ZIP Code · WA

ZIP 98503

Part of Lacey, WA

Pop. 41,656·Thurston County·113th most expensive ZIP in Washington

Median rent (all units)

$2,004/mo

Year-over-Year

+2.7%

Month-over-Month

+0.6%

vs US Median

+$72

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 98503 · $2,004

More expensive than 62% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,560

1 BR

$1,710

2 BR

$1,990

3 BR

$2,650

4 BR+

$3,340

Research median

$1,990/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

Cheapest month to sign

January. Asking rents in ZIP 98503 usually run 1% below trend in January and 0.6% above it in August, about $32 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 98503 is at its highest level since Zillow's records here began in January 2015.

Past year vs. the rest of Washington

Rent in ZIP 98503 changed +2.7% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 98503 rose 42.7% while median household income rose 35.8% ($65,536 to $89,002). Rent outpaced income.

Since before the pandemic

Rent in ZIP 98503 is 45.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 2 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($89,002) is $2,225 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,990); a 3-bedroom is $2,650.

Rank in Lacey

1st cheapest of 3 ZIP codes in Lacey.

From Zillow's monthly rent index (ZORI) for ZIP 98503. 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.

Annual cost

$24,048/yr

At $2,004/mo median

Location

CityLacey

StateWA

CountyThurston County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.7% YoY, +0.6% MoM), not inventory.

Demographics

Who lives here

ZIP 98503 (Lacey, WA) is majority owner-occupied, has a large retiree population, 32.1% of residents hold a bachelor's degree or higher.

Population

41,656

Median income

$89,002

Median age

41.1

Renters

41.6%

Age distribution

16.8%

24.9%

25.1%

21.5%

Under 1816.8%

18–3424.9%

35–5425.1%

55–6411.7%

65+21.5%

Gender

48.6%

51.4%

Male48.6%

Female51.4%

Race & ethnicity

67.1%

White67.1%

Black5.6%

Hispanic11.3%

Asian8.6%

Other7.4%

Education (25+)

24.1%

36.6%

32.1%

No HS diploma7.2%

HS diploma24.1%

Some college36.6%

Bachelor's+32.1%

Housing tenure

58.4%

41.6%

Owner58.4%

Renter41.6%

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

2021 vs 2026

How ZIP 98503 in Lacey, WA has changed in 5 years

Rent

$1,519 → $2,004

up 31.9%

Income

$71,964 → $89,002

up 23.7%

Population

42,023 → 41,656

down 0.9%

Renter share

43.7% → 41.6%

-2.1 pts

Bachelor's+

30.3% → 32.1%

+1.8 pts

Median age

38.4 → 41.1

+2.7 yrs

Rent in ZIP 98503 in Lacey, WA has increased 31.9% since 2021, going from about $1,519 per month to roughly $2,004 today. Local incomes tracked alongside that move, going from a median of $71,964 in 2021 to $89,002 more recently. Rent outpaced income growth by roughly 8.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 41.6% of households rent today, against 43.7% in 2021. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 98503 in Lacey, WA market of 2021.

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About renting in ZIP 98503

Last updated: October 17, 2026

ZIP code 98503 covers Lacey, WA. The median rent here is $2,004/mo as of October 2026. A 1-bedroom rents for a median of $1,710/mo. A 2-bedroom rents for a median of $1,990/mo.

At 27% of local median household income ($89,002/yr), ZIP 98503 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 98503?

To keep rent at or below 30% of gross income, you would need to earn at least $80,000/year (about $38/hour full-time) to afford the median rent of $2,004/mo in ZIP 98503. The local median household income is $89,002/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 98503?

Rent in ZIP 98503 has risen 2.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2015.

When is the cheapest time to rent in ZIP 98503?

Asking rents in ZIP 98503 are usually lowest in January, about 1% below their yearly trend, and highest in August, about 0.6% above it. At today's median that is a gap of roughly $32 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 98503?

Yes. From 2019 to 2024, rent in ZIP 98503 rose 42.7% while median household income rose 35.8%, from $65,536 to $89,002. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 98503 compare to other ZIPs in Washington?

ZIP 98503 is in the middle among Washington ZIP codes for rent, ranking #113 of 207 at $2,004/mo. Over the year to September 2026, rent in ZIP 98503 changed +2.7%, against a typical +2.5% across the 193 Washington ZIP codes Zillow tracks.