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City Report · WA

Federal Way

Pop. 99,493·72nd most expensive in Washington·Rental market data updated monthly for Federal Way, WA
Median rent (all units)
$1,935/mo
Year-over-Year
+4.0%
Month-over-Month
+1.9%
vs US Median
-$30
Rising (Monthly)
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Most AffordableMost Expensive
Federal Way · $1,935
More expensive than 55% of US cities · National median $1,965/mo
Rent Reality Score
72/100
Good value
OverheatedFairGreat value

Rents are 11% below what Federal Way's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,935/mo
Expected by trend
$2,179/mo
The Rent Reality Score compares today's median rent to where Federal Way's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,483
1 BR
$1,526
2 BR
$1,776
3 BR
$2,346
4 BR+
$2,733
Research median
$1,776/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$23,220/yr
At $1,935/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 4.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+4.0% YoY, +1.9% MoM), not inventory.
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Demographics

Who lives here

Federal Way, WA is majority owner-occupied, 30.8% of residents hold a bachelor's degree or higher.

Population
99,493
Median income
$86,909
Median age
37.4
Renters
44.7%
Age distribution
22.8%
24.2%
24.9%
13.1%
15%
Under 1822.8%
18–3424.2%
35–5424.9%
55–6413.1%
65+15%
Gender
51.2%
48.8%
Male51.2%
Female48.8%
Race & ethnicity
36.9%
18.1%
20%
15.4%
White36.9%
Black18.1%
Hispanic20%
Asian15.4%
Other9.6%
Education (25+)
26.7%
31.5%
30.8%
No HS diploma11%
HS diploma26.7%
Some college31.5%
Bachelor's+30.8%
Housing tenure
55.3%
44.7%
Owner55.3%
Renter44.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Federal Way, WA has changed in 5 years

Rent
$1,535 → $1,935
up 26.1%
Income
$72,969 → $86,909
up 19.1%
Population
99,792 → 99,493
down 0.3%
Renter share
45.2% → 44.7%
-0.5 pts
Bachelor's+
29.7% → 30.8%
+1.1 pts

Compared with 2021, rent in Federal Way, WA has climbed by $400 per month, settling near $1,935 after starting the period at $1,535. Median household income grew from $72,969 to $86,909 between 2021 and 2024, a 19.1% shift. Rent outpaced income growth by roughly 7.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Taken together, the five-year picture in Federal Way, WA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

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View Federal Way rent history (2015–2026) →
Salary vs rent

Can you afford rent in Federal Way on your salary?

At $1,935/mo, how Federal Way rent compares to typical pay (30% rule).

By apartment size

Federal Way rent by bedroom count

Median rent for each apartment size in Federal Way. Click any size for full breakdown.

Local insights

Tips for renters in Federal Way

About renting in Federal Way, WA

Last updated: July 20, 2026

The median rent in Federal Way is $1,935/mo as of July 2026. A studio apartment averages $1,483/mo while a 2-bedroom runs $1,776/mo. One-bedroom apartments average $1,526/mo and 3-bedroom units go for $2,346/mo.

At 27% of local median household income ($86,909/yr), Federal Way ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.

FAQ

Frequently asked questions

Is Federal Way an affordable city for renters?

Federal Way is considered affordable for renters. At $1,935/mo, rent takes approximately 27% of the local median household income ($86,909/yr). The standard benchmark is 30%. Federal Way falls comfortably within that range.

How much income do you need to rent in Federal Way?

To keep rent at or below 30% of gross income, you would need to earn at least $77,000/year (~$37/hour full-time) to afford the median rent of $1,935/mo in Federal Way. The local median household income is $86,909/yr, meaning the typical Federal Way household meets that threshold.

Is rent going up or down in Federal Way?

Rent in Federal Way has increased 4.0% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Federal Way neighborhoods have the lowest rent?

The most affordable ZIP codes in Federal Way are 98003 ($1,886/mo), and 98023 ($2,018/mo). Citywide, the median rent in Federal Way is $1,935/mo.

How does Federal Way rent compare to other cities in Washington?

Federal Way is middle-of-the-pack for Washington for rent, ranking #72 out of 110 tracked cities at $1,935/mo.

Which nearby cities are cheaper to rent in than Federal Way?

Fife is nearby and more affordable at $1,927/mo, which is $8 less than Federal Way.

What percentage of Federal Way residents rent vs. own?

According to Census data, approximately 44.7% of Federal Way households are renters, while 55.3% are owner-occupied. Federal Way leans toward homeownership, which can mean a smaller rental inventory.

How does Federal Way rent compare to the national average?

Federal Way's median rent of $1,935/mo is $30 (2%) below the US national median of $1,965/mo. Within Washington, it ranks #72 out of 110 tracked cities.
Income Affordability
27%
AFFORDABLE

At $1,935/mo, rent takes ~27% of Federal Way's median household income ($86,909/yr). The standard benchmark is 30%.

Federal Way 27%Benchmark 30%
State income taxNone
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Lowest-rent ZIP codes in Federal Way
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Federal Way, WA

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