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King County/Kent/98032

98032

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

72Below average

095130300
BRFMR
Eff. Rent
0 BR$1,960$1,350
1 BR$2,040$1,690
2 BR$2,390$2,480
3 BR$3,120$2,700
4 BR$3,710$3,530
5 BR$4,267Not available
6 BR$4,906Not available
7 BR$5,642Not available
8 BR$6,489Not available

Purchase Price Calculator

Maximum purchase price
$306,610

Cost breakdown

+Likely effective rent$2,480
HUD FMR$2,390
Market rent$2,530
Est. payment standard (104%)Used$2,480
-Principal and interest-$1,550
Loan amount$245,288
Down payment$61,322
Rate6.50%
Term30 years
-Operating costs-$730
Property taxes-$307
Insurance-$175
Utilities$0
HOA$0
Management-$248
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$39,564(64.5% ROI)
Projected value
$330,186
Return breakdown
Property appreciation+$23,575
Loan principal paid down+$8,788
Rental cash flow+$7,200
5-year hold
+$67,963(110.8% ROI)
Projected value
$346,902
Return breakdown
Property appreciation+$40,291
Loan principal paid down+$15,672
Rental cash flow+$12,000
10-year hold
+$147,219(240.1% ROI)
Projected value
$392,487
Return breakdown
Property appreciation+$85,877
Loan principal paid down+$37,342
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.45
1 BR
1.21
2 BR
0.94
3 BR
1.16
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98032 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98032 (Kent, WA) is $2,390 a month. That is up 1.7% from $2,350 in FY 2026. Kent 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, 98032 has the 94th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98032 is 63% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98032
BedroomsFY 2027Change90–110% range
Studio$1,960+0.5%$1,764–$2,156
1BR$2,040+1.0%$1,836–$2,244
2BR$2,390+1.7%$2,151–$2,629
3BR$3,120+1.6%$2,808–$3,432
4BR$3,710+2.8%$3,339–$4,081

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98032
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,960$2,040$2,390$3,120$3,710
FY 2026$1,950$2,020$2,350$3,070$3,610
FY 2025$2,030$2,080$2,420$3,190$3,720
FY 2024$2,010$2,070$2,410$3,200$3,720
FY 2023$1,900$1,960$2,290$3,080$3,590

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98032
98025$2,910+21.8%
98027$2,950+23.4%
98028$2,510+5.0%
98029$3,310+38.5%
98030$2,300−3.8%
98031$2,500+4.6%
98032Current$2,390—
98033$3,330+39.3%
98034$2,940+23.0%
98035$2,600+8.8%
98036$2,170−9.2%
98038$2,900+21.3%

Questions about ZIP 98032 rents

How much will Section 8 pay for a two-bedroom in ZIP 98032?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,390, that basic range is $2,151 to $2,629 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 98032 in?

ZIP 98032 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 98032 for FY 2027?

The two-bedroom FMR rose 1.7%, from $2,350 in FY 2026 to $2,390 in FY 2027. Since FY 2023 it has risen 4.4%.

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