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Pierce County/Steilacoom/98388

98388

ZIPSAFMR
Pierce County, WA
Zillow

ZIP Investment Score

57Below average

095130300
BRFMR
Eff. Rent
0 BR$1,480$1,430
1 BR$1,670$1,510
2 BR$2,050$2,140
3 BR$2,830$2,820
4 BR$3,200$3,180
5 BR$3,680Not available
6 BR$4,232Not available
7 BR$4,867Not available
8 BR$5,597Not available

Purchase Price Calculator

Maximum purchase price
$256,087

Cost breakdown

+Likely effective rent$2,140
HUD FMR$2,050
Market rent$2,190
Est. payment standard (104%)Used$2,140
-Principal and interest-$1,295
Loan amount$204,869
Down payment$51,217
Rate6.50%
Term30 years
-Operating costs-$645
Property taxes-$256
Insurance-$175
Utilities$0
HOA$0
Management-$214
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$34,231(66.8% ROI)
Projected value
$275,777
Return breakdown
Property appreciation+$19,691
Loan principal paid down+$7,340
Rental cash flow+$7,200
5-year hold
+$58,741(114.7% ROI)
Projected value
$289,739
Return breakdown
Property appreciation+$33,652
Loan principal paid down+$13,089
Rental cash flow+$12,000
10-year hold
+$126,915(247.8% ROI)
Projected value
$327,813
Return breakdown
Property appreciation+$71,726
Loan principal paid down+$31,189
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.03
1 BR
1.11
2 BR
0.94
3 BR
1.00
4 BR
1.01
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98388 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98388 (Steilacoom, WA) is $2,050 a month. That is up 8.5% from $1,890 in FY 2026. Steilacoom is in the Tacoma, WA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,064. Among 76 ZIP codes in Pierce County, 98388 is tied for the 47th-highest two-bedroom rent (county range $1,780–$2,770). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98388 is 40% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98388
BedroomsFY 2027Change90–110% range
Studio$1,480+8.0%$1,332–$1,628
1BR$1,670+8.4%$1,503–$1,837
2BR$2,050+8.5%$1,845–$2,255
3BR$2,830+8.0%$2,547–$3,113
4BR$3,200+7.7%$2,880–$3,520

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98388
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,480$1,670$2,050$2,830$3,200
FY 2026$1,370$1,540$1,890$2,620$2,970
FY 2025$1,370$1,550$1,910$2,680$3,060
FY 2024$1,290$1,440$1,790$2,520$2,920
FY 2023$1,070$1,190$1,500$2,130$2,500

Two-bedroom rent in nearby Pierce County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98388
98374$2,300+12.2%
98375$2,570+25.4%
98385$2,190+6.8%
98387$2,180+6.3%
98388Current$2,050—
98390$2,270+10.7%
98391$2,600+26.8%
98394$1,910−6.8%
98395$2,060+0.5%
98396$1,780−13.2%
98401$2,060+0.5%
98402$1,980−3.4%

Questions about ZIP 98388 rents

How much will Section 8 pay for a two-bedroom in ZIP 98388?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,064, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,858 to $2,270 a month; under the ZIP-level Small Area FMR of $2,050 it would be $1,845 to $2,255. 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 98388 in?

ZIP 98388 is in the Tacoma, WA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,064.

How much did fair market rent change in ZIP 98388 for FY 2027?

The two-bedroom FMR rose 8.5%, from $1,890 in FY 2026 to $2,050 in FY 2027. Since FY 2023 it has risen 36.7%.

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 rentSteilacoom, WA fair market rentWA statewide rentsWhat is SAFMR?Data sources