ZIP 98121 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 98121 in the Seattle-Bellevue, WA FMR area.

$2,980Efficiency
$3,1001 bedroom
$3,6302 bedrooms
$4,7303 bedrooms
$5,6304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,980$2,682$3,278$2,091
1 bedroom$3,100$2,790$3,410$2,180
2 bedrooms$3,630$3,267$3,993$2,549
3 bedrooms$4,730$4,257$5,203$3,324
4 bedrooms$5,630$5,067$6,193$3,954

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

Income in ZIP 98121

$193,323average adjusted gross income per tax return (2022)
$150,091average salaries and wages per return
13,310tax returns filed
23%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,0009.1%
$25,000 to $50,00011.3%
$50,000 to $75,00011.4%
$75,000 to $100,0009.5%
$100,000 to $200,00030.4%
$200,000 or more28.4%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 2.7% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 98121?

HUD's FY2027 Small Area FMRs for ZIP 98121 (Seattle-Bellevue, WA) are $2,980 efficiency, $3,100 one bedroom, $3,630 two bedrooms, $4,730 three and $5,630 four bedrooms.

What payment standard can a housing authority set in ZIP 98121?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $3,267 to $3,993.

How affordable is rent in ZIP 98121?

Tax returns filed from ZIP 98121 reported an average adjusted gross income of $193,323 (2022). A two-bedroom unit at the Small Area FMR costs $43,560 a year, or 23% of that income.