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Lakewood, WA—98498

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$549,000
0.5% YoY Growth
Household Income
$88,400
39.6% YoY Growth
Days on Market
37
27.0% Longer YoY
Home Price Forecast
-1.2%
Median Rent
$1,850
9.8% YoY Growth
1-Bed Rent
$1,200
5.8% YoY Growth
2-Bed Rent
$1,700
5.5% YoY Growth
3-Bed Rent
$2,700
8.2% YoY Growth

Other Zip Codes in Lakewood, WA

98499
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Lakewood, WA

As of May '26, the median home price in Lakewood, WA is $549,000, with a year-over-year change of -0.5%. This indicates that home prices in Lakewood, WA are flat. According to Zillow, the 1-year price projection is -1.2%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$549,000-0.5%
Single Family $557,000-0.4%
Condos $295,000-3.6%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $288,000
    -6.8%
    2 Bed
    		$398,000-2.2%
    3 Bed
    		$523,000-0.6%
    4 Bed
    		$635,000-0.2%
    5 Bed $733,9560.3%
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    % of Housing Stock

    Studio
    3.1%
    1 Bedroom
    13.1%
    2 Bedrooms
    24.8%
    3 Bedrooms
    38.1%
    4 Bedrooms
    16.5%
    5+ Bedrooms
    4.4%

    Rental Trends — Lakewood, WA

    As of July '25, Rentcast reports the average rent in Lakewood, WA is $2,130, with a year-over-year rent change of 9.8%. Per bedroom, the median rent as of July '25 in Lakewood, WA is studios: $3,000, 1-bedrooms: $1,270, 2-bedrooms: $1,720, 3-bedrooms: $2,780, 4-bedrooms: $3,220. The most common rental property sizes in Lakewood, WA are 2-bedroom and 1-bedroom, accounting for 39.2% and 29.4% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,850$2,130
    Studio Rent $3,000$3,000
    1 Bed Rent $1,200$1,270
    2 Bed Rent $1,700$1,720
    3 Bed Rent $2,700$2,780
    4 Bed Rent $3,150$3,220
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    % of Rental Stock

    Studio
    8.7%
    1 Bedroom
    29.4%
    2 Bedrooms
    39.2%
    3 Bedrooms
    17.0%
    4 Bedrooms
    4.5%
    5+ Bedrooms
    1.1%

    Property Listings — Lakewood, WA

    As of May '26, Realtor.com reports that the median days on market for a home in Lakewood, WA is 37. This is a increase of 27.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 30.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$620,0008.0%
    Listing Count
    		10513.0%
    Listings as % of Homes0.4%13.0%
    Days on Market
    		3727.0%
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    Demographics — Lakewood, WA

    As of the latest ACS Survey released in 2023, Lakewood, WA has a population of 28,900, which has increased by 1.6% over the past 5 years. Lakewood, WA is a moderately popular place for families, as children make up 17.9% of the population. The area has a moderately educated workforce, with 29.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.1% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		28,9001.6%
    % Under 18
    		17.9%-6.8%
    % Seniors
    		20.4%17.2%
    % WFH
    		9.1%116.7%
    % w/ College Degree
    		29.3%10.6%
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    As of the latest ACS Survey released in 2023, Lakewood, WA is a predominantly white area, with 51.9% of the population identifying as white. The white population has shrunk by 11.4% in the last 5 years. The second most common race or ethnicity in Lakewood, WA is hispanic, making up 12.7% of the population. Foreign-born residents account for 13.4% of the population in Lakewood, WA, and this percentage has increased by 1.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		51.9%-11.4%
    % Black
    		9.7%-17.8%
    % Hispanic
    		12.7%11.4%
    % Asian
    		8.2%-1.2%
    % Foreign Born
    		13.4%1.5%
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    Mortgage and Risk — Lakewood, WA

    According to HUD data as of 2023, there were 534 mortgage originations in Lakewood, WA, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Lakewood, WA. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		534
    % Conventional Loans
    		69.0%
    % Government Loans
    		31.0%
    % Investor Loans
    		1.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		12.0%
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    Rentals and Section 8 — Lakewood, WA

    As of 2024, the percent of homes in Lakewood, WA under the Section 8 program is 5.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Lakewood, WA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		243
    Total Units Section 8
    		241
    % Rentals under Section 8
    		5.4%
    % Occupied Section 8
    		84.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$260$1,200$1,460
    2 Bedroom$100$1,700$1,800
    3 Bedroom-$180$2,700$2,520
    4 Bedroom-$230$3,150$2,920

    Affordability — Lakewood, WA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5.9
    Median Home Price$549,000
    Median Household Income$88,400

    Lakewood, WA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Tillicum

    98430

    University Place, WA

    98467

    Lakewood, WA

    98499

    McChord Air Force Base, WA

    98439

    McChord Air Force Base, WA

    98438

    Frequently Asked Questions