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King County/Baring/98224

98224

ZIPSAFMR
King County, WA
Zillow

ZIP Investment Score

51Below average

095130300
BRFMR
Eff. Rent
0 BR$1,660$1,660
1 BR$1,730$1,730
2 BR$2,020$2,020
3 BR$2,640$2,640
4 BR$3,140$3,140
5 BR$3,611Not available
6 BR$4,153Not available
7 BR$4,776Not available
8 BR$5,492Not available

Purchase Price Calculator

Maximum purchase price
$238,255

Cost breakdown

+Likely effective rent$2,020
HUD FMRUsed$2,020
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,205
Loan amount$190,604
Down payment$47,651
Rate6.50%
Term30 years
-Operating costs-$615
Property taxes-$238
Insurance-$175
Utilities$0
HOA$0
Management-$202
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,348(67.9% ROI)
Projected value
$256,574
Return breakdown
Property appreciation+$18,320
Loan principal paid down+$6,829
Rental cash flow+$7,200
5-year hold
+$55,486(116.4% ROI)
Projected value
$269,563
Return breakdown
Property appreciation+$31,309
Loan principal paid down+$12,178
Rental cash flow+$12,000
10-year hold
+$119,749(251.3% ROI)
Projected value
$304,986
Return breakdown
Property appreciation+$66,731
Loan principal paid down+$29,017
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 98224 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98224 (Baring, WA) is $2,020 a month. That is down 6.5% from $2,160 in FY 2026. Baring 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, 98224 has the 117th-highest two-bedroom rent (county range $1,950–$3,820). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98224 is 38% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98224
BedroomsFY 2027Change90–110% range
Studio$1,660−7.8%$1,494–$1,826
1BR$1,730−6.5%$1,557–$1,903
2BR$2,020−6.5%$1,818–$2,222
3BR$2,640−7.4%$2,376–$2,904
4BR$3,140−5.4%$2,826–$3,454

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98224
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,660$1,730$2,020$2,640$3,140
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$1,740$1,790$2,090$2,810$3,280

Two-bedroom rent in nearby King County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98224
98174$2,600+28.7%
98175$2,600+28.7%
98177$2,740+35.6%
98178$2,420+19.8%
98185$2,600+28.7%
98188$2,060+2.0%
98194$2,600+28.7%
98195$2,790+38.1%
98198$2,210+9.4%
98199$3,010+49.0%
98224Current$2,020—
98251$2,210+9.4%

Questions about ZIP 98224 rents

How much will Section 8 pay for a two-bedroom in ZIP 98224?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,020, that basic range is $1,818 to $2,222 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 98224 in?

ZIP 98224 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 98224 for FY 2027?

The two-bedroom FMR fell 6.5%, from $2,160 in FY 2026 to $2,020 in FY 2027. Since FY 2023 it has fallen 3.3%.

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