Location: Spokane, WA | Metro: Spokane, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
ZIP code 99209, located within the Spokane, WA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1300 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors as it sets the benchmark for rental properties eligible under the Section 8 program.
While specific market rent and home value data are unavailable for ZIP 99209, we can infer its position relative to other ZIP codes within the Spokane metro area based on the provided FMR. The FMR of $1300 suggests that 99209 is likely a value pocket within the larger Spokane metro area. Typically, ZIP codes with lower FMRs indicate areas where housing costs are relatively more affordable compared to the broader metropolitan average.
The absence of data on market rents and home values makes it challenging to provide a comprehensive comparison. However, given the FMR alone, it's reasonable to conclude that 99209 offers cost-effective opportunities for tenants seeking Section 8 assistance. For landlords, this means potential for stable occupancy rates but also implies that rental income might be on the lower side compared to higher FMR ZIP codes in the same area.
The lack of information regarding the percentage of renters in ZIP 99209 prevents us from making definitive statements about its renter share. However, a high renter share with below-average home values often signifies an attractive location for Section 8 participants, as it indicates affordability and a concentration of rental units. In such cases, landlords can benefit from a robust demand for affordable housing.
To make informed decisions, landlords and investors should consider conducting a thorough analysis of the local real estate market, including trends in rental demand and supply, property management costs, and the overall economic environment of ZIP 99209. Despite the limited data, the FMR of $1300 provides a solid starting point for evaluating the potential of this ZIP code as part of a Section 8 investment strategy.
Data Sources: FMR data from HUD (2027).
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.