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King County/Seattle/98121

98121

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

33Below average

095130300
BRFMR
Eff. Rent
0 BR$2,980$1,740
1 BR$3,100$2,550
2 BR$3,630$3,710
3 BR$4,730$4,380
4 BR$5,630$3,360
5 BR$6,474Not available
6 BR$7,446Not available
7 BR$8,563Not available
8 BR$9,847Not available

Purchase Price Calculator

Maximum purchase price
$489,388

Cost breakdown

+Likely effective rent$3,710
HUD FMR$3,630
Market rent$3,750
Est. payment standard (102%)Used$3,710
-Principal and interest-$2,475
Loan amount$391,510
Down payment$97,878
Rate6.50%
Term30 years
-Operating costs-$1,035
Property taxes-$489
Insurance-$175
Utilities$0
HOA$0
Management-$371
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$58,856(60.1% ROI)
Projected value
$527,017
Return breakdown
Property appreciation+$37,629
Loan principal paid down+$14,027
Rental cash flow+$7,200
5-year hold
+$101,323(103.5% ROI)
Projected value
$553,698
Return breakdown
Property appreciation+$64,310
Loan principal paid down+$25,014
Rental cash flow+$12,000
10-year hold
+$220,673(225.5% ROI)
Projected value
$626,458
Return breakdown
Property appreciation+$137,070
Loan principal paid down+$59,603
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.71
1 BR
1.22
2 BR
0.97
3 BR
1.08
4 BR
1.68
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98121 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98121 (Seattle, WA) is $3,630 a month. That is down 2.9% from $3,740 in FY 2026. Seattle 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, 98121 has the 4th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98121 is 147% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98121
BedroomsFY 2027Change90–110% range
Studio$2,980−3.9%$2,682–$3,278
1BR$3,100−3.4%$2,790–$3,410
2BR$3,630−2.9%$3,267–$3,993
3BR$4,730−3.3%$4,257–$5,203
4BR$5,630−2.1%$5,067–$6,193

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98121
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,980$3,100$3,630$4,730$5,630
FY 2026$3,100$3,210$3,740$4,890$5,750
FY 2025$3,360$3,440$4,010$5,290$6,160
FY 2024$3,320$3,410$3,970$5,270$6,120
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. 98121
98114$2,600−28.4%
98115$2,950−18.7%
98116$2,520−30.6%
98117$2,780−23.4%
98118$2,430−33.1%
98119$2,740−24.5%
98121Current$3,630—
98122$3,160−12.9%
98124$2,600−28.4%
98125$2,640−27.3%
98126$2,270−37.5%
98127$2,600−28.4%

Questions about ZIP 98121 rents

How much will Section 8 pay for a two-bedroom in ZIP 98121?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,630, that basic range is $3,267 to $3,993 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 98121 in?

ZIP 98121 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 98121 for FY 2027?

The two-bedroom FMR fell 2.9%, from $3,740 in FY 2026 to $3,630 in FY 2027. Since FY 2023 it has fallen 1.4%.

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