Mill Creek, Washington Housing Market Prices
Mill Creek 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 8% above the Washington median$523,527
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Median rent 27% above the Washington median$2,242
Housing Market Overview
| Metric | Mill Creek | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $523,527 | $485,016 | $248,835 |
| Price Trend (Annual %) | 30.3% | 10.9% | 7.5% |
| Median Gross Rent | $2,242 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mill Creek is about 8% higher than in Washington. Rent is about 27% 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 Mill Creek, up about 30.3% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Mill Creek rose about 55.6% between 2015 and 2024, from $1,440 to $2,242. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Mill Creek.
Buying the median-priced home in Mill Creek costs roughly 19.5 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 Mill Creek. The price-to-rent ratio in Washington is about 23.0.
| Metric | Mill Creek | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $523,527 | $485,016 | $248,835 |
| Median Household Income | $130,559 | $98,224 | $80,455 |
| Price-to-Income Ratio | 4.0 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mill Creek rose about 144.8%, while median household income rose about 45.9% 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 | Mill Creek | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.6% | 59.1% | 58.5% |
| Rental Rate | 32.2% | 33.6% | 31.2% |
| Vacancy Rate | 4.2% | 7.3% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Mill Creek has a homeownership rate of 63.6%, higher than the Washington average of 59.1%. Its housing vacancy rate is 4.2%, compared with 7.3% in Washington.
Housing Stock
| Metric | Mill Creek | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1996 | 1983 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Mill Creek was built around 1996. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 11.0 years on average.
Mill Creek, WA Housing Compared With Nearby Cities
How Mill Creek, WA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Mill Creek, WA | 22,980 | $523,527 #2/2 | $2,242 #2/2 | 66.4% #2/2 |
| Eastmont, WA | 25,029 | $687,158 | $2,406 | 80.9% |
Frequently Asked Questions
Common questions about the housing market in Mill Creek, Washington.
What is the median home price in Mill Creek, Washington?
The median home price in Mill Creek, Washington is $523,527, higher than the Washington average of $485,016.
What is the average home price in Mill Creek, Washington?
The typical home price in Mill Creek, Washington, reported as the median sale price, is $523,527. 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 Mill Creek, Washington?
The median gross rent in Mill Creek, Washington is $2,242 per month, higher than the Washington average of $1,759.
What was the median gross rent in Mill Creek in 2020?
In 2020, the median gross rent in Mill Creek, Washington was $1,817 per month.
What is the price-to-rent ratio in Mill Creek, Washington?
The price-to-rent ratio in Mill Creek, Washington is about 19.5, meaning it would take roughly 19.5 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 Mill Creek.
Are home prices or rent rising faster in Mill Creek, Washington?
Both home prices and rent are rising in Mill Creek, up about 30.3% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mill Creek, Washington?
63.6% of households in Mill Creek, Washington own their home, higher than the Washington average of 59.1%.
What is the vacancy rate in Mill Creek, Washington?
The housing vacancy rate in Mill Creek, Washington is 4.2%, lower than the Washington average of 7.3%.
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