FY2024 Fair Market Rents — Seattle-Tacoma-Bellevue, WA HUD Metro FMR Area

The HUD-published Fair Market Rents for FY2024 in this area are:

Studio
$1,419
1BR
$1,650
2BR
$2,092
3BR
$2,993
4BR
$3,663
Hours/week at min wage
97 hrs
to afford the 2BR FMR @ $16.66/hr (WA)
National rank
#39
of 646 U.S. metros (top 7% most expensive)
YoY change (2BR)
+2.6%
+$53 vs FY2023 · 5-yr +13.5%
Voucher payment standard
$1,883–$2,301
PHAs set HCV payment at 90–110% of the 2BR FMR

Seattle-Tacoma-Bellevue, WA HUD Metro FMR Area

Metropolitan area · WA · View full history · Income limits · LIHTC rents

FY2024 Fair Market Rents

Bedroom Size Monthly FMR Annual Equivalent
Efficiency (Studio) $1,419 $17,028
1-Bedroom $1,650 $19,800
2-Bedroom $2,092 $25,104
3-Bedroom $2,993 $35,916
4-Bedroom $3,663 $43,956

Recent 2-Bedroom FMR Trend

FY2018 $1,797 → FY2024 $2,092
Fiscal Year Studio 1BR 2BR 3BR 4BR
FY2024 $1,419 $1,650 $2,092 $2,993 $3,663
FY2023 $1,508 $1,773 $2,039 $2,650 $3,017
FY2022 $1,471 $1,729 $1,988 $2,584 $2,942
FY2021 $1,434 $1,686 $1,938 $2,519 $2,868
FY2020 $1,398 $1,644 $1,890 $2,457 $2,797
FY2019 $1,363 $1,603 $1,843 $2,395 $2,727
FY2018 $1,329 $1,563 $1,797 $2,336 $2,659

View full FMR history back to FY2000 →

FY2024 Income Limits

Area Median Income (AMI): $121,900

AMI Level 1p 2p 3p 4p 5p 6p
30% AMI (Extremely Low) $25,599 $29,256 $32,913 $36,570 $39,495 $42,421
50% AMI (Very Low) $42,665 $48,760 $54,855 $60,950 $65,826 $70,702
80% AMI (Low) $68,264 $78,016 $87,768 $97,520 $105,321 $113,123

Full income limits table (all 8 household sizes) →

Affordability Snapshot

2BR Annual FMR
$25,104/yr
FMR as % of Area Median Income
20.6% of AMI
Under 30% — affordable at median income
Income Needed (30% rule, 2BR)
$83,680/yr
$6,973/mo gross income

FY2024 LIHTC Maximum Rents

Maximum gross rents for Low-Income Housing Tax Credit units, by income band. Full LIHTC details →

AMI Band Studio 1BR 2BR 3BR 4BR
50% AMI Maximum $1,066 $1,219 $1,371 $1,645 $1,767
60% AMI Maximum $1,279 $1,462 $1,645 $1,974 $2,121

FY2024 HOME Program Rent Limits

Maximum rents for HOME Investment Partnerships–funded units. High HOME rents apply to most assisted units; Low HOME rents apply to the lowest-income set-aside units. Full HOME rent details →

Limit Type Studio 1BR 2BR 3BR 4BR
High HOME Rent $1,419 $1,650 $1,980 $1,980 $1,980
Low HOME Rent $1,066 $1,219 $1,371 $1,523 $1,645

Compare Seattle-Tacoma-Bellevue, WA HUD Metro FMR Area With Other WA Metros

vs. Bellingham, WA MSA vs. Bremerton-Silverdale, WA MSA vs. Columbia County, WA HUD Metro FMR Area vs. Kennewick-Richland, WA MSA vs. Longview, WA MSA

Counties in This FMR Area

Related Pages