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 |
The market in ZIP 99220, located in Washington, is characterized by a Federal Market Rent (FMR) of $1300 for fiscal year 2024. This figure sets a benchmark for rental pricing in the area, indicating that the government has established a standard rate for housing assistance. However, the lack of available market rent data suggests that there might be limited private rental listings, or the market is underreported.
The absence of specific percentages regarding price-cut shares and days on market (DOM) indicates that either the data is incomplete or the rental market is stable, without significant fluctuations. A stable rental market can imply that the number of properties listed for rent remains consistent with the demand from tenants, though it does not provide a direct indication of whether supply outpaces demand or vice versa.
The unknown median home value and the unspecified percentage of renters in the area further obscure the full picture of housing dynamics. Nonetheless, the fact that the renter share is marked as N/A can imply that the proportion of renters to homeowners is either evenly balanced or that there is a significant population of renters that could exert long-term pressure on the housing market. In areas where renting is prevalent, there tends to be a continuous demand for rental properties, which can lead to steady or increasing rents over time.
The Federal Market Rent being the only concrete piece of data points to a reliance on government programs to support the housing market. This can be indicative of an area where affordable housing is a priority, possibly due to economic factors or demographics that favor government assistance.
In summary, ZIP 99220 presents a market with a defined baseline for rental costs but lacks detailed metrics that would indicate the exact balance between supply and demand. The presence of renters and the reliance on government-set rent figures suggest a dynamic where housing affordability is a key consideration, potentially leading to sustained demand for rental properties.
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.