Federal Way, WA
King County · Pop. 101,030
Ranked #189 of 243 cities
30Crisis
Median Home Price
🏠$480K
3.5% YoY
Median Rent
🔑$1,700
3.0% YoY
Median Income
💰$62K
Rent Burden
📊34.5%
% of income to rent
Income to Buy
🏦$138K
annual income needed
Income to Rent
📝$68K
annual income needed
Price-to-Income
⚖️7.7x
Homeownership
🏡48.0%
Rent vs. Buy
Buy
$2,555/mo
Est. mortgage (7%, 20% down)
Need $138K/yr income
Rent
$1,700/mo
Median rent
Need $68K/yr income
How Federal Way Compares
| Metric | Federal Way | Washington | National |
|---|---|---|---|
| Home Price | $480K | $576K | $410K |
| Rent | $1,700 | $1,731 | $1,500 |
| Income | $62K | $95K | $75K |
| Rent Burden | 34.5% | 35.0% | 30.0% |
Key Takeaways
- • Home prices in Federal Way are 17% higher than the national average.
- • Rent is 13% higher than the national average.
- • You need an income of $138K to comfortably buy a home here.
- • The homeownership rate is 48.0%, compared to 65.0% nationally.