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Nursing Care Facilities Market: ZIP 98116

Opportunity Score

71 / 100 Good

Based on walkability, population density, income levels, and local business competition.

Market Summary

ZIP 98116 is an urban area with moderate foot traffic. with a population of 28,091 and household incomes well above the national median ($130,504). There are 3 nursing care facilities operations in ZIP 98116.

Area Profile

28,091

Population

$130,504

Median Income

+75% vs. national

Urban

Area Type

14.2/20

Foot Traffic

Very Car-Dependent

Median Age: 40.5 — older demographic, may prefer sit-down options.

College-Educated: 54.6% — strong appetite for artisan/specialty food.

Competition

Nursing Care Facilities and related businesses in ZIP 98116.

Nursing Care Facilities

Low competition — room to establish

1.1 per 10K residents

Operating Costs

Local cost levels affect space, labor, and operating expenses.

$2,680

2BR Fair Market Rent

$2,033

Median Gross Rent

$920 K

Median Home Value

Bank Branches

$1.5 M deposits

Tips for Starting a Elder Care Business in Washington

State licensing for assisted living takes 6-12 months and involves facility inspections, staffing plans, and background checks. Start early.
Staffing is your #1 cost and #1 challenge. CNA turnover runs 50-75% annually in most markets. Budget for constant recruiting.
Medicare and Medicaid reimbursement rates vary by state. Some states pay well. Others don't cover costs. Know your state's rates before committing.
Start small. A residential care home (6-8 beds) requires far less capital than a 50-bed facility and lets you prove your model.
The median income here is $130,504. That gives you pricing room most markets don't offer. Don't underprice.