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 | $1,020 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,380 | $382,946 | 0.36% | F |
| 3BR | $1,880 | $453,146 | 0.41% | F |
| 4BR | $2,290 | $494,416 | 0.46% | F |
| 5BR | $2,656 | $557,252 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 99218 in Spokane, WA, stands out among other areas due to its unique demographic and economic characteristics. With a population of 16,897 residents, it has a significant rental market, where 41.6% of the residents are renters. The median household income in this area is $80,733, which is relatively stable compared to the national average. However, the median home value is notably higher at $465,889, indicating a robust real estate market.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 99218 for fiscal year 2024 is set at $1,260, significantly lower than the market rent, which is estimated at $1,719 according to ZORI. This disparity means that landlords accepting Section 8 vouchers in this ZIP code will receive less than the market rate for their properties. Despite this, the program remains a viable option for many low-income families seeking affordable housing.
The data signature for ZIP 99218 suggests a transitional environment. While the rental market is substantial, the high median home value indicates an upward trend in property values. This transition could be influenced by various factors, including economic growth and changes in the local job market. For landlords and small-portfolio investors, understanding these dynamics is crucial for making informed decisions about property management and investment strategies.
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.