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 | $1,180 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,240 | $298,173 | 0.42% | F |
| 2BR | $1,580 | $303,850 | 0.52% | F |
| 3BR | $2,170 | $382,754 | 0.57% | F |
| 4BR | $2,640 | $453,675 | 0.58% | F |
| 5BR | $3,062 | $569,396 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 99217 in Spokane, WA, stands out within Spokane County due to its unique demographic and economic characteristics. With a total population of 21,441 residents, 35.5% of whom rent their homes, it reflects a significant rental market presence. The median income in this area is $73,620, which is relatively robust compared to the national average, indicating a stable middle-class community. However, the median home value at $374,356 suggests that homeownership is more expensive here, potentially limiting affordability for some residents.
Moving to the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 99217 for fiscal year 2024 is set at $1,390. This figure represents the maximum amount that landlords can charge for a voucher tenant. In contrast, the Zillow Observed Rent Index (ZORI), which measures the actual rents paid by tenants, stands at $1,616. This discrepancy indicates that landlords participating in the Section 8 program might see a slight reduction in rental income, approximately $226 less per month, compared to the market rate.
The data signature for ZIP 99217 reads as stable. The consistent median income and median home values suggest that the local economy is not experiencing rapid fluctuations. While the rental market shows a moderate percentage of renters, the disparity between FMR and ZORI highlights a need for careful consideration by landlords when deciding to participate in the Section 8 program. Despite the lower FMR, the overall economic stability of the area could provide a reliable stream of rental income for those willing to accept Section 8 vouchers.
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.