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Thurston County/Olympia/98513

98513

ZIPSAFMR
Thurston County, WA
Zillow

ZIP Investment Score

74Below average

095130300
BRFMR
Eff. Rent
0 BR$1,790$1,870
1 BR$1,870$1,950
2 BR$2,200$2,210
3 BR$2,870$2,540
4 BR$3,550$2,880
5 BR$4,082Not available
6 BR$4,695Not available
7 BR$5,399Not available
8 BR$6,209Not available

Purchase Price Calculator

Maximum purchase price
$266,489

Cost breakdown

+Likely effective rent$2,210
HUD FMR$2,200
Market rent$2,220
Est. payment standard (101%)Used$2,210
-Principal and interest-$1,348
Loan amount$213,191
Down payment$53,298
Rate6.50%
Term30 years
-Operating costs-$662
Property taxes-$266
Insurance-$175
Utilities$0
HOA$0
Management-$221
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$35,329(66.3% ROI)
Projected value
$286,979
Return breakdown
Property appreciation+$20,490
Loan principal paid down+$7,638
Rental cash flow+$7,200
5-year hold
+$60,640(113.8% ROI)
Projected value
$301,507
Return breakdown
Property appreciation+$35,019
Loan principal paid down+$13,621
Rental cash flow+$12,000
10-year hold
+$131,095(246.0% ROI)
Projected value
$341,128
Return breakdown
Property appreciation+$74,639
Loan principal paid down+$32,456
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.94
1 BR
0.94
2 BR
0.99
3 BR
1.13
4 BR
1.23
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 98513 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98513 (Olympia, WA) is $2,200 a month. That is down 2.2% from $2,250 in FY 2026. Olympia 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, 98513 has the 2nd-highest two-bedroom rent (county range $1,770–$2,280). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98513 is 50% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 98513
BedroomsFY 2027Change90–110% range
Studio$1,790+1.1%$1,611–$1,969
1BR$1,870−3.1%$1,683–$2,057
2BR$2,200−2.2%$1,980–$2,420
3BR$2,870−4.3%$2,583–$3,157
4BR$3,550−5.8%$3,195–$3,905

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 98513
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,790$1,870$2,200$2,870$3,550
FY 2026$1,770$1,930$2,250$3,000$3,770
FY 2025$1,630$1,850$2,150$2,950$3,610
FY 2024$1,600$1,850$2,150$3,020$3,650
FY 2023$1,370$1,510$1,770$2,520$3,010

Two-bedroom rent in nearby Thurston County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 98513
98501$1,930−12.3%
98502$1,880−14.5%
98503$1,960−10.9%
98505$1,880−14.5%
98506$1,780−19.1%
98507$1,950−11.4%
98508$1,950−11.4%
98509$1,950−11.4%
98511$1,950−11.4%
98512$1,980−10.0%
98513Current$2,200—
98516$2,280+3.6%

Questions about ZIP 98513 rents

How much will Section 8 pay for a two-bedroom in ZIP 98513?

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 $2,200 it would be $1,980 to $2,420. 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 98513 in?

ZIP 98513 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 98513 for FY 2027?

The two-bedroom FMR fell 2.2%, from $2,250 in FY 2026 to $2,200 in FY 2027. Since FY 2023 it has risen 24.3%.

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