Lakewood, WA—98498
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Lakewood, WA
Home Price Trends — Lakewood, WA
As of Oct '25, the median home price in Lakewood, WA is $532,000, with a year-over-year change of -0.0%. This indicates that home prices in Lakewood, WA are flat. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $532,000 | -0.0% |
| Single Family | $539,000 | -0.2% |
| Condos | $290,000 | -4.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $288,000 | -5.9% |
2 Bed | $393,000 | -1.5% |
3 Bed | $507,000 | -0.2% |
4 Bed | $616,000 | 0.3% |
| 5 Bed | $710,000 | 1.0% |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% of Rental Stock
Property Listings — Lakewood, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Lakewood, WA is 44. This is a increase of 5.0% 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 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $545,000 | -4.0% |
Listing Count | 114 | 13.0% |
| Listings as % of Homes | 0.4% | 13.0% |
Days on Market | 44 | 5.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,900 | 1.6% |
% Under 18 | 17.9% | -6.8% |
% Seniors | 20.4% | 17.2% |
% WFH | 9.1% | 116.7% |
% w/ College Degree | 29.3% | 10.6% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.7 |
| Median Home Price | $532,000 |
| Median Household Income | $88,400 |