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City Report · WA

Lakewood

Pop. 62,937·91st most expensive in Washington·Rental market data updated monthly for Lakewood, WA
Median rent (all units)
$1,708/mo
Year-over-Year
+0.7%
Month-over-Month
+2.2%
vs US Median
-$257
Rising (Monthly)
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Most AffordableMost Expensive
Lakewood · $1,708
More affordable than 61% of US cities · National median $1,965/mo
Rent Reality Score
70/100
Good value
OverheatedFairGreat value

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

Actual rent
$1,708/mo
Expected by trend
$1,903/mo
The Rent Reality Score compares today's median rent to where Lakewood's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,290
1 BR
$1,455
2 BR
$1,795
3 BR
$2,520
4 BR+
$2,920
Research median
$1,795/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
$20,496/yr
At $1,708/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.7% YoY, +2.2% MoM), not inventory.
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Demographics

Who lives here

Lakewood, WA is roughly split between renters and owners, 23.2% of residents hold a bachelor's degree or higher.

Population
62,937
Median income
$74,720
Median age
37.4
Renters
52.5%
Age distribution
19.6%
27.1%
23.3%
12.7%
17.2%
Under 1819.6%
18–3427.1%
35–5423.3%
55–6412.7%
65+17.2%
Gender
49.5%
50.5%
Male49.5%
Female50.5%
Race & ethnicity
48%
14.3%
18.8%
White48%
Black14.3%
Hispanic18.8%
Asian7.1%
Other11.8%
Education (25+)
12.3%
26.2%
38.3%
23.2%
No HS diploma12.3%
HS diploma26.2%
Some college38.3%
Bachelor's+23.2%
Housing tenure
47.5%
52.5%
Owner47.5%
Renter52.5%

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

2021 vs 2026

How Lakewood, WA has changed in 5 years

Rent
$1,386 → $1,708
up 23.2%
Income
$60,534 → $74,720
up 23.4%
Population
62,972 → 62,937
down 0.1%
Renter share
56.1% → 52.5%
-3.6 pts
Bachelor's+
23.4% → 23.2%
-0.2 pts
Median age
35.7 → 37.4
+1.7 yrs

Since 2021, the typical rent in Lakewood, WA has increased from $1,386 to $1,708, a 23.2% change over five years. Local incomes tracked alongside that move, going from a median of $60,534 in 2021 to $74,720 more recently. Renters now make up 52.5% of households, compared with 56.1% five years ago. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Lakewood, WA market of 2021.

Community

Discussions about Lakewood

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View Lakewood rent history (2015–2026) →
Salary vs rent

Can you afford rent in Lakewood on your salary?

At $1,708/mo, how Lakewood rent compares to typical pay (30% rule).

By apartment size

Lakewood rent by bedroom count

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

Local insights

Tips for renters in Lakewood

About renting in Lakewood, WA

Last updated: July 20, 2026

The median rent in Lakewood is $1,708/mo as of July 2026. A studio apartment averages $1,290/mo while a 2-bedroom runs $1,795/mo. One-bedroom apartments average $1,455/mo and 3-bedroom units go for $2,520/mo.

At 27% of local median household income ($74,720/yr), Lakewood ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.7% over the past year.

FAQ

Frequently asked questions

Is Lakewood an affordable city for renters?

Lakewood is considered affordable for renters. At $1,708/mo, rent takes approximately 27% of the local median household income ($74,720/yr). The standard benchmark is 30%. Lakewood falls comfortably within that range.

How much income do you need to rent in Lakewood?

To keep rent at or below 30% of gross income, you would need to earn at least $68,000/year (~$33/hour full-time) to afford the median rent of $1,708/mo in Lakewood. The local median household income is $74,720/yr, meaning the typical Lakewood household meets that threshold.

Is rent going up or down in Lakewood?

Rent in Lakewood has increased 0.7% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Lakewood neighborhoods have the lowest rent?

The most affordable ZIP codes in Lakewood are 98499 ($1,676/mo), and 98498 ($1,774/mo). Citywide, the median rent in Lakewood is $1,708/mo.

How does Lakewood rent compare to other cities in Washington?

Lakewood is one of the more affordable cities in Washington for rent, ranking #91 out of 110 tracked cities at $1,708/mo.

What percentage of Lakewood residents rent vs. own?

According to Census data, approximately 52.5% of Lakewood households are renters, while 47.5% are owner-occupied. With a majority renter population, Lakewood has a strong rental market.

How does Lakewood rent compare to the national average?

Lakewood's median rent of $1,708/mo is $257 (13%) below the US national median of $1,965/mo. Within Washington, it ranks #91 out of 110 tracked cities.
Income Affordability
27%
AFFORDABLE

At $1,708/mo, rent takes ~27% of Lakewood's median household income ($74,720/yr). The standard benchmark is 30%.

Lakewood 27%Benchmark 30%
State income taxNone
Run the Lakewood affordability calculator →
Lowest-rent ZIP codes in Lakewood
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lakewood, WA

Recent submissions

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