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Thurston County/Lacey/98503

98503

ZIPSAFMR
Thurston County, WA
Zillow

ZIP Investment Score

74Below average

095130300
BRFMR
Eff. Rent
0 BR$1,600$1,630
1 BR$1,670$1,740
2 BR$1,960$2,060
3 BR$2,560$2,450
4 BR$3,160$2,840
5 BR$3,634Not available
6 BR$4,179Not available
7 BR$4,806Not available
8 BR$5,527Not available

Purchase Price Calculator

Maximum purchase price
$244,199

Cost breakdown

+Likely effective rent$2,060
HUD FMR$1,960
Market rent$2,110
Est. payment standard (105%)Used$2,060
-Principal and interest-$1,235
Loan amount$195,359
Down payment$48,840
Rate6.50%
Term30 years
-Operating costs-$625
Property taxes-$244
Insurance-$175
Utilities$0
HOA$0
Management-$206
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,976(67.5% ROI)
Projected value
$262,975
Return breakdown
Property appreciation+$18,777
Loan principal paid down+$6,999
Rental cash flow+$7,200
5-year hold
+$56,571(115.8% ROI)
Projected value
$276,288
Return breakdown
Property appreciation+$32,090
Loan principal paid down+$12,482
Rental cash flow+$12,000
10-year hold
+$122,137(250.1% ROI)
Projected value
$312,595
Return breakdown
Property appreciation+$68,396
Loan principal paid down+$29,741
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.98
1 BR
0.94
2 BR
0.93
3 BR
1.04
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98503 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98503 (Lacey, WA) is $1,960 a month. That is down 1.5% from $1,990 in FY 2026. Lacey is in the Olympia-Lacey-Tumwater, WA MSA. 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 $1,946. Among 21 ZIP codes in Thurston County, 98503 has the 5th-highest two-bedroom rent (county range $1,770–$2,280). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98503 is 34% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98503
BedroomsFY 2027Change90–110% range
Studio$1,600+2.6%$1,440–$1,760
1BR$1,670−2.3%$1,503–$1,837
2BR$1,960−1.5%$1,764–$2,156
3BR$2,560−3.4%$2,304–$2,816
4BR$3,160−5.4%$2,844–$3,476

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98503
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,600$1,670$1,960$2,560$3,160
FY 2026$1,560$1,710$1,990$2,650$3,340
FY 2025$1,380$1,570$1,820$2,490$3,060
FY 2024$1,330$1,540$1,790$2,510$3,040
FY 2023$1,130$1,250$1,460$2,070$2,490

Two-bedroom rent in nearby Thurston County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98503
98501$1,930−1.5%
98502$1,880−4.1%
98503Current$1,960—
98505$1,880−4.1%
98506$1,780−9.2%
98507$1,950−0.5%
98508$1,950−0.5%
98509$1,950−0.5%
98511$1,950−0.5%
98512$1,980+1.0%
98513$2,200+12.2%
98516$2,280+16.3%

Questions about ZIP 98503 rents

How much will Section 8 pay for a two-bedroom in ZIP 98503?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,946, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,751 to $2,141 a month; under the ZIP-level Small Area FMR of $1,960 it would be $1,764 to $2,156. 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 98503 in?

ZIP 98503 is in the Olympia-Lacey-Tumwater, WA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,946.

How much did fair market rent change in ZIP 98503 for FY 2027?

The two-bedroom FMR fell 1.5%, from $1,990 in FY 2026 to $1,960 in FY 2027. Since FY 2023 it has risen 34.2%.

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