Federal Way, Washington Housing Market Prices
Federal Way Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 31% above the Washington median$637,454
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Median rent 2% above the Washington median$1,797
Housing Market Overview
| Metric | Federal Way | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $637,454 | $485,016 | $248,835 |
| Price Trend (Annual %) | 22.0% | 10.9% | 7.5% |
| Median Gross Rent | $1,797 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 6.4% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Federal Way is about 31% higher than in Washington. Rent is about 2% higher than the Washington average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Federal Way, up about 22.0% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Federal Way rose about 72.1% between 2015 and 2024, from $1,044 to $1,797. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 7.2 yearly household incomes in Federal Way.
Buying the median-priced home in Federal Way costs roughly 29.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Federal Way. The price-to-rent ratio in Washington is about 23.0.
| Metric | Federal Way | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $637,454 | $485,016 | $248,835 |
| Median Household Income | $88,690 | $98,224 | $80,455 |
| Price-to-Income Ratio | 7.2 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Federal Way rose about 398.1%, while median household income rose about 40.3% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Federal Way | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.3% | 59.1% | 58.5% |
| Rental Rate | 42.2% | 33.6% | 31.2% |
| Vacancy Rate | 4.5% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Federal Way has a homeownership rate of 53.3%, lower than the Washington average of 59.1%. Its housing vacancy rate is 4.5%, compared with 7.3% in Washington.
Housing Stock
| Metric | Federal Way | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1985 | 1983 | 1978 |
| Median Number of Rooms | 5.1 | 5.5 | 5.5 |
The typical housing unit in Federal Way was built around 1985. On average, 2.7 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Federal Way, Washington.
What is the median home price in Federal Way, Washington?
The median home price in Federal Way, Washington is $637,454, higher than the Washington average of $485,016.
What is the average home price in Federal Way, Washington?
The typical home price in Federal Way, Washington, reported as the median sale price, is $637,454. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Federal Way, Washington?
The median gross rent in Federal Way, Washington is $1,797 per month, higher than the Washington average of $1,759.
What was the median gross rent in Federal Way in 2020?
In 2020, the median gross rent in Federal Way, Washington was $1,412 per month.
What is the price-to-rent ratio in Federal Way, Washington?
The price-to-rent ratio in Federal Way, Washington is about 29.6, meaning it would take roughly 29.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Federal Way.
Are home prices or rent rising faster in Federal Way, Washington?
Both home prices and rent are rising in Federal Way, up about 22.0% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Federal Way, Washington?
53.3% of households in Federal Way, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Federal Way, Washington?
The housing vacancy rate in Federal Way, Washington is 4.5%, lower than the Washington average of 7.3%.
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