8 program. Landlords benefit from reduced vacancy rates and lessened maintenance costs due to the oversight and support provided by the program. Additionally, the low price-cut share of 0.2% and the lack of significant days on market (DOM) indicate that properties in this area are quickly rented out, further supporting the cash-flow anchor role.
While the 51.7% renter share and median income of $65,189 might suggest some diversification benefits, the primary value proposition for ZIP 99202 lies in its ability to provide a predictable and secure income source. The lower FMR compared to market rents means that landlords will have a smaller spread to cover their expenses, making it crucial to manage costs effectively. However, the reliability of the Section 8 payments ensures that this ZIP code remains a solid choice for those seeking stability over rapid growth in their investment portfolios.
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.