University Place, Washington Housing Market Prices
University Place 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 35% below the Washington median$315,078
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Median rent 1% above the Washington median$1,775
Housing Market Overview
| Metric | University Place | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $315,078 | $485,016 | $248,835 |
| Price Trend (Annual %) | 3.9% | 10.9% | 7.5% |
| Median Gross Rent | $1,775 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 7.4% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in University Place is about 35% lower than in Washington. Rent is about 1% 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 University Place, up about 3.9% and 7.4% a year respectively. Rent is changing faster.
Median rent in University Place rose about 86.9% between 2015 and 2024, from $950 to $1,775. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in University Place.
Buying the median-priced home in University Place costs roughly 14.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in University Place. The price-to-rent ratio in Washington is about 23.0.
| Metric | University Place | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $315,078 | $485,016 | $248,835 |
| Median Household Income | $94,954 | $98,224 | $80,455 |
| Price-to-Income Ratio | 3.3 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in University Place rose about 28.7%, while median household income rose about 79.4% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | University Place | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.4% | 59.1% | 58.5% |
| Rental Rate | 45.5% | 33.6% | 31.2% |
| Vacancy Rate | 4.1% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
University Place has a homeownership rate of 50.4%, lower than the Washington average of 59.1%. Its housing vacancy rate is 4.1%, compared with 7.3% in Washington.
Housing Stock
| Metric | University Place | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1981 | 1983 | 1978 |
| Median Number of Rooms | 5.2 | 5.5 | 5.5 |
The typical housing unit in University Place was built around 1981. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 12.0 years on average.
University Place, WA Housing Compared With Nearby Cities
How University Place, WA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| University Place, WA | 33,063 | $315,078 #2/2 | $1,775 #1/2 | 52.6% #1/2 |
| Lakewood, WA | 63,883 | $345,196 | $1,540 | 46.6% |
Frequently Asked Questions
Common questions about the housing market in University Place, Washington.
What is the median home price in University Place, Washington?
The median home price in University Place, Washington is $315,078, lower than the Washington average of $485,016.
What is the average home price in University Place, Washington?
The typical home price in University Place, Washington, reported as the median sale price, is $315,078. 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 University Place, Washington?
The median gross rent in University Place, Washington is $1,775 per month, higher than the Washington average of $1,759.
What was the median gross rent in University Place in 2020?
In 2020, the median gross rent in University Place, Washington was $1,248 per month.
What is the price-to-rent ratio in University Place, Washington?
The price-to-rent ratio in University Place, Washington is about 14.8, meaning it would take roughly 14.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in University Place.
Are home prices or rent rising faster in University Place, Washington?
Both home prices and rent are rising in University Place, up about 3.9% and 7.4% a year respectively. Rent is changing faster.
What is the homeownership rate in University Place, Washington?
50.4% of households in University Place, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in University Place, Washington?
The housing vacancy rate in University Place, Washington is 4.1%, lower than the Washington average of 7.3%.
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