What is the Fair Market Rent in Federal Way, WA?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home runs from $2,240 to $2,340 a month across the 2 ZIP codes that cover Federal Way.

By ZIP code: 98023 $2,340, 98003 $2,240.

Across the whole Seattle-Bellevue, WA HUD Metro FMR Area the two-bedroom figure is $2,549.

The Census Bureau’s median gross rent for a two-bedroom home in Federal Way is $1,837 (±$48), below the Small Area figure for ZIP 98023.

Figures last updated on November 12, 2026.

2 bedrooms, whole area: $2,549
2 bedrooms, ZIP 98023: $2,340
2 bedrooms, ZIP 98003: $2,240

Fair Market Rents for Federal Way, fiscal year 2027

HUD Fair Market Rent, dollars a month (gross rent, including utilities), beside the Census Bureau’s median gross rent for each ZIP code
	Studio	1 bedroom	2 bedrooms	3 bedrooms	4 bedrooms	Census median rent
Seattle-Bellevue, WA HUD Metro FMR Area (whole area)	$2,091	$2,180	$2,549	$3,324	$3,954	—
ZIP 98023	$1,920	$2,000	$2,340	$3,050	$3,630	$1,900
ZIP 98003 (89% of the ZIP’s land is in this place)	$1,840	$1,920	$2,240	$2,920	$3,470	$1,723

A Fair Market Rent is HUD’s estimate of the gross rent (shelter plus utilities) of a modest rental home in the area.

Whether a housing authority uses the ZIP code (Small Area) figures or the area-wide one depends on whether HUD has designated the area for Small Area FMRs or the authority has opted in; ask the local housing authority which applies.

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Questions about Federal Way

What is the Section 8 payment standard in Federal Way?

Housing authorities set payment standards between 90% and 110% of HUD’s Fair Market Rent; for fiscal year 2027, the two-bedroom Fair Market Rent for the Seattle-Bellevue, WA HUD Metro FMR Area is $2,549, and the Small Area figure for 98023 is $2,340.

What is the Fair Market Rent for a two-bedroom in ZIP 98023?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 98023 is $2,340 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,900 (±$74).

What is the Fair Market Rent for a two-bedroom in ZIP 98003?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 98003 is $2,240 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,723 (±$58).

What is the Fair Market Rent for a one-bedroom in Federal Way?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 98023 is $2,000 a month, against $2,180 across the Seattle-Bellevue, WA HUD Metro FMR Area.

Sources

Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.