ZIP 98115 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 98115 in the Seattle-Bellevue, WA FMR area.

$2,420Efficiency
$2,5201 bedroom
$2,9502 bedrooms
$3,8503 bedrooms
$4,5804 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,420$2,178$2,662$2,091
1 bedroom$2,520$2,268$2,772$2,180
2 bedrooms$2,950$2,655$3,245$2,549
3 bedrooms$3,850$3,465$4,235$3,324
4 bedrooms$4,580$4,122$5,038$3,954

Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.

Income in ZIP 98115

$173,580average adjusted gross income per tax return (2022)
$124,816average salaries and wages per return
29,540tax returns filed
20%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00015.9%
$25,000 to $50,00014.3%
$50,000 to $75,00012.6%
$75,000 to $100,0009.8%
$100,000 to $200,00021.5%
$200,000 or more26.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 3.7% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 98115?

HUD's FY2027 Small Area FMRs for ZIP 98115 (Seattle-Bellevue, WA) are $2,420 efficiency, $2,520 one bedroom, $2,950 two bedrooms, $3,850 three and $4,580 four bedrooms.

What payment standard can a housing authority set in ZIP 98115?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,655 to $3,245.

How affordable is rent in ZIP 98115?

Tax returns filed from ZIP 98115 reported an average adjusted gross income of $173,580 (2022). A two-bedroom unit at the Small Area FMR costs $35,400 a year, or 20% of that income.