Mountlake Terrace, Washington Housing Market Prices
Mountlake Terrace 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% above the Washington median$625,000
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Median rent 14% above the Washington median$2,007
Housing Market Overview
| Metric | Mountlake Terrace | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $485,016 | $248,835 |
| Price Trend (Annual %) | 11.3% | 10.9% | 7.5% |
| Median Gross Rent | $2,007 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mountlake Terrace is about 29% higher than in Washington. Rent is about 14% 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 Mountlake Terrace, up about 11.3% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Mountlake Terrace rose about 68.1% between 2015 and 2024, from $1,194 to $2,007. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Mountlake Terrace.
Buying the median-priced home in Mountlake Terrace costs roughly 26.0 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 Mountlake Terrace. The price-to-rent ratio in Washington is about 23.0.
| Metric | Mountlake Terrace | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $485,016 | $248,835 |
| Median Household Income | $109,079 | $98,224 | $80,455 |
| Price-to-Income Ratio | 5.7 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mountlake Terrace rose about 143.4%, while median household income rose about 82.7% 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 | Mountlake Terrace | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 59.1% | 58.5% |
| Rental Rate | 41.7% | 33.6% | 31.2% |
| Vacancy Rate | 3.5% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Mountlake Terrace has a homeownership rate of 54.8%, lower than the Washington average of 59.1%. Its housing vacancy rate is 3.5%, compared with 7.3% in Washington.
Housing Stock
| Metric | Mountlake Terrace | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1975 | 1983 | 1978 |
| Median Number of Rooms | 4.9 | 5.5 | 5.5 |
The typical housing unit in Mountlake Terrace was built around 1975. On average, 2.3 people live in a home with about 4.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mountlake Terrace, Washington.
What is the median home price in Mountlake Terrace, Washington?
The median home price in Mountlake Terrace, Washington is $625,000, higher than the Washington average of $485,016.
What is the average home price in Mountlake Terrace, Washington?
The typical home price in Mountlake Terrace, Washington, reported as the median sale price, is $625,000. 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 Mountlake Terrace, Washington?
The median gross rent in Mountlake Terrace, Washington is $2,007 per month, higher than the Washington average of $1,759.
What was the median gross rent in Mountlake Terrace in 2020?
In 2020, the median gross rent in Mountlake Terrace, Washington was $1,630 per month.
What is the price-to-rent ratio in Mountlake Terrace, Washington?
The price-to-rent ratio in Mountlake Terrace, Washington is about 26.0, meaning it would take roughly 26.0 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 Mountlake Terrace.
Are home prices or rent rising faster in Mountlake Terrace, Washington?
Both home prices and rent are rising in Mountlake Terrace, up about 11.3% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mountlake Terrace, Washington?
54.8% of households in Mountlake Terrace, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Mountlake Terrace, Washington?
The housing vacancy rate in Mountlake Terrace, Washington is 3.5%, lower than the Washington average of 7.3%.
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