Housing market/Washington/ZIP 98040
ZIP 98040 Mercer Island, 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.
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HUD schedule, ACS stock, and the 90–110% band for ZIP 98040 · WA — sent to you.
ZIP 98040 · WA
ACS rent vs 2BR SAFMR
ZIP 98040 — Mercer Island, WA HUD Section 8 Payment Standards / SAFMR →ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.
Housing stock
ACS 2023 units-in-structure · ZCTA 98040
- 1-unit detached6,85765.6%
- 1-unit attached370.4%
- 2–4 units1081.0%
- 5–49 units1,75516.8%
- 50+ units1,61315.4%
- Mobile840.8%
2–4 unit share 1.0% · 5–49 unit share 16.8% · combined 2–49 17.8%.
Units by bedrooms
Rent burden
- ACS median gross rent $2,464 (all bedrooms, occupied rentals).
- Median contract rent $2,332.
- Renters paying ≥30% of income 45.6%; ≥50% 24.0%.
- FY2027 2BR SAFMR $3,010 (1.222× ACS median gross rent).
Population
25,282 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: -0.8%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: not published for this ZIP.
- HUD project-based assisted MF: 1 properties, 59 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 98040 34.0% of occupied households are renters; vacancy is 5.4%; ACS median gross rent is $2,464; population changed -0.8% between the 2018 and 2023 ACS vintages; the housing stock includes 108 units in 2–4-unit structures and 1,755 units in 5–49-unit structures; FY2027 2BR SAFMR is $3,010 versus ACS median gross rent of $2,464. 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 98040 is a Census / HUD profile for Seattle-Bellevue, WA. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 98040 — Mercer Island, WA HUD Section 8 Payment Standards / SAFMR·Washington ZIP directory
Nearby ZIPs in this FMR area
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 98040?
ZIP 98040 (Seattle-Bellevue, WA HUD Metro FMR Area) has 25,282 residents, 9,893 households, a renter share of 34.0%, median household income of $202,359, and ACS 2023 median gross rent of $2,464. Vacancy is 5.4%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 98040?
ACS counts 14 units in 2-unit buildings, 94 in 3–4 unit buildings, 494 in 5–9, 341 in 10–19, and 920 in 20–49. Combined 2–49 unit stock is 1,863 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 98040?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $3,010. See the full schedule and 90–110% payment-standard band on the ZIP 98040 — Mercer Island, WA HUD Section 8 Payment Standards / SAFMR.
Does this Washington ZIP profile include Georgia listings?
No. ZIP 98040 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.