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These days, finding an affordable place to live in the Federal Way area can be challenging. Home prices in Federal Way are now at a median cost of $522,793, lower than the Washington average of $621,115.
The average cost of rent is $1,910/mo in Federal Way, primarily driven by the current value of real estate in the Federal Way area. In Federal Way, 44.29% of households rent, and 34.67% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Federal Way is $8,019 per month. Households that rent pay about 23.82% of their income on rent here. Federal Way’s most expensive areas are in the northern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Lakeland North, WA: higher priced homes
- Lakeland South, WA: higher priced homes
- Milton, WA: equally priced homes
- Algona, WA: less expensive homes
- Pacific, WA: less expensive homes
- Des Moines, WA: equally priced homes
- Fife, WA: equally priced homes
- Edgewood, WA: higher priced homes
- Auburn, WA: equally priced homes
- Kent, WA: equally priced homes
Cities with Similar Populations
- Boston, MA: higher priced homes
- Boulder, CO: higher priced homes
- Brick, NJ: less expensive homes
- Bremerton, WA: less expensive homes
- Birmingham, AL: less expensive homes
- Bloomington, IN: less expensive homes
- Bloomington, IL: less expensive homes
- Boynton Beach, FL: less expensive homes
- Billings, MT: less expensive homes
- Berkeley, CA: higher priced homes
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