FMR is near market; voucher and private rents are aligned.
1.09
2 BR
2 BR- 98040
0.99ratio
FMR$3,010
Market$3,030
vs market-$20
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR- 98040
0.99ratio
FMR$3,920
Market$3,960
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.99
4 BR
4 BR- 98040
1.02ratio
FMR$4,670
Market$4,590
vs market+$80
FMR is near market; voucher and private rents are aligned.
1.02
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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Mercer Island, WA fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Mercer Island, WA is $3,010 a month. That is down 0.3% from $3,020 in FY 2026. Mercer Island is in the Seattle-Bellevue, WA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Washington is $1,467, so Mercer Island is 105% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Mercer Island, WA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,500
$2,470
−1.2%
$2,223–$2,717
1BR
$2,590
$2,570
−0.8%
$2,313–$2,827
2BR
$3,020
$3,010
−0.3%
$2,709–$3,311
3BR
$3,950
$3,920
−0.8%
$3,528–$4,312
4BR
$4,650
$4,670
+0.4%
$4,203–$5,137
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Mercer Island, WA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,470
$2,570
$3,010
$3,920
$4,670
FY 2026
$2,500
$2,590
$3,020
$3,950
$4,650
FY 2025
$2,770
$2,830
$3,300
$4,350
$5,070
FY 2024
$2,840
$2,920
$3,400
$4,510
$5,250
FY 2023
$2,660
$2,740
$3,200
$4,300
$5,010
Questions about Mercer Island, WA rents
How much will Section 8 pay for a two-bedroom in Mercer Island, WA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,010, that basic range is $2,709 to $3,311 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Mercer Island, WA in?
Mercer Island, WA is in the Seattle-Bellevue, WA HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Mercer Island, WA for FY 2027?
The two-bedroom FMR fell 0.3%, from $3,020 in FY 2026 to $3,010 in FY 2027. Since FY 2023 it has fallen 5.9%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set