Location: Tacoma, WA | Metro: Tacoma, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,490 |
| 1 Bedroom | $1,680 |
| 2 Bedrooms | $2,060 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $3,210 |
| 5 Bedrooms | $3,724 |
| 6 Bedrooms | $4,171 |
| 7 Bedrooms | $4,505 |
| 8 Bedrooms | $4,730 |
The ZIP code 98413, located in an unspecified area of Washington, presents unique challenges and opportunities for both renters and landlords. The median income for households in this area is not available, which complicates the assessment of overall financial stability. However, the market rate rent is also listed as N/A, indicating a lack of comprehensive data on typical rental costs.
In contrast, the Fair Market Rent (FMR) for ZIP 98413 as set by HUD for fiscal year 2024 is $1990. This figure represents the maximum amount that a Section 8 housing voucher will cover for rent. Given the absence of specific local market rate data, we can infer that the affordability gap for renters could be significant if local rents exceed this $1990 threshold.
The percentage of renters and the total population in ZIP 98413 are also not specified, but these missing details suggest a need for landlords to carefully consider their tenant mix. Without knowing the exact number of renters or the population size, it's challenging to gauge the competition among landlords. However, the reliance on Section 8 vouchers indicates a strong demand for affordable housing options.
For landlords evaluating between accepting voucher tenants or focusing on those who pay cash, the key takeaway is to recognize the importance of the $1990 FMR. While voucher payments ensure a steady, government-backed income, they cap potential rental revenue at the FMR level. Landlords must weigh the benefits of guaranteed rent against the possibility of higher cash payments from non-voucher tenants, especially if market rates surpass the FMR. Understanding the local rental market dynamics and the financial capabilities of potential tenants will be crucial in making this decision.
Data Sources: FMR data from HUD (2027).
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.