ZIP 98387
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12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 98387 usually run 0.9% below trend in December and 1% above it in July, about $51 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 98387 is at its highest level since Zillow's records here began in January 2015.
Rent in ZIP 98387 changed +3.6% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.
From 2019 to 2024, rent in ZIP 98387 rose 42.3% while median household income rose 41.9% ($75,308 to $106,872). Rent outpaced income.
Rent in ZIP 98387 is 47.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 3 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($106,872) is $2,672 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,110); a 3-bedroom is $2,930.
ZIP 98446, 5 miles away, rents for 23% less ($2,074/mo), about $7,600 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 98387. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 98387 (Spanaway, WA) is majority owner-occupied, has a large share of families with children, has a median income above the national average, 18.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 98387 in Spanaway, WA has changed in 5 years
The median rent in ZIP 98387 in Spanaway, WA stood at $2,095 in 2021 and currently runs about $2,708, reflecting a 29.3% increase over the period. Local incomes tracked alongside that move, going from a median of $84,690 in 2021 to $106,872 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 2.4% since 2021, moving from about 52,017 residents to roughly 50,774. Renters now make up 22.6% of households, compared with 25.1% five years ago. College-educated residents now make up 18.4% of adults here, versus 14% in 2021. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 98387 in Spanaway, WA market of 2021.
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Tips for renters in ZIP 98387
Last updated: October 17, 2026
ZIP code 98387 covers Spanaway, WA. The median rent here is $2,708/mo as of October 2026. A 1-bedroom rents for a median of $1,720/mo. A 2-bedroom rents for a median of $2,110/mo.
At 30% of local median household income ($106,872/yr), ZIP 98387 ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.6% over the past year.
Frequently asked questions
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How does ZIP 98387 compare to the rest of Spanaway?
At $2,708/mo, rent takes ~30% of ZIP 98387's median household income ($106,872/yr). The standard benchmark is 30%.
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