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 | $1,160 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,220 | $440,863 | 0.28% | F |
| 2BR | $1,560 | $422,303 | 0.37% | F |
| 3BR | $2,140 | $484,011 | 0.44% | F |
| 4BR | $2,610 | $586,683 | 0.44% | F |
| 5BR | $3,028 | $742,675 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 99224 in Spokane, WA, presents a dynamic housing market characterized by specific economic indicators. The Fair Market Rent (FMR) for the area is set at $1350 for fiscal year 2024, which is notably lower than the actual market rent as indicated by Zillow's Rent Index (ZORI) at $1,563. This suggests that the rental market is robust, with rents exceeding the government's benchmark for fair market value.
A further insight into the market's dynamics comes from the 0.2% price-cut share and the 39-day days on market (DOM). These figures imply that landlords and property owners are generally able to maintain their asking prices without significant reductions, indicating a market where demand is relatively strong compared to supply. However, the quick turnover rate, as evidenced by the short DOM period, also points towards a competitive environment where properties are swiftly occupied once listed.
The median home value of $518,825 reflects the overall stability and worth of the residential real estate in 99224. Despite this, the 35.9% renter share highlights a substantial portion of the population choosing to rent rather than buy, which can be indicative of either affordability concerns or lifestyle preferences among residents. In terms of long-term housing pressure, a high renter share often correlates with sustained demand for rental properties, potentially leading to steady rental prices and a continued preference for renting over owning.
In summary, the market in ZIP 99224 appears to be one where demand meets supply effectively, but with a slight lean towards demand being robust enough to support higher-than-FMR rental prices. The high percentage of renters suggests a consistent pressure on the rental market, likely due to the attractiveness of renting in this area given the median home values and other economic factors.
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.