Real Estate Investing in Lacey, Washington (98513)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98513 (Lacey, WA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Lacey, WA (98513)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98513 Lacey
In practical terms, ZIP 98513 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $510K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $510K asset, 98513 is the wrong submarket. If the plan prices in friction, the yield can still work.
Nearby ZIPs in Lacey have seen price recovery that 98513 has not matched. Thurston County data supports the view that the spread is structural rather than temporary.
A impressive renter share of 22% in 98513 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Experienced landlords with local relationships tend to find 98513 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Lacey:
Property Strategy for 98513
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $323,978 | $1,930 | 4.3% | +4.2% | $323,978 |
| 2BR | $433,148 | $2,250 | 3.7% | +6.3% | $216,574 |
| 3BR | $482,542 | $3,000 | 4.5% | +6.3% | $160,847 |
| 4BR | $569,295 | $3,770 | 4.8% | +6.5% | $142,324 |
| 5BR | $589,766 | — | — | +6.3% | $117,953 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98513 Compare?
| Metric | 98513 | Lacey | Olympia-Lacey-Tumwater, WA | Washington |
|---|---|---|---|---|
| Home Value | $509,961 | $527,368 | N/A | $591,536 |
| 5-Year CAGR | 3.1% | 2.9% | N/A | 5.9% |
| Avg Rent | $2,335 | $2,207 | N/A | - |
| Cap Rate | 3.6% | 3.3% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98513 (Lacey, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $509,961 |
| Monthly Rent | $2,335 |
| Price-to-Rent | 18.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.5% |
| Cap Rate | 3.6% |
| 5-Year IRR | 6.6% |
📈 Home Appreciation
| 1-Year | +2.8% ▲ |
| 3-Year CAGR | +2.4% ▲ |
| 5-Year CAGR | +3.1% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 Rent Trends
| 1-Year | +3.4% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +4.4% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98513
Population: 37,953
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98513
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 6,021 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the median home value in Lacey, WA?
Typical homes in Lacey, WA go for around $510K. The 5-year CAGR of 0.0% stable price movement.
Is Lacey, WA suited for a house hack?
For house hackers, Lacey, WA is a challenging. The $2,335/mo rent on a unit helps defray the mortgage on a $510K property.
Are tenants stable in Lacey, WA?
Working renters make up the core of the Lacey, WA tenant base. The pool is reasonable for investors targeting long-term holds.
Is WA a landlord-friendly state?
Landlord-friendliness in Lacey, WA is tenant-protective. Eviction timelines and lease enforcement are considered reasonable by most property managers.
How much rent can I charge in Lacey, WA?
Lacey, WA rentals go for roughly $2,335/mo a month. That puts gross yield in solid territory relative to $510K acquisition costs.
You know 98513 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98513 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 98513 ranks in Olympia-Lacey-Tumwater, WA
Every ZIP in this metro, ranked. Free.
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