Location: Tacoma, WA | Metro: Tacoma, WA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,940 | $608,875 | 0.32% | F |
| 3BR | $2,690 | $667,563 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 98351, located in Longbranch, WA, presents an interesting scenario for both renters and landlords alike. The median income in this area stands at $151,660, which is significantly higher than the national average. However, the lack of specific market rate data for rentals in 98351 makes it challenging to assess the overall affordability for households in the region.
When considering the voucher payment standard of $1560, which is set for Fair Market Rent (FMR) in zip code 98351 for fiscal year 2024, we can draw some conclusions. This figure represents the maximum amount that the federal government will pay landlords who accept housing choice vouchers. Given the median income, it's reasonable to assume that many residents could afford higher rents, but the exact comparison to market rates remains unclear due to the absence of specific rental price data.
The rental market in 98351 is relatively small, with only 6.8% of the total population being renters. This translates to approximately 129 individuals renting in the area. With such a low percentage of renters, the competition among landlords could be intense, especially when considering the limited number of potential tenants.
The affordability gap, in this context, means that while the median income is high, the number of available rental units might be constrained, leading to a situation where landlords have fewer options for cash-paying tenants. For those who rely on or consider accepting voucher payments, the $1560 FMR represents a guaranteed income source, albeit at a fixed rate. Landlords should weigh the benefits of stable, government-backed income against the potential for higher rents from cash-paying tenants.
Takeaway: Landlords in 98351 should consider the balance between accepting voucher payments at the $1560 FMR and pursuing cash-paying tenants who might offer higher rents. The scarcity of rental units and the relatively high median income suggest that there is a strong demand for quality rental properties. However, the competition for non-voucher tenants could be fierce, making voucher acceptance a viable strategy for ensuring occupancy and steady income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.