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King County/Federal Way/98003

98003

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

77Below average

095130300
BRFMR
Eff. Rent
0 BR$1,840$1,220
1 BR$1,920$1,510
2 BR$2,240$2,340
3 BR$2,920$2,870
4 BR$3,470$3,240
5 BR$3,990Not available
6 BR$4,589Not available
7 BR$5,277Not available
8 BR$6,069Not available

Purchase Price Calculator

Maximum purchase price
$285,807

Cost breakdown

+Likely effective rent$2,340
HUD FMR$2,240
Market rent$2,400
Est. payment standard (105%)Used$2,340
-Principal and interest-$1,445
Loan amount$228,645
Down payment$57,161
Rate6.50%
Term30 years
-Operating costs-$695
Property taxes-$286
Insurance-$175
Utilities$0
HOA$0
Management-$234
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$37,368(65.4% ROI)
Projected value
$307,782
Return breakdown
Property appreciation+$21,976
Loan principal paid down+$8,192
Rental cash flow+$7,200
5-year hold
+$64,166(112.3% ROI)
Projected value
$323,364
Return breakdown
Property appreciation+$37,557
Loan principal paid down+$14,608
Rental cash flow+$12,000
10-year hold
+$138,859(242.9% ROI)
Projected value
$365,857
Return breakdown
Property appreciation+$80,050
Loan principal paid down+$34,809
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.51
1 BR
1.27
2 BR
0.93
3 BR
1.02
4 BR
1.07
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98003 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98003 (Federal Way, WA) is $2,240 a month. That is up 2.3% from $2,190 in FY 2026. Federal Way 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. Among 120 ZIP codes in King County, 98003 is tied for the 104th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98003 is 53% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98003
BedroomsFY 2027Change90–110% range
Studio$1,840+1.1%$1,656–$2,024
1BR$1,920+2.1%$1,728–$2,112
2BR$2,240+2.3%$2,016–$2,464
3BR$2,920+1.7%$2,628–$3,212
4BR$3,470+3.0%$3,123–$3,817

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98003
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,840$1,920$2,240$2,920$3,470
FY 2026$1,820$1,880$2,190$2,870$3,370
FY 2025$1,990$2,050$2,390$3,160$3,680
FY 2024$1,840$1,890$2,210$2,970$3,470
FY 2023$1,690$1,740$2,030$2,730$3,180

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98003
98001$2,600+16.1%
98002$2,040−8.9%
98003Current$2,240—
98004$3,820+70.5%
98005$2,950+31.7%
98006$3,560+58.9%
98007$3,030+35.3%
98008$3,270+46.0%
98009$2,600+16.1%
98010$2,590+15.6%
98011$2,750+22.8%
98014$2,650+18.3%

Questions about ZIP 98003 rents

How much will Section 8 pay for a two-bedroom in ZIP 98003?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,240, that basic range is $2,016 to $2,464 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 ZIP 98003 in?

ZIP 98003 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 ZIP 98003 for FY 2027?

The two-bedroom FMR rose 2.3%, from $2,190 in FY 2026 to $2,240 in FY 2027. Since FY 2023 it has risen 10.3%.

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

County fair market rentFederal Way, WA fair market rentWA statewide rentsWhat is SAFMR?Data sources