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King County/Seattle/98188

98188

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

72Below average

095130300
BRFMR
Eff. Rent
0 BR$1,690$1,420
1 BR$1,760$1,900
2 BR$2,060$2,230
3 BR$2,690$2,960
4 BR$3,200$3,400
5 BR$3,680Not available
6 BR$4,232Not available
7 BR$4,867Not available
8 BR$5,597Not available

Purchase Price Calculator

Maximum purchase price
$269,461

Cost breakdown

+Likely effective rent$2,230
HUD FMR$2,060
Market rent$2,320
Est. payment standard (108%)Used$2,230
-Principal and interest-$1,363
Loan amount$215,568
Down payment$53,892
Rate6.50%
Term30 years
-Operating costs-$667
Property taxes-$269
Insurance-$175
Utilities$0
HOA$0
Management-$223
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$35,642(66.1% ROI)
Projected value
$290,180
Return breakdown
Property appreciation+$20,719
Loan principal paid down+$7,723
Rental cash flow+$7,200
5-year hold
+$61,182(113.5% ROI)
Projected value
$304,870
Return breakdown
Property appreciation+$35,409
Loan principal paid down+$13,773
Rental cash flow+$12,000
10-year hold
+$132,290(245.5% ROI)
Projected value
$344,932
Return breakdown
Property appreciation+$75,472
Loan principal paid down+$32,818
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.19
1 BR
0.89
2 BR
0.89
3 BR
0.86
4 BR
0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98188 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98188 (Seattle, WA) is $2,060 a month. That is down 4.6% from $2,160 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, 98188 has the 115th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98188 is 40% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98188
BedroomsFY 2027Change90–110% range
Studio$1,690−6.1%$1,521–$1,859
1BR$1,760−4.9%$1,584–$1,936
2BR$2,060−4.6%$1,854–$2,266
3BR$2,690−5.6%$2,421–$2,959
4BR$3,200−3.6%$2,880–$3,520

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98188
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,690$1,760$2,060$2,690$3,200
FY 2026$1,800$1,850$2,160$2,850$3,320
FY 2025$1,990$2,050$2,390$3,160$3,680
FY 2024$1,840$1,890$2,210$2,970$3,470
FY 2023$1,560$1,610$1,880$2,520$2,960

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98188
98168$2,290+11.2%
98170$2,600+26.2%
98174$2,600+26.2%
98175$2,600+26.2%
98177$2,740+33.0%
98178$2,420+17.5%
98185$2,600+26.2%
98188Current$2,060—
98194$2,600+26.2%
98195$2,790+35.4%
98198$2,210+7.3%
98199$3,010+46.1%

Questions about ZIP 98188 rents

How much will Section 8 pay for a two-bedroom in ZIP 98188?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,060, that basic range is $1,854 to $2,266 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 98188 in?

ZIP 98188 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 98188 for FY 2027?

The two-bedroom FMR fell 4.6%, from $2,160 in FY 2026 to $2,060 in FY 2027. Since FY 2023 it has risen 9.6%.

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