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Pierce County/Federal Way/98023

98023

ZIPSAFMR
Pierce County, WA
Zillow

ZIP Investment Score

73Below average

095130300
BRFMR
Eff. Rent
0 BR$1,920$1,220
1 BR$2,000$1,380
2 BR$2,340$2,500
3 BR$3,050$2,820
4 BR$3,630$3,330
5 BR$4,175Not available
6 BR$4,801Not available
7 BR$5,521Not available
8 BR$6,349Not available

Purchase Price Calculator

Maximum purchase price
$309,582

Cost breakdown

+Likely effective rent$2,500
HUD FMR$2,340
Market rent$2,580
Est. payment standard (107%)Used$2,500
-Principal and interest-$1,565
Loan amount$247,666
Down payment$61,916
Rate6.50%
Term30 years
-Operating costs-$735
Property taxes-$310
Insurance-$175
Utilities$0
HOA$0
Management-$250
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$39,877(64.4% ROI)
Projected value
$333,386
Return breakdown
Property appreciation+$23,804
Loan principal paid down+$8,873
Rental cash flow+$7,200
5-year hold
+$68,505(110.6% ROI)
Projected value
$350,264
Return breakdown
Property appreciation+$40,682
Loan principal paid down+$15,823
Rental cash flow+$12,000
10-year hold
+$148,414(239.7% ROI)
Projected value
$396,292
Return breakdown
Property appreciation+$86,709
Loan principal paid down+$37,704
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.57
1 BR
1.45
2 BR
0.91
3 BR
1.08
4 BR
1.09
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98023 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98023 (Federal Way, WA) is $2,340 a month. That is up 0.9% from $2,320 in FY 2026. Federal Way is in the Tacoma, WA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 76 ZIP codes in Pierce County, 98023 has the 12th-highest two-bedroom rent (county range $1,780–$2,770). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98023 is 60% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98023
BedroomsFY 2027Change90–110% range
Studio$1,9200.0%$1,728–$2,112
1BR$2,000+0.5%$1,800–$2,200
2BR$2,340+0.9%$2,106–$2,574
3BR$3,050+0.3%$2,745–$3,355
4BR$3,630+1.7%$3,267–$3,993

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98023
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,920$2,000$2,340$3,050$3,630
FY 2026$1,920$1,990$2,320$3,040$3,570
FY 2025$2,100$2,160$2,510$3,310$3,860
FY 2024$2,080$2,140$2,490$3,300$3,840
FY 2023$1,830$1,880$2,200$2,950$3,450

Two-bedroom rent in nearby Pierce County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98023
98001$2,600+11.1%
98022$2,130−9.0%
98023Current$2,340—
98047$2,170−7.3%
98092$2,370+1.3%
98303$2,230−4.7%
98304$1,780−23.9%
98321$2,090−10.7%
98323$1,880−19.7%
98327$2,630+12.4%
98328$1,780−23.9%
98329$2,130−9.0%

Questions about ZIP 98023 rents

How much will Section 8 pay for a two-bedroom in ZIP 98023?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,340, that basic range is $2,106 to $2,574 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 98023 in?

ZIP 98023 is in the Tacoma, WA HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 98023 for FY 2027?

The two-bedroom FMR rose 0.9%, from $2,320 in FY 2026 to $2,340 in FY 2027. Since FY 2023 it has risen 6.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentFederal Way, WA fair market rentWA statewide rentsWhat is SAFMR?Data sources