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ZIP Code · WA

ZIP 98023

Pop. 50,448·King County·113th most expensive ZIP in Washington
Median rent (all units)
$2,018/mo
Year-over-Year
+4.6%
Month-over-Month
+1.8%
vs US Median
+$53
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 98023 · $2,018
More expensive than 61% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,920
1 BR
$1,990
2 BR
$2,320
3 BR
$3,040
4 BR+
$3,570
Research median
$2,320/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
$24,216/yr
At $2,018/mo median
Location
StateWA
CountyKing County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 4.6% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+4.6% YoY, +1.8% MoM), not inventory.
Demographics

Who lives here

ZIP 98023 (Federal Way, WA) is majority owner-occupied, has a median income above the national average, 33.9% of residents hold a bachelor's degree or higher.

Population
50,448
Median income
$104,893
Median age
38.6
Renters
34.4%
Age distribution
21.1%
24%
25.6%
14.7%
14.6%
Under 1821.1%
18–3424%
35–5425.6%
55–6414.7%
65+14.6%
Gender
51.9%
48.1%
Male51.9%
Female48.1%
Race & ethnicity
42.4%
14.6%
16%
16.4%
White42.4%
Black14.6%
Hispanic16%
Asian16.4%
Other10.6%
Education (25+)
25.3%
32.8%
33.9%
No HS diploma8%
HS diploma25.3%
Some college32.8%
Bachelor's+33.9%
Housing tenure
65.6%
34.4%
Owner65.6%
Renter34.4%

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

2021 vs 2026

How ZIP 98023 in Federal Way, WA has changed in 5 years

Rent
$1,591 → $2,018
up 26.8%
Income
$87,820 → $104,893
up 19.4%
Population
51,811 → 50,448
down 2.6%
Renter share
36.7% → 34.4%
-2.3 pts
Bachelor's+
31.7% → 33.9%
+2.2 pts
Median age
37.7 → 38.6
+0.9 yrs

Since 2021, the typical rent in ZIP 98023 in Federal Way, WA has climbed from $1,591 to $2,018, a 26.8% change over five years. Census figures show median household income at $104,893 today, compared with $87,820 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 2.6% since 2021, moving from about 51,811 residents to roughly 50,448. Renters now make up 34.4% of households, compared with 36.7% five years ago. College-educated residents now make up 33.9% of adults here, versus 31.7% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

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Local insights

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About renting in ZIP 98023

Last updated: July 20, 2026

ZIP code 98023 covers Federal Way, WA. The median rent here is $2,018/mo as of July 2026. A 1-bedroom rents for a median of $1,990/mo. A 2-bedroom rents for a median of $2,320/mo.

At 23% of local median household income ($104,893/yr), ZIP 98023 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 98023?

As of July 20, 2026, the median monthly rent in ZIP 98023 (Federal Way, WA) is $2,018. This is based on aggregated data from public sources and community submissions.

How does ZIP 98023 rent compare to the US average?

ZIP 98023's median rent of $2,018/mo is $53 (3%) above the US national median of $1,965/mo.

How does ZIP 98023 compare to other ZIPs in Washington?

ZIP 98023 falls in the middle range for Washington, ranking #113 out of 209 ZIPs at $2,018/mo.

How much income do you need to rent in ZIP 98023?

To keep rent at or below 30% of gross income, you would need to earn at least $81,000/year (~$39/hour full-time) to afford the median rent of $2,018/mo in ZIP 98023. The local median household income is $104,893/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 98023?

Rent in ZIP 98023 has increased 4.6% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 98023 an affordable place to rent?

ZIP 98023 is considered very affordable for renters. At $2,018/mo, rent takes approximately 23% of the local median household income ($104,893/yr). The standard benchmark is 30%. ZIP 98023 falls comfortably within that range.

What percentage of ZIP 98023 residents rent vs. own?

According to Census data, approximately 34.4% of ZIP 98023 households are renters, while 65.6% are owner-occupied. ZIP 98023 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 98023 compare to the rest of Federal Way?

ZIP 98023 is pricier than Federal Way as a whole. At $2,018/mo, it's $83 above the Federal Way citywide median of $1,935/mo.

When was rent data for ZIP 98023 last updated?

Rent data for ZIP 98023 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $2,018/mo, rent takes ~23% of ZIP 98023's median household income ($104,893/yr). The standard benchmark is 30%.

ZIP 98023 23%Benchmark 30%
State income taxNone
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Public schools near ZIP 98023 (Federal Way, WA)

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