98164

ZIPSAFMR

King County, WA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,930	$1,790	-0.2%
1 BR	$2,010	$2,210	0.3%
2 BR	$2,350	$2,590	0.4%
3 BR	$3,060	$3,370	-0.2%
4 BR	$3,650	$4,020	0.6%
5 BR	$4,198	Not available	0.7%
6 BR	$4,827	Not available	0.6%
7 BR	$5,551	Not available	0.6%
8 BR	$6,384	Not available	0.7%

Purchase Price Calculator

Maximum purchase price

$322,956

Cost breakdown

+Likely effective rent$2,590

HUD FMR$2,350

Market rent$3,140

Est. payment standard (110%)Used$2,590

-Principal and interest-$1,633

Loan amount$258,365

Down payment$64,591

Rate6.50%

Term30 years

-Operating costs-$757

Property taxes-$323

Insurance-$175

Utilities$0

HOA$0

Management-$259

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$41,289(63.9% ROI)

Projected value

$347,789

Return breakdown

Property appreciation+$24,832

Loan principal paid down+$9,257

Rental cash flow+$7,200

5-year hold

+$70,946(109.8% ROI)

Projected value

$365,396

Return breakdown

Property appreciation+$42,439

Loan principal paid down+$16,507

Rental cash flow+$12,000

10-year hold

+$153,788(238.1% ROI)

Projected value

$413,412

Return breakdown

Property appreciation+$90,455

Loan principal paid down+$39,333

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.08ratio

FMR$1,930

Market$1,790

vs market+$140

FMR is near market; voucher and private rents are aligned.

1.08

1 BR

0.83ratio

FMR$2,010

Market$2,410

vs market-$400

FMR is below market; voucher rent may lag private rents.

0.83

2 BR

0.75ratio

FMR$2,350

Market$3,140

vs market-$790

FMR is below market; voucher rent may lag private rents.

0.75

3 BR

0.74ratio

FMR$3,060

Market$4,160

vs market-$1,100

FMR is below market; voucher rent may lag private rents.

0.74

4 BR

0.81ratio

FMR$3,650

Market$4,520

vs market-$870

FMR is below market; voucher rent may lag private rents.

0.81

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 98164 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98164 (Seattle, WA) is $2,350 a month. That is up 4.9% from $2,240 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, 98164 is tied for the 97th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98164 is 60% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98164
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,860	$1,930	+3.8%	$1,737–$2,123
1BR	$1,920	$2,010	+4.7%	$1,809–$2,211
2BR	$2,240	$2,350	+4.9%	$2,115–$2,585
3BR	$2,930	$3,060	+4.4%	$2,754–$3,366
4BR	$3,450	$3,650	+5.8%	$3,285–$4,015

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98164
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,930	$2,010	$2,350	$3,060	$3,650
FY 2026	$1,860	$1,920	$2,240	$2,930	$3,450
FY 2025	$1,990	$2,050	$2,390	$3,160	$3,680
FY 2024	$1,940	$1,990	$2,320	$3,080	$3,580
FY 2023	$1,920	$1,980	$2,310	$3,100	$3,620

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 98164
98154	$2,600	+10.6%
98155	$2,570	+9.4%
98158	$2,600	+10.6%
98161	$2,600	+10.6%
98164Current	$2,350	—
98165	$2,600	+10.6%
98166	$2,240	−4.7%
98168	$2,290	−2.6%
98170	$2,600	+10.6%
98174	$2,600	+10.6%
98175	$2,600	+10.6%
98177	$2,740	+16.6%

Questions about ZIP 98164 rents

How much will Section 8 pay for a two-bedroom in ZIP 98164?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,350, that basic range is $2,115 to $2,585 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 98164 in?

ZIP 98164 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 98164 for FY 2027?

The two-bedroom FMR rose 4.9%, from $2,240 in FY 2026 to $2,350 in FY 2027. Since FY 2023 it has risen 1.7%.

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 rent Seattle, WA fair market rent WA statewide rents What is SAFMR?Data sources