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 | $1,320 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,490 | $288,085 | 0.52% | F |
| 2BR | $1,830 | $374,981 | 0.49% | F |
| 3BR | $2,530 | $478,800 | 0.53% | F |
| 4BR | $2,850 | $601,094 | 0.47% | F |
| 5BR | $3,306 | $714,779 | 0.46% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 98499, Lakewood, WA, for fiscal year 2024 is set at $1660. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 housing choice voucher program. It is important to note that this is not the rent you will collect; rather, it is the payment standard used by the Housing Authority to determine the subsidy amount.
To put this into perspective, the Zillow Observed Rent Index (ZORI) for the same area is currently at $1737. This means that if your property's market rent exceeds $1660, you may need to adjust your rent to meet the FMR requirement. Conversely, if your market rent is below $1660, you might consider increasing it to maximize your income within the allowable limit.
The 62.1% renter share indicates a strong demand for rentals in Lakewood. This percentage reflects the proportion of residents who rent their homes, suggesting a robust market for potential Section 8 tenants. Landlords can leverage this high demand to ensure steady occupancy rates.
If you're considering purchasing a property to become a Section 8 landlord, be aware that the median home value in ZIP 98499 is around $481,492. This is the estimated price you would pay to acquire a typical home in the area. However, rental properties often have lower purchase prices compared to owner-occupied homes, so this figure should be seen as an upper bound.
Before proceeding with a Section 8 rental, verify that your property meets all the required standards for habitability and safety. The Housing Authority conducts inspections to ensure that the property is in compliance with these standards, which are necessary for the program. Ensuring your property is up to code will help avoid delays and additional costs.
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.