ZIP 98516
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12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 98516 usually run 1.3% below trend in December and 1.2% above it in August, about $53 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 98516 is 0.6% below its high of $2,113 in January 2026, at $2,100 as of September 2026.
Rent in ZIP 98516 changed +0.7% 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 98516 rose 39.1% while median household income rose 23.2% ($80,258 to $98,892). Rent outpaced income.
Rent in ZIP 98516 is 41.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 8 of the last 12 months.
30% of the median household income ($98,892) is $2,472 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,320); a 3-bedroom is $3,090.
2nd cheapest of 3 ZIP codes in Lacey.
ZIP 98388, 9 miles away, rents for 14% less ($1,805/mo), about $3,500 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 98516. 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 98516 (Lacey, WA) is majority owner-occupied, has a median income above the national average, 39.2% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 98516 in Lacey, WA has changed in 5 years
Across the past five years, the going rent in ZIP 98516 in Lacey, WA has shifted from $1,702 to $2,100, up 23.4% since 2021. On the earnings side, the typical household in ZIP 98516 in Lacey, WA now reports about $98,892, up from $85,437 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 98516 in Lacey, WA adding about 2,841 residents over the five-year window, up 10.8% on net. The renter share has risen from 28.1% to 34.4%, with owner-occupied housing accounting for the remainder. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 98516 in Lacey, WA reflects that arc in its own way.
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Tips for renters in ZIP 98516
Last updated: October 17, 2026
ZIP code 98516 covers Lacey, WA. The median rent here is $2,100/mo as of October 2026. A 1-bedroom rents for a median of $1,990/mo. A 2-bedroom rents for a median of $2,320/mo.
At 25% of local median household income ($98,892/yr), ZIP 98516 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.7% over the past year.
Frequently asked questions
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How does ZIP 98516 compare to the rest of Lacey?
At $2,100/mo, rent takes ~25% of ZIP 98516's median household income ($98,892/yr). The standard benchmark is 30%.
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