Tacoma, Washington Housing Market Prices
Tacoma 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 5% above the Washington median$508,324
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Median rent 5% below the Washington median$1,666
Housing Market Overview
| Metric | Tacoma | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $508,324 | $485,016 | $248,835 |
| Price Trend (Annual %) | 15.0% | 10.9% | 7.5% |
| Median Gross Rent | $1,666 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 6.8% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tacoma is about 5% higher than in Washington. Rent is about 5% 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 Tacoma, up about 15.0% and 6.8% a year respectively. Home prices are changing faster.
Median rent in Tacoma rose about 75.1% between 2015 and 2024, from $952 to $1,666. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Tacoma.
Buying the median-priced home in Tacoma costs roughly 25.4 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 Tacoma. The price-to-rent ratio in Washington is about 23.0.
| Metric | Tacoma | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $508,324 | $485,016 | $248,835 |
| Median Household Income | $86,727 | $98,224 | $80,455 |
| Price-to-Income Ratio | 5.9 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Tacoma rose about 203.6%, while median household income rose about 74.5% 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 | Tacoma | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.0% | 59.1% | 58.5% |
| Rental Rate | 41.7% | 33.6% | 31.2% |
| Vacancy Rate | 4.3% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Tacoma has a homeownership rate of 54.0%, lower than the Washington average of 59.1%. Its housing vacancy rate is 4.3%, compared with 7.3% in Washington.
Housing Stock
| Metric | Tacoma | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1964 | 1983 | 1978 |
| Median Number of Rooms | 5.1 | 5.5 | 5.5 |
The typical housing unit in Tacoma was built around 1964. On average, 2.3 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 Tacoma, Washington.
What is the median home price in Tacoma, Washington?
The median home price in Tacoma, Washington is $508,324, higher than the Washington average of $485,016.
What is the average home price in Tacoma, Washington?
The typical home price in Tacoma, Washington, reported as the median sale price, is $508,324. 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 Tacoma, Washington?
The median gross rent in Tacoma, Washington is $1,666 per month, lower than the Washington average of $1,759.
What was the median gross rent in Tacoma in 2020?
In 2020, the median gross rent in Tacoma, Washington was $1,252 per month.
What is the price-to-rent ratio in Tacoma, Washington?
The price-to-rent ratio in Tacoma, Washington is about 25.4, meaning it would take roughly 25.4 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 Tacoma.
Are home prices or rent rising faster in Tacoma, Washington?
Both home prices and rent are rising in Tacoma, up about 15.0% and 6.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tacoma, Washington?
54.0% of households in Tacoma, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Tacoma, Washington?
The housing vacancy rate in Tacoma, Washington is 4.3%, lower than the Washington average of 7.3%.
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