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King County/Bellevue/98004

98004

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

37Below average

095130300
BRFMR
Eff. Rent
0 BR$3,130$2,370
1 BR$3,270$2,950
2 BR$3,820$3,930
3 BR$4,980$5,440
4 BR$5,930$6,520
5 BR$6,819Not available
6 BR$7,842Not available
7 BR$9,019Not available
8 BR$10,372Not available

Purchase Price Calculator

Maximum purchase price
$522,080

Cost breakdown

+Likely effective rent$3,930
HUD FMR$3,820
Market rent$3,990
Est. payment standard (103%)Used$3,930
-Principal and interest-$2,640
Loan amount$417,664
Down payment$104,416
Rate6.50%
Term30 years
-Operating costs-$1,090
Property taxes-$522
Insurance-$175
Utilities$0
HOA$0
Management-$393
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$62,307(59.7% ROI)
Projected value
$562,223
Return breakdown
Property appreciation+$40,143
Loan principal paid down+$14,964
Rental cash flow+$7,200
5-year hold
+$107,290(102.8% ROI)
Projected value
$590,685
Return breakdown
Property appreciation+$68,606
Loan principal paid down+$26,685
Rental cash flow+$12,000
10-year hold
+$233,811(223.9% ROI)
Projected value
$668,306
Return breakdown
Property appreciation+$146,227
Loan principal paid down+$63,585
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.32
1 BR
1.11
2 BR
0.96
3 BR
0.88
4 BR
0.78
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98004 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98004 (Bellevue, WA) is $3,820 a month. That is up 1.9% from $3,750 in FY 2026. Bellevue 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, 98004 is tied for the highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98004 is 160% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98004
BedroomsFY 2027Change90–110% range
Studio$3,130+0.6%$2,817–$3,443
1BR$3,270+1.6%$2,943–$3,597
2BR$3,820+1.9%$3,438–$4,202
3BR$4,980+1.4%$4,482–$5,478
4BR$5,930+2.8%$5,337–$6,523

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98004
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$3,130$3,270$3,820$4,980$5,930
FY 2026$3,110$3,220$3,750$4,910$5,770
FY 2025$3,320$3,400$3,960$5,220$6,080
FY 2024$3,300$3,390$3,950$5,240$6,090
FY 2023$3,060$3,150$3,680$4,940$5,770

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98004
98001$2,600−31.9%
98002$2,040−46.6%
98003$2,240−41.4%
98004Current$3,820—
98005$2,950−22.8%
98006$3,560−6.8%
98007$3,030−20.7%
98008$3,270−14.4%
98009$2,600−31.9%
98010$2,590−32.2%
98011$2,750−28.0%
98014$2,650−30.6%

Questions about ZIP 98004 rents

How much will Section 8 pay for a two-bedroom in ZIP 98004?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,820, that basic range is $3,438 to $4,202 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 98004 in?

ZIP 98004 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 98004 for FY 2027?

The two-bedroom FMR rose 1.9%, from $3,750 in FY 2026 to $3,820 in FY 2027. Since FY 2023 it has risen 3.8%.

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 rentBellevue, WA fair market rentWA statewide rentsWhat is SAFMR?Data sources