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ZIP Code · WA

ZIP 98003

Pop. 51,619·King County·143rd most expensive ZIP in Washington
Median rent (all units)
$1,886/mo
Year-over-Year
+3.7%
Month-over-Month
+2.0%
vs US Median
-$79
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 98003 · $1,886
More expensive than 54% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,820
1 BR
$1,880
2 BR
$2,190
3 BR
$2,870
4 BR+
$3,370
Research median
$2,190/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
$22,632/yr
At $1,886/mo median
Location
StateWA
CountyKing County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 3.7% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+3.7% YoY, +2.0% MoM), not inventory.
Demographics

Who lives here

ZIP 98003 (Federal Way, WA) is roughly split between renters and owners, 27.6% of residents hold a bachelor's degree or higher.

Population
51,619
Median income
$75,319
Median age
35.7
Renters
53.1%
Age distribution
24.8%
24.4%
23.9%
15.4%
Under 1824.8%
18–3424.4%
35–5423.9%
55–6411.4%
65+15.4%
Gender
49.9%
50.1%
Male49.9%
Female50.1%
Race & ethnicity
32.5%
20.5%
24%
13.6%
White32.5%
Black20.5%
Hispanic24%
Asian13.6%
Other9.4%
Education (25+)
13.6%
28%
30.7%
27.6%
No HS diploma13.6%
HS diploma28%
Some college30.7%
Bachelor's+27.6%
Housing tenure
46.9%
53.1%
Owner46.9%
Renter53.1%

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

2021 vs 2026

How ZIP 98003 in Federal Way, WA has changed in 5 years

Rent
$1,473 → $1,886
up 28.0%
Income
$63,289 → $75,319
up 19.0%
Population
50,501 → 51,619
up 2.2%
Renter share
52.7% → 53.1%
+0.4 pts
Bachelor's+
27.2% → 27.6%
+0.4 pts

Compared with 2021, rent in ZIP 98003 in Federal Way, WA has climbed by $413 per month, settling near $1,886 after starting the period at $1,473. Household income in the area moved from $63,289 to $75,319 across the same window, up 19.0% versus 2021. Rent outpaced income growth by roughly 9.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 50,501 to 51,619 between 2021 and 2024, a 2.2% change. Reading these numbers side by side helps frame whether current listings in ZIP 98003 in Federal Way, WA look reasonable against where the market sat half a decade ago.

Community

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Local insights

Tips for renters in ZIP 98003

About renting in ZIP 98003

Last updated: July 20, 2026

ZIP code 98003 covers Federal Way, WA. The median rent here is $1,886/mo as of July 2026. A 1-bedroom rents for a median of $1,880/mo. A 2-bedroom rents for a median of $2,190/mo.

At 30% of local median household income ($75,319/yr), ZIP 98003 ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 98003?

As of July 20, 2026, the median monthly rent in ZIP 98003 (Federal Way, WA) is $1,886. This is based on aggregated data from public sources and community submissions.

How does ZIP 98003 rent compare to the US average?

ZIP 98003's median rent of $1,886/mo is $79 (4%) below the US national median of $1,965/mo.

How does ZIP 98003 compare to other ZIPs in Washington?

ZIP 98003 is among the more affordable ZIP codes in Washington, ranking #143 out of 209 ZIPs at $1,886/mo.

How much income do you need to rent in ZIP 98003?

To keep rent at or below 30% of gross income, you would need to earn at least $75,000/year (~$36/hour full-time) to afford the median rent of $1,886/mo in ZIP 98003. The local median household income is $75,319/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 98003?

Rent in ZIP 98003 has increased 3.7% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 98003 an affordable place to rent?

ZIP 98003 is considered moderate for renters. At $1,886/mo, rent takes approximately 30% of the local median household income ($75,319/yr). The standard benchmark is 30%. ZIP 98003 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 98003 residents rent vs. own?

According to Census data, approximately 53.1% of ZIP 98003 households are renters, while 46.9% are owner-occupied. With a majority renter population, ZIP 98003 has a strong rental market.

How does ZIP 98003 compare to the rest of Federal Way?

ZIP 98003 is more affordable than Federal Way overall. At $1,886/mo, it's $49 below the Federal Way citywide median of $1,935/mo.

When was rent data for ZIP 98003 last updated?

Rent data for ZIP 98003 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
30%
MODERATE

At $1,886/mo, rent takes ~30% of ZIP 98003's median household income ($75,319/yr). The standard benchmark is 30%.

ZIP 98003 30%Benchmark 30%
State income taxNone
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Schools nearby

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