Location: Spokane, WA | Metro: Spokane, WA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
60.0% of the housing units in ZIP code 99251 are owner-occupied, indicating a strong preference for homeownership among residents. 30.0% of the housing units are renter-occupied, suggesting limited rental opportunities. The median home value stands at $600,000, which is significantly higher than the average home value of $558,333. This reflects a robust real estate market in the area.
The median household income in ZIP code 99251 is $117,154, placing it in the 83rd percentile among all ZIP codes in Washington. This high income level supports the expensive median home value. However, the Housing Affordability Index is 0, meaning that the median income does not support the median home value, making it challenging for most residents to afford homes without financial assistance.
With a total population of 860, 97.2% of whom reside in group quarters, the demographic composition of 99251 is unique. This suggests a concentration of institutional populations such as students, military personnel, or healthcare workers, rather than typical residential households. Given this context, the $1300 Fair Market Rent (FMR) for zip code 99251 FY 2024 is notably low compared to the high median home value, indicating a disparity between rental and ownership costs.
The socio-economic status index for 99251 is moderate at 52.9, suggesting a balanced community with diverse economic backgrounds. However, the limited rental options and high median home value make it less attractive for potential renters seeking affordable housing.
Verdict: For Section 8 investors, ZIP code 99251 presents a challenging environment due to the low FMR and high median home value, indicating limited opportunities for affordable rental properties. The market is skewed towards homeownership, with minimal impact from government-subsidized rentals.
Data Sources: FMR data from HUD (2027). 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.