What is the Fair Market Rent in Mercer Island, WA?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 98040, which covers Mercer Island, is $3,010 a month.

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 Mercer Island is $2,929 (±$321), within its margin of the Small Area figure for ZIP 98040.

Figures last updated on November 12, 2026.

2 bedrooms, whole area: $2,549
2 bedrooms, ZIP 98040: $3,010

Fair Market Rents for Mercer Island, 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 98040	$2,470	$2,570	$3,010	$3,920	$4,670	$2,502

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 Mercer Island

What is the Section 8 payment standard in Mercer Island?

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 98040 is $3,010.

What is the Fair Market Rent for a two-bedroom in ZIP 98040?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 98040 is $3,010 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $2,502 (±$191).

What is the Fair Market Rent for a one-bedroom in Mercer Island?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 98040 is $2,570 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.