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Housing market/Washington/ZIP 98122

ACS 2023 · FY2027 SAFMR

ZIP 98122 Seattle, Washington

Seattle-Bellevue, WA HUD Metro FMR Area · Washington. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
42,001
Households
23,153
Median HH income
$106,479
Renter share
72.0%
Median gross rent
$1,991
Vacancy
7.2%
Pop. change
+8.8%
2BR SAFMR
$3,160
SAFMR / rent
1.587×
2–49 unit stock
10,210
LIHTC proj / units
35 / 2,132
HUD assisted MF
17 / 513

ZIP brief

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HUD schedule, ACS stock, and the 90–110% band for ZIP 98122 · WA — sent to you.

ZIP 98122 · WA

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ACS rent vs 2BR SAFMR

ZIP 98122 — Seattle, WA HUD Section 8 Payment Standards / SAFMR →
ACS median rent$1,991
2BR SAFMR$3,160
90% floor$2,844
110% ceiling$3,476

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 98122

  • 1-unit detached5,01120.1%
  • 1-unit attached1,4155.7%
  • 2–4 units1,5776.3%
  • 5–49 units8,63334.6%
  • 50+ units8,28533.2%
  • Mobile210.1%
TypeUnitsShare
1-unit detached5,01120.1%
1-unit attached1,4155.7%
2 units (duplex)7583.0%
3–4 units8193.3%
5–9 units1,0284.1%
10–19 units1,5736.3%
20–49 units6,03224.2%
50+ units8,28533.2%
Mobile210.1%

2–4 unit share 6.3% · 5–49 unit share 34.6% · combined 2–49 40.9%.

Units by bedrooms

Studio
5,735
1BR
8,335
2BR
5,453
3BR
3,140
4BR
1,513
5+
766

Rent burden

Rent ≥30% of income41.6%
Rent ≥50% of income19.0%
  • ACS median gross rent $1,991 (all bedrooms, occupied rentals).
  • Median contract rent $1,889.
  • Renters paying ≥30% of income 41.6%; ≥50% 19.0%.
  • FY2027 2BR SAFMR $3,160 (1.587× ACS median gross rent).

Population

42,001 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: +8.8%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: 35 projects, 2,132 units.
  • HUD project-based assisted MF: 17 properties, 513 assisted units.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 5,102 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 98122 72.0% of occupied households are renters; vacancy is 7.2%; ACS median gross rent is $1,991; population increased +8.8% between the 2018 and 2023 ACS vintages; the housing stock includes 1,577 units in 2–4-unit structures and 8,633 units in 5–49-unit structures; 35 LIHTC projects totaling 2,132 units; FY2027 2BR SAFMR is $3,160 versus ACS median gross rent of $1,991. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

Washington research

ZIP 98122 is a Census / HUD profile for Seattle-Bellevue, WA. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 98122 — Seattle, WA HUD Section 8 Payment Standards / SAFMR·Washington ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
98002Seattle-Bellevue, WA HUD Metro FMR Area50.2%$1,613$2,04098003Seattle-Bellevue, WA HUD Metro FMR Area52.3%$1,650$2,24098004Seattle-Bellevue, WA HUD Metro FMR Area63.8%$2,706$3,82098005Seattle-Bellevue, WA HUD Metro FMR Area48.9%$2,380$2,95098006Seattle-Bellevue, WA HUD Metro FMR Area20.4%$2,869$3,56098007Seattle-Bellevue, WA HUD Metro FMR Area65.3%$2,276$3,03098008Seattle-Bellevue, WA HUD Metro FMR Area27.0%$2,480$3,27098009Seattle-Bellevue, WA HUD Metro FMR Area——$2,60098010Seattle-Bellevue, WA HUD Metro FMR Area12.4%$2,304$2,59098011Seattle-Bellevue, WA HUD Metro FMR Area42.8%$2,223$2,75098012Seattle-Bellevue, WA HUD Metro FMR Area33.5%$2,279$2,78098014Seattle-Bellevue, WA HUD Metro FMR Area9.5%$1,740$2,650

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Washington research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 98122?

ZIP 98122 (Seattle-Bellevue, WA HUD Metro FMR Area) has 42,001 residents, 23,153 households, a renter share of 72.0%, median household income of $106,479, and ACS 2023 median gross rent of $1,991. Vacancy is 7.2%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 98122?

ACS counts 758 units in 2-unit buildings, 819 in 3–4 unit buildings, 1,028 in 5–9, 1,573 in 10–19, and 6,032 in 20–49. Combined 2–49 unit stock is 10,210 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 98122?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $3,160. See the full schedule and 90–110% payment-standard band on the ZIP 98122 — Seattle, WA HUD Section 8 Payment Standards / SAFMR.

Does this Washington ZIP profile include Georgia listings?

No. ZIP 98122 is Census / HUD research for Seattle-Bellevue, WA HUD Metro FMR Area. Jeff Crowe CRE does not list Washington property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.