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King County/Redmond/98053

98053

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

36Below average

095130300
BRFMR
Eff. Rent
0 BR$2,700$2,100
1 BR$2,810$2,610
2 BR$3,290$3,110
3 BR$4,290$3,360
4 BR$5,100$4,120
5 BR$5,865Not available
6 BR$6,745Not available
7 BR$7,756Not available
8 BR$8,920Not available

Purchase Price Calculator

Maximum purchase price
$400,228

Cost breakdown

+Likely effective rent$3,110
HUD FMR$3,290
Market rentUsed$3,110
Est. payment standard (96%)$3,170
-Principal and interest-$2,024
Loan amount$320,183
Down payment$80,046
Rate6.50%
Term30 years
-Operating costs-$886
Property taxes-$400
Insurance-$175
Utilities$0
HOA$0
Management-$311
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$49,445(61.8% ROI)
Projected value
$431,002
Return breakdown
Property appreciation+$30,774
Loan principal paid down+$11,471
Rental cash flow+$7,200
5-year hold
+$85,050(106.3% ROI)
Projected value
$452,822
Return breakdown
Property appreciation+$52,593
Loan principal paid down+$20,457
Rental cash flow+$12,000
10-year hold
+$184,842(230.9% ROI)
Projected value
$512,326
Return breakdown
Property appreciation+$112,098
Loan principal paid down+$48,744
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.29
1 BR
1.08
2 BR
1.06
3 BR
1.28
4 BR
1.24
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98053 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98053 (Redmond, WA) is $3,290 a month. That is down 0.6% from $3,310 in FY 2026. Redmond 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, 98053 has the 12th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98053 is 124% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98053
BedroomsFY 2027Change90–110% range
Studio$2,700−1.5%$2,430–$2,970
1BR$2,810−1.1%$2,529–$3,091
2BR$3,290−0.6%$2,961–$3,619
3BR$4,290−0.9%$3,861–$4,719
4BR$5,100+0.2%$4,590–$5,610

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98053
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,700$2,810$3,290$4,290$5,100
FY 2026$2,740$2,840$3,310$4,330$5,090
FY 2025$3,000$3,070$3,580$4,720$5,500
FY 2024$2,960$3,040$3,540$4,700$5,460
FY 2023$2,690$2,770$3,240$4,350$5,080

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98053
98045$2,660−19.1%
98047$2,170−34.0%
98050$2,960−10.0%
98051$2,700−17.9%
98052$3,150−4.3%
98053Current$3,290—
98055$2,650−19.5%
98056$2,530−23.1%
98057$2,240−31.9%
98058$2,630−20.1%
98059$2,770−15.8%
98062$2,600−21.0%

Questions about ZIP 98053 rents

How much will Section 8 pay for a two-bedroom in ZIP 98053?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,290, that basic range is $2,961 to $3,619 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 98053 in?

ZIP 98053 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 98053 for FY 2027?

The two-bedroom FMR fell 0.6%, from $3,310 in FY 2026 to $3,290 in FY 2027. Since FY 2023 it has risen 1.5%.

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