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 | $1,570 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $3,010 |
| 4 Bedrooms | $3,400 |
| 5 Bedrooms | $3,944 |
| 6 Bedrooms | $4,417 |
| 7 Bedrooms | $4,770 |
| 8 Bedrooms | $5,009 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,180 | $387,631 | 0.56% | F |
| 3BR | $3,010 | $546,779 | 0.55% | F |
| 4BR | $3,400 | $641,444 | 0.53% | F |
| 5BR | $3,944 | $676,947 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 98373, located in Puyallup, WA, has a population of 28,883 individuals. With 45.2% of the residents being renters, it indicates a significant portion of the community relies on rental housing. The median household income in this area stands at $103,796, which provides a benchmark for assessing the affordability of housing.
The market rent for the area is reported at $2,057 per month, representing approximately 24% of the median household income. This percentage suggests that while rent is a considerable expense, it is still within a manageable range for many households given their income levels. However, for those receiving Section 8 vouchers, the situation may differ. The Fair Market Rent (FMR) for Puyallup, WA, as of FY 2024, is set at $2,130, slightly higher than the current market rent.
This comparison between the FMR and the actual market rent implies that there is a slight pressure on voucher holders to find affordable housing, but the gap is minimal. It also suggests that the demand for Section 8 vouchers could be substantial due to the high proportion of renters in the community. Landlords can expect tenants who are likely to be reliant on government assistance to manage their housing costs effectively.
In summary, ZIP 98373 is a renter-heavy area with a strong potential for Section 8 voucher utilization. Tenants will typically be seeking units within or close to the $2,057 market rent, which they can afford with the help of vouchers. The median income level supports the idea that landlords should anticipate tenants who need to carefully budget their housing expenses, often through the use of housing vouchers. These tenants will value stability and affordability, aligning well with the current market conditions and the availability of Section 8 vouchers.
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.