ZIP Code · WA

ZIP 98354

Part of Milton, WA

Pop. 8,597·Pierce County·83rd most expensive ZIP in Washington

Median rent (all units)

$2,152/mo

Year-over-Year

-0.7%

Month-over-Month

+0.9%

vs US Median

+$220

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 98354 · $2,152

More expensive than 68% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,800

1 BR

$1,870

2 BR

$2,270

3 BR

$3,110

4 BR+

$3,550

Research median

$2,270/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Washington

Rent in ZIP 98354 changed -0.7% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.

Recent direction

Rent has risen 2 months in a row, and rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($96,866) is $2,422 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,270); a 3-bedroom is $3,110.

Cheaper nearby

ZIP 98424, 2 miles away, rents for 16% less ($1,800/mo), about $4,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 98354. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$25,824/yr

At $2,152/mo median

Location

CityMilton

StateWA

CountyPierce County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (-0.7% YoY, +0.9% MoM), not inventory.

Demographics

Who lives here

ZIP 98354 (Milton, WA) is majority owner-occupied, has a median income above the national average, 22.6% of residents hold a bachelor's degree or higher.

Population

8,597

Median income

$96,866

Median age

37.7

Renters

44.4%

Age distribution

24.7%

21.6%

27.9%

12.4%

13.4%

Under 1824.7%

18–3421.6%

35–5427.9%

55–6412.4%

65+13.4%

Gender

45.6%

54.4%

Male45.6%

Female54.4%

Race & ethnicity

75.3%

15.2%

White75.3%

Black3.9%

Hispanic15.2%

Asian5.4%

Education (25+)

31%

38.4%

22.6%

No HS diploma8.1%

HS diploma31%

Some college38.4%

Bachelor's+22.6%

Housing tenure

55.6%

44.4%

Owner55.6%

Renter44.4%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 98354 in Milton, WA has changed in 5 years

Income

$82,125 → $96,866

up 17.9%

Population

8,185 → 8,597

up 5.0%

Renter share

43.1% → 44.4%

+1.3 pts

Bachelor's+

20.6% → 22.6%

+2.0 pts

Local incomes tracked alongside that move, going from a median of $82,125 in 2021 to $96,866 more recently. The population has grown by 5.0% since 2021, moving from about 8,185 residents to roughly 8,597. College-educated residents now make up 22.6% of adults here, versus 20.6% in 2021.

Community

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Local insights

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About renting in ZIP 98354

Last updated: October 17, 2026

ZIP code 98354 covers Milton, WA. The median rent here is $2,152/mo as of October 2026. A 1-bedroom rents for a median of $1,870/mo. A 2-bedroom rents for a median of $2,270/mo.

At 27% of local median household income ($96,866/yr), ZIP 98354 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 98354?

To keep rent at or below 30% of gross income, you would need to earn at least $86,000/year (about $41/hour full-time) to afford the median rent of $2,152/mo in ZIP 98354. The local median household income is $96,866/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 98354?

Rent in ZIP 98354 has fallen 0.7% over the past year.

How does ZIP 98354 compare to other ZIPs in Washington?

ZIP 98354 is in the middle among Washington ZIP codes for rent, ranking #83 of 207 at $2,152/mo. Over the year to September 2026, rent in ZIP 98354 changed -0.7%, against a typical +2.5% across the 193 Washington ZIP codes Zillow tracks.