Housing market/Washington/ZIP 98116
ZIP 98116 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.
ZIP brief
Email this profile
HUD schedule, ACS stock, and the 90–110% band for ZIP 98116 · WA — sent to you.
ZIP 98116 · WA
ACS rent vs 2BR SAFMR
ZIP 98116 — Seattle, 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 98116
- 1-unit detached6,16042.0%
- 1-unit attached1,1607.9%
- 2–4 units1,0116.9%
- 5–49 units3,85926.3%
- 50+ units2,45316.7%
- Mobile90.1%
2–4 unit share 6.9% · 5–49 unit share 26.3% · combined 2–49 33.2%.
Units by bedrooms
Rent burden
- ACS median gross rent $2,033 (all bedrooms, occupied rentals).
- Median contract rent $1,895.
- Renters paying ≥30% of income 40.5%; ≥50% 19.8%.
- FY2027 2BR SAFMR $2,520 (1.240× ACS median gross rent).
Population
28,091 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: +6.2%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: 1 projects, 105 units.
- HUD project-based assisted MF: 3 properties, 132 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 98116 46.4% of occupied households are renters; vacancy is 8.6%; ACS median gross rent is $2,033; population increased +6.2% between the 2018 and 2023 ACS vintages; the housing stock includes 1,011 units in 2–4-unit structures and 3,859 units in 5–49-unit structures; 1 LIHTC projects totaling 105 units; FY2027 2BR SAFMR is $2,520 versus ACS median gross rent of $2,033. 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 98116 is a Census / HUD profile for Seattle-Bellevue, WA. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 98116 — Seattle, 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 98116?
ZIP 98116 (Seattle-Bellevue, WA HUD Metro FMR Area) has 28,091 residents, 13,386 households, a renter share of 46.4%, median household income of $130,504, and ACS 2023 median gross rent of $2,033. Vacancy is 8.6%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 98116?
ACS counts 329 units in 2-unit buildings, 682 in 3–4 unit buildings, 1,048 in 5–9, 1,253 in 10–19, and 1,558 in 20–49. Combined 2–49 unit stock is 4,870 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 98116?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $2,520. See the full schedule and 90–110% payment-standard band on the ZIP 98116 — Seattle, WA HUD Section 8 Payment Standards / SAFMR.
Does this Washington ZIP profile include Georgia listings?
No. ZIP 98116 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.