Location: Olympia-Lacey-Tumwater, WA | Metro: Olympia-Lacey-Tumwater, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,610 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,590 |
| 4 Bedrooms | $3,200 |
| 5 Bedrooms | $3,712 |
| 6 Bedrooms | $4,157 |
| 7 Bedrooms | $4,490 |
| 8 Bedrooms | $4,715 |
U.S. Census Bureau data (2024)
ZIP code 98556 is located within the Olympia-Lacey-Tumwater, WA MSA. The Fair Market Rent (FMR) for this ZIP is set at $1800 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors who participate in the Section 8 program, as it dictates the maximum rental amount that can be charged.
However, the market rent, home value, and renter share percentages for ZIP 98556 are currently not available. To provide a comparative analysis, we must rely on the FMR alone and infer from it how this ZIP might fit into the broader context of the Olympia-Lacey-Tumwater, WA MSA.
In the absence of specific market data, the FMR of $1800 suggests that ZIP 98556 could potentially be a value pocket within the metro area. Typically, if a ZIP's FMR is lower than the average market rents in the region, it indicates an area where housing is relatively more affordable for low-income tenants.
The lack of data on market rents and home values means we cannot definitively state whether ZIP 98556 is below, at, or above the metro average. However, if we assume that the FMR accurately reflects a segment of the local rental market, then it is reasonable to infer that there are properties in this ZIP that are priced at or below the $1800 threshold, which would make them attractive to Section 8 participants.
A high renter share percentage combined with below-average home values often points to a Section 8 sweet spot, but without the specific percentages for ZIP 98556, we cannot confirm this trend. Landlords and investors should monitor market trends closely and consider conducting their own research to determine if ZIP 98556 represents a valuable opportunity within the larger Olympia-Lacey-Tumwater, WA MSA.
To conclude, while ZIP 98556's FMR of $1800 aligns it with a potentially value-oriented segment of the rental market, the absence of additional data limits our ability to fully categorize it as a value pocket, mid-tier neighborhood, or premium sub-market. Further investigation into local market conditions is advised.
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.