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 | $1,080 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,130 | $398,068 | 0.28% | F |
| 2BR | $1,440 | $394,686 | 0.36% | F |
| 3BR | $1,970 | $483,982 | 0.41% | F |
| 4BR | $2,410 | $581,652 | 0.41% | F |
| 5BR | $2,796 | $736,420 | 0.38% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 99203 in Spokane, WA, hinges on an analysis of its yield and stability metrics. The Fair Market Rent (FMR) for ZIP 99203 in fiscal year 2024 is set at $1,440. This figure contrasts with the local market rent of $1,841, indicating that landlords can potentially charge above the FMR for higher yields. However, the median home value of $485,227 suggests a relatively stable housing market, where property values are likely to hold or increase over time.
Stability is measured through several indicators. First, the percentage of renters in the area is 22.6%, which is a moderate level, neither too high nor too low. A higher percentage of renters might indicate a more transient population, which could affect long-term rental stability. Second, the days on market (DOM) for rentals stands at 23 days, suggesting that properties are typically rented out quickly, which can be seen as a positive sign for cash flow. Lastly, the average income in the area is $104,372, providing a solid financial base for potential tenants.
Based on these figures, ZIP 99203 appears to be a steady-cashflow zone. The quick turnover rate of 23 days indicates a reliable stream of rental income. Additionally, the ability to charge above the FMR without drastically exceeding the local market rent of $1,841 supports a balanced approach to maximizing returns while maintaining tenant affordability. The median home value and average income also point towards a stable economic environment that can support consistent rental demand and income levels.
To summarize, the combination of a moderate renter population, quick rental turnovers, and a stable median home value makes ZIP 99203 suitable for landlords and small-portfolio investors looking for a reliable investment with steady cash flow, rather than a high-risk, high-reward flip-style market.
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.