Snohomish County/Everett/98203

98203

ZIPSAFMR

Snohomish County, WA

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ZIP Investment Score

66Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,850	$1,470	0.2%
1 BR	$1,930	$1,710	0.7%
2 BR	$2,260	$2,160	0.7%
3 BR	$2,950	$2,810	-0.2%
4 BR	$3,510	$3,330	0.4%
5 BR	$4,036	Not available	0.4%
6 BR	$4,642	Not available	0.4%
7 BR	$5,338	Not available	0.4%
8 BR	$6,139	Not available	0.4%

Purchase Price Calculator

Maximum purchase price

$259,059

Cost breakdown

+Likely effective rent$2,160

HUD FMR$2,260

Market rentUsed$2,160

Est. payment standard (97%)$2,200

-Principal and interest-$1,310

Loan amount$207,247

Down payment$51,812

Rate6.50%

Term30 years

-Operating costs-$650

Property taxes-$259

Insurance-$175

Utilities$0

HOA$0

Management-$216

=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

+$34,544(66.7% ROI)

Projected value

$278,978

Return breakdown

Property appreciation+$19,919

Loan principal paid down+$7,425

Rental cash flow+$7,200

5-year hold

+$59,283(114.4% ROI)

Projected value

$293,101

Return breakdown

Property appreciation+$34,042

Loan principal paid down+$13,241

Rental cash flow+$12,000

10-year hold

+$128,109(247.3% ROI)

Projected value

$331,617

Return breakdown

Property appreciation+$72,558

Loan principal paid down+$31,551

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.26ratio

FMR$1,850

Market$1,470

vs market+$380

FMR is above market; underwrite to market rent.

1.26

1 BR

1.13ratio

FMR$1,930

Market$1,710

vs market+$220

FMR is above market; underwrite to market rent.

1.13

2 BR

1.05ratio

FMR$2,260

Market$2,160

vs market+$100

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

1.05

3 BR

1.05ratio

FMR$2,950

Market$2,810

vs market+$140

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

1.05

4 BR

1.05ratio

FMR$3,510

Market$3,330

vs market+$180

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

1.05

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 98203 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98203 (Everett, WA) is $2,260 a month. That is up 4.6% from $2,160 in FY 2026. Everett 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 42 ZIP codes in Snohomish County, 98203 has the 29th-highest two-bedroom rent (county range $1,950–$3,480). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98203 is 54% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98203
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,800	$1,850	+2.8%	$1,665–$2,035
1BR	$1,850	$1,930	+4.3%	$1,737–$2,123
2BR	$2,160	$2,260	+4.6%	$2,034–$2,486
3BR	$2,850	$2,950	+3.5%	$2,655–$3,245
4BR	$3,320	$3,510	+5.7%	$3,159–$3,861

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98203
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,850	$1,930	$2,260	$2,950	$3,510
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	$1,610	$1,650	$1,930	$2,590	$3,020

Two-bedroom rent in nearby Snohomish County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 98203
98177	$2,740	+21.2%
98201	$2,040	−9.7%
98203Current	$2,260	—
98204	$2,240	−0.9%
98206	$2,380	+5.3%
98207	$2,040	−9.7%
98208	$2,390	+5.8%
98213	$2,380	+5.3%
98223	$2,310	+2.2%
98241	$1,950	−13.7%
98251	$2,210	−2.2%
98252	$1,950	−13.7%

Questions about ZIP 98203 rents

How much will Section 8 pay for a two-bedroom in ZIP 98203?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,260, that basic range is $2,034 to $2,486 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 98203 in?

ZIP 98203 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 98203 for FY 2027?

The two-bedroom FMR rose 4.6%, from $2,160 in FY 2026 to $2,260 in FY 2027. Since FY 2023 it has risen 17.1%.

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