98194

ZIPSAFMR

King County, WA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$2,130	$1,790	-2.0%
1 BR	$2,220	$2,360	-1.5%
2 BR	$2,600	$2,860	-1.3%
3 BR	$3,390	$3,730	-1.8%
4 BR	$4,030	$3,940	-1.1%
5 BR	$4,635	Not available	-1.1%
6 BR	$5,330	Not available	-1.1%
7 BR	$6,129	Not available	-1.1%
8 BR	$7,048	Not available	-1.1%

Purchase Price Calculator

Maximum purchase price

$363,078

Cost breakdown

+Likely effective rent$2,860

HUD FMR$2,600

Market rent$3,180

Est. payment standard (110%)Used$2,860

-Principal and interest-$1,836

Loan amount$290,463

Down payment$72,616

Rate6.50%

Term30 years

-Operating costs-$824

Property taxes-$363

Insurance-$175

Utilities$0

HOA$0

Management-$286

=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

+$45,524(62.7% ROI)

Projected value

$390,996

Return breakdown

Property appreciation+$27,917

Loan principal paid down+$10,407

Rental cash flow+$7,200

5-year hold

+$78,269(107.8% ROI)

Projected value

$410,790

Return breakdown

Property appreciation+$47,711

Loan principal paid down+$18,558

Rental cash flow+$12,000

10-year hold

+$169,912(234.0% ROI)

Projected value

$464,771

Return breakdown

Property appreciation+$101,693

Loan principal paid down+$44,220

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.19ratio

FMR$2,130

Market$1,790

vs market+$340

FMR is above market; underwrite to market rent.

1.19

1 BR

0.91ratio

FMR$2,220

Market$2,440

vs market-$220

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

0.91

2 BR

0.82ratio

FMR$2,600

Market$3,180

vs market-$580

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

0.82

3 BR

0.75ratio

FMR$3,390

Market$4,530

vs market-$1,140

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

0.75

4 BR

1.02ratio

FMR$4,030

Market$3,940

vs market+$90

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

1.02

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 98194 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98194 (Seattle, WA) is $2,600 a month. That is up 2.0% from $2,550 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, 98194 is tied for the 49th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98194 is 77% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98194
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$2,110	$2,130	+0.9%	$1,917–$2,343
1BR	$2,190	$2,220	+1.4%	$1,998–$2,442
2BR	$2,550	$2,600	+2.0%	$2,340–$2,860
3BR	$3,340	$3,390	+1.5%	$3,051–$3,729
4BR	$3,920	$4,030	+2.8%	$3,627–$4,433

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98194
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$2,130	$2,220	$2,600	$3,390	$4,030
FY 2026	$2,110	$2,190	$2,550	$3,340	$3,920
FY 2025	$2,290	$2,340	$2,730	$3,600	$4,190
FY 2024	$2,260	$2,320	$2,700	$3,580	$4,170
FY 2023	$2,090	$2,150	$2,510	$3,370	$3,930

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 98194
98168	$2,290	−11.9%
98170	$2,600	0.0%
98174	$2,600	0.0%
98175	$2,600	0.0%
98177	$2,740	+5.4%
98178	$2,420	−6.9%
98185	$2,600	0.0%
98188	$2,060	−20.8%
98194Current	$2,600	—
98195	$2,790	+7.3%
98198	$2,210	−15.0%
98199	$3,010	+15.8%

Questions about ZIP 98194 rents

How much will Section 8 pay for a two-bedroom in ZIP 98194?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,600, that basic range is $2,340 to $2,860 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 98194 in?

ZIP 98194 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 98194 for FY 2027?

The two-bedroom FMR rose 2.0%, from $2,550 in FY 2026 to $2,600 in FY 2027. Since FY 2023 it has risen 3.6%.

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