Spanaway, Washington Housing Market Prices
Spanaway 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 12% below the Washington median$425,753
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Median rent 2% above the Washington median$1,801
Housing Market Overview
| Metric | Spanaway | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $425,753 | $485,016 | $248,835 |
| Price Trend (Annual %) | 16.3% | 10.9% | 7.5% |
| Median Gross Rent | $1,801 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spanaway is about 12% lower 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 Spanaway, up about 16.3% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Spanaway rose about 61.8% between 2015 and 2024, from $1,114 to $1,801. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Spanaway.
Buying the median-priced home in Spanaway costs roughly 19.7 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 Spanaway. The price-to-rent ratio in Washington is about 23.0.
| Metric | Spanaway | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $425,753 | $485,016 | $248,835 |
| Median Household Income | $98,656 | $98,224 | $80,455 |
| Price-to-Income Ratio | 4.3 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Spanaway rose about 168.7%, while median household income rose about 55.0% 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 | Spanaway | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.2% | 59.1% | 58.5% |
| Rental Rate | 26.8% | 33.6% | 31.2% |
| Vacancy Rate | 3.0% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Spanaway has a homeownership rate of 70.2%, higher than the Washington average of 59.1%. Its housing vacancy rate is 3.0%, compared with 7.3% in Washington.
Housing Stock
| Metric | Spanaway | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.91 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1989 | 1983 | 1978 |
| Median Number of Rooms | 5.8 | 5.5 | 5.5 |
The typical housing unit in Spanaway was built around 1989. On average, 2.9 people live in a home with about 5.8 rooms, staying for about 12.0 years on average.
Spanaway, WA Housing Compared With Nearby Cities
How Spanaway, WA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Spanaway, WA | 32,774 | $425,753 #1/2 | $1,801 #1/2 | 72.4% #1/2 |
| Parkland, WA | 36,554 | $334,674 | $1,652 | 52.6% |
Frequently Asked Questions
Common questions about the housing market in Spanaway, Washington.
What is the median home price in Spanaway, Washington?
The median home price in Spanaway, Washington is $425,753, lower than the Washington average of $485,016.
What is the average home price in Spanaway, Washington?
The typical home price in Spanaway, Washington, reported as the median sale price, is $425,753. 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 Spanaway, Washington?
The median gross rent in Spanaway, Washington is $1,801 per month, higher than the Washington average of $1,759.
What was the median gross rent in Spanaway in 2020?
In 2020, the median gross rent in Spanaway, Washington was $1,360 per month.
What is the price-to-rent ratio in Spanaway, Washington?
The price-to-rent ratio in Spanaway, Washington is about 19.7, meaning it would take roughly 19.7 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 Spanaway.
Are home prices or rent rising faster in Spanaway, Washington?
Both home prices and rent are rising in Spanaway, up about 16.3% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spanaway, Washington?
70.2% of households in Spanaway, Washington own their home, higher than the Washington average of 59.1%.
What is the vacancy rate in Spanaway, Washington?
The housing vacancy rate in Spanaway, Washington is 3.0%, lower than the Washington average of 7.3%.
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