RentDataNowRentDataNow
ZIP Code · WA

ZIP 98516

Part of Lacey, WA
Pop. 29,177·Thurston County·76th most expensive ZIP in Washington
Median rent (all units)
$2,196/mo
Year-over-Year
+12.7%
Month-over-Month
+6.0%
vs US Median
+$231
Rising (Monthly)
Be the first to discuss 98516 rents ↓
Most AffordableMost Expensive
ZIP 98516 · $2,196
More expensive than 69% of US ZIP codes · National median $1,965/mo
Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio
$1,820
1 BR
$1,990
2 BR
$2,320
3 BR
$3,090
4 BR+
$3,890
Research median
$2,320/mo

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

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost
$26,352/yr
At $2,196/mo median
Location
CityLacey
StateWA
CountyThurston County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 12.7% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+12.7% YoY, +6.0% MoM), not inventory.
Demographics

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.

Population
29,177
Median income
$98,892
Median age
38
Renters
34.4%
Age distribution
23.5%
21.8%
23.7%
19.7%
Under 1823.5%
18–3421.8%
35–5423.7%
55–6411.4%
65+19.7%
Gender
47.9%
52.1%
Male47.9%
Female52.1%
Race & ethnicity
68.1%
White68.1%
Black4%
Hispanic11.6%
Asian8.6%
Other7.7%
Education (25+)
22.4%
33.1%
39.2%
No HS diploma5.3%
HS diploma22.4%
Some college33.1%
Bachelor's+39.2%
Housing tenure
65.6%
34.4%
Owner65.6%
Renter34.4%

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

2021 vs 2026

How ZIP 98516 in Lacey, WA has changed in 5 years

Rent
$1,667 → $2,196
up 31.7%
Income
$85,437 → $98,892
up 15.7%
Population
26,336 → 29,177
up 10.8%
Renter share
28.1% → 34.4%
+6.3 pts
Bachelor's+
39.9% → 39.2%
-0.7 pts
Median age
39.9 → 38
-1.9 yrs

Across the past five years, the going rent in ZIP 98516 in Lacey, WA has shifted from $1,667 to $2,196, up 31.7% 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.

Community

Discussions about ZIP 98516

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 98516

About renting in ZIP 98516

Last updated: July 20, 2026

ZIP code 98516 covers Lacey, WA. The median rent here is $2,196/mo as of July 2026. A 1-bedroom rents for a median of $1,990/mo. A 2-bedroom rents for a median of $2,320/mo.

At 27% of local median household income ($98,892/yr), ZIP 98516 ranks as affordable compared to the national benchmark of 30%. Rents have increased 12.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 98516?

As of July 20, 2026, the median monthly rent in ZIP 98516 (Lacey, WA) is $2,196. This is based on aggregated data from public sources and community submissions.

How does ZIP 98516 rent compare to the US average?

ZIP 98516's median rent of $2,196/mo is $231 (12%) above the US national median of $1,965/mo.

How does ZIP 98516 compare to other ZIPs in Washington?

ZIP 98516 falls in the middle range for Washington, ranking #76 out of 209 ZIPs at $2,196/mo.

How much income do you need to rent in ZIP 98516?

To keep rent at or below 30% of gross income, you would need to earn at least $88,000/year (~$42/hour full-time) to afford the median rent of $2,196/mo in ZIP 98516. The local median household income is $98,892/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 98516?

Rent in ZIP 98516 has increased 12.7% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 98516 an affordable place to rent?

ZIP 98516 is considered affordable for renters. At $2,196/mo, rent takes approximately 27% of the local median household income ($98,892/yr). The standard benchmark is 30%. ZIP 98516 falls comfortably within that range.

What percentage of ZIP 98516 residents rent vs. own?

According to Census data, approximately 34.4% of ZIP 98516 households are renters, while 65.6% are owner-occupied. ZIP 98516 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 98516 compare to the rest of Lacey?

ZIP 98516 is pricier than Lacey as a whole. At $2,196/mo, it's $33 above the Lacey citywide median of $2,163/mo.

When was rent data for ZIP 98516 last updated?

Rent data for ZIP 98516 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
27%
AFFORDABLE

At $2,196/mo, rent takes ~27% of ZIP 98516's median household income ($98,892/yr). The standard benchmark is 30%.

ZIP 98516 27%Benchmark 30%
State income taxNone
Compare

How does this area stack up?

Pick another city or ZIP to compare.

Schools nearby

Public schools near ZIP 98516 (Lacey, WA)

Recent submissions

Be the first to submit your rent for this ZIP.

Recent discussions

No discussions yet.