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Whatcom County/Bellingham/98225

98225

ZIPSAFMR
Whatcom County, WA
Zillow

ZIP Investment Score

47Below average

095130300
BRFMR
Eff. Rent
0 BR$1,530$1,360
1 BR$1,570$1,730
2 BR$1,920$2,110
3 BR$2,610$2,770
4 BR$3,210$3,300
5 BR$3,691Not available
6 BR$4,245Not available
7 BR$4,882Not available
8 BR$5,614Not available

Purchase Price Calculator

Maximum purchase price
$251,629

Cost breakdown

+Likely effective rent$2,110
HUD FMR$1,920
Market rent$2,330
Est. payment standard (110%)Used$2,110
-Principal and interest-$1,272
Loan amount$201,303
Down payment$50,326
Rate6.50%
Term30 years
-Operating costs-$638
Property taxes-$252
Insurance-$175
Utilities$0
HOA$0
Management-$211
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,760(67.1% ROI)
Projected value
$270,977
Return breakdown
Property appreciation+$19,348
Loan principal paid down+$7,212
Rental cash flow+$7,200
5-year hold
+$57,927(115.1% ROI)
Projected value
$284,695
Return breakdown
Property appreciation+$33,066
Loan principal paid down+$12,861
Rental cash flow+$12,000
10-year hold
+$125,123(248.6% ROI)
Projected value
$322,106
Return breakdown
Property appreciation+$70,477
Loan principal paid down+$30,646
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.13
1 BR
0.81
2 BR
0.82
3 BR
0.92
4 BR
0.96
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98225 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98225 (Bellingham, WA) is $1,920 a month. That is up 5.5% from $1,820 in FY 2026. Bellingham is in the Bellingham, WA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,872. Among 21 ZIP codes in Whatcom County, 98225 has the 5th-highest two-bedroom rent (county range $1,620–$2,030). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98225 is 31% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98225
BedroomsFY 2027Change90–110% range
Studio$1,530+3.4%$1,377–$1,683
1BR$1,570+4.0%$1,413–$1,727
2BR$1,920+5.5%$1,728–$2,112
3BR$2,610+3.2%$2,349–$2,871
4BR$3,210+5.2%$2,889–$3,531

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98225
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,530$1,570$1,920$2,610$3,210
FY 2026$1,480$1,510$1,820$2,530$3,050
FY 2025$1,330$1,360$1,620$2,270$2,720
FY 2024$1,270$1,320$1,590$2,240$2,700
FY 2023$1,070$1,140$1,400$1,990$2,380

Two-bedroom rent in nearby Whatcom County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98225
98220$1,620−15.6%
98225Current$1,920—
98226$1,850−3.6%
98227$1,870−2.6%
98228$1,870−2.6%
98229$1,960+2.1%
98230$1,800−6.2%
98231$1,870−2.6%
98237$1,620−15.6%
98240$1,810−5.7%
98244$1,620−15.6%
98247$1,890−1.6%

Questions about ZIP 98225 rents

How much will Section 8 pay for a two-bedroom in ZIP 98225?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,872, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,685 to $2,059 a month; under the ZIP-level Small Area FMR of $1,920 it would be $1,728 to $2,112. 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 98225 in?

ZIP 98225 is in the Bellingham, WA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,872.

How much did fair market rent change in ZIP 98225 for FY 2027?

The two-bedroom FMR rose 5.5%, from $1,820 in FY 2026 to $1,920 in FY 2027. Since FY 2023 it has risen 37.1%.

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