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WA/King County/Mercer Island

Mercer Island, WA

CitySAFMR
King County
Found 1 ZIP

City Median Investment Score

29Below average

095130300
BRFMR
Eff. Rent
0 BR$2,470$1,830
1 BR$2,570$2,350
2 BR$3,010$3,020
3 BR$3,920$3,950
4 BR$4,670$4,590
5 BR$5,371Not available
6 BR$6,176Not available
7 BR$7,102Not available
8 BR$8,168Not available

Purchase Price Calculator

Maximum purchase price
$386,854

Cost breakdown

+Likely effective rent$3,020
HUD FMR$3,010
Market rent$3,030
Est. payment standard (100%)Used$3,020
-Principal and interest-$1,956
Loan amount$309,483
Down payment$77,371
Rate6.50%
Term30 years
-Operating costs-$864
Property taxes-$387
Insurance-$175
Utilities$0
HOA$0
Management-$302
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$48,034(62.1% ROI)
Projected value
$416,600
Return breakdown
Property appreciation+$29,745
Loan principal paid down+$11,088
Rental cash flow+$7,200
5-year hold
+$82,609(106.8% ROI)
Projected value
$437,690
Return breakdown
Property appreciation+$50,836
Loan principal paid down+$19,773
Rental cash flow+$12,000
10-year hold
+$179,467(232.0% ROI)
Projected value
$495,206
Return breakdown
Property appreciation+$108,352
Loan principal paid down+$47,115
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.35
1 BR
1.09
2 BR
0.99
3 BR
0.99
4 BR
1.02
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

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
BedroomsFY 2027Change90–110% range
Studio$2,470−1.2%$2,223–$2,717
1BR$2,570−0.8%$2,313–$2,827
2BR$3,010−0.3%$2,709–$3,311
3BR$3,920−0.8%$3,528–$4,312
4BR$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 yearStudio1BR2BR3BR4BR
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