Lakewood, Washington Housing Market Prices
Lakewood 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 29% below the Washington median$345,196
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Median rent 12% below the Washington median$1,540
Housing Market Overview
| Metric | Lakewood | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $345,196 | $485,016 | $248,835 |
| Price Trend (Annual %) | 10.0% | 10.9% | 7.5% |
| Median Gross Rent | $1,540 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 7.4% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lakewood is about 29% lower than in Washington. Rent is about 12% lower 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 Lakewood, up about 10.0% and 7.4% a year respectively. Home prices are changing faster.
Median rent in Lakewood rose about 82.1% between 2015 and 2024, from $845 to $1,540. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Lakewood.
Buying the median-priced home in Lakewood costs roughly 18.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lakewood. The price-to-rent ratio in Washington is about 23.0.
| Metric | Lakewood | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $345,196 | $485,016 | $248,835 |
| Median Household Income | $74,297 | $98,224 | $80,455 |
| Price-to-Income Ratio | 4.6 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lakewood rose about 113.5%, while median household income rose about 63.5% 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 | Lakewood | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.1% | 59.1% | 58.5% |
| Rental Rate | 49.5% | 33.6% | 31.2% |
| Vacancy Rate | 7.5% | 7.3% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Lakewood has a homeownership rate of 43.1%, lower than the Washington average of 59.1%. Its housing vacancy rate is 7.5%, compared with 7.3% in Washington.
Housing Stock
| Metric | Lakewood | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1975 | 1983 | 1978 |
| Median Number of Rooms | 4.8 | 5.5 | 5.5 |
The typical housing unit in Lakewood was built around 1975. On average, 2.3 people live in a home with about 4.8 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lakewood, Washington.
What is the median home price in Lakewood, Washington?
The median home price in Lakewood, Washington is $345,196, lower than the Washington average of $485,016.
What is the average home price in Lakewood, Washington?
The typical home price in Lakewood, Washington, reported as the median sale price, is $345,196. 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 Lakewood, Washington?
The median gross rent in Lakewood, Washington is $1,540 per month, lower than the Washington average of $1,759.
What was the median gross rent in Lakewood in 2020?
In 2020, the median gross rent in Lakewood, Washington was $1,106 per month.
What is the price-to-rent ratio in Lakewood, Washington?
The price-to-rent ratio in Lakewood, Washington is about 18.7, meaning it would take roughly 18.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lakewood.
Are home prices or rent rising faster in Lakewood, Washington?
Both home prices and rent are rising in Lakewood, up about 10.0% and 7.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lakewood, Washington?
43.1% of households in Lakewood, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Lakewood, Washington?
The housing vacancy rate in Lakewood, Washington is 7.5%, higher than the Washington average of 7.3%.
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