Location: Tacoma, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,130 |
| 1 Bedroom | $2,220 |
| 2 Bedrooms | $2,600 |
| 3 Bedrooms | $3,390 |
| 4 Bedrooms | $4,030 |
| 5 Bedrooms | $4,675 |
| 6 Bedrooms | $5,236 |
| 7 Bedrooms | $5,655 |
| 8 Bedrooms | $5,938 |
U.S. Census Bureau data (2024)
The ZIP code 98001 in Auburn, WA, has a population of 37,460, with 26.1% of residents being renters. This indicates that the area is moderately renter-heavy but leans towards a homeowner-dominated community. The median household income in this ZIP is $106,791, which provides a solid economic foundation for potential tenants.
The market rent for the area is $2,298, representing approximately 21.5% of the median household income. This percentage suggests that while rent is a significant portion of income, it is manageable for many households. Notably, the Fair Market Rent (FMR) for ZIP 98001 is set at $2,620 for FY 2024, indicating that market rents are slightly below the federally determined fair market level.
In terms of voucher demand, the presence of 26.1% renters implies there could be a moderate demand for Section 8 vouchers. However, given the higher median income, it's likely that not all renters will qualify for or seek out Section 8 assistance. Landlords in this area can expect a mix of tenants, including those who might use vouchers, but also a substantial number of tenants paying market rates.
To summarize, landlords in ZIP 98001 should anticipate a tenant pool that is both economically diverse and largely capable of meeting market rental demands without subsidy. While some tenants may utilize Section 8 vouchers, the majority will likely be individuals or families with stable incomes, able to cover the typical rent of $2,298 per month.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.