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ZIP Code · WA

ZIP 98040

Pop. 25,307·King County·30th most expensive ZIP in Washington
Median rent (all units)
$2,654/mo
Year-over-Year
-0.5%
Month-over-Month
+3.7%
vs US Median
+$689
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 98040 · $2,654
More expensive than 83% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$2,500
1 BR
$2,590
2 BR
$3,020
3 BR
$3,950
4 BR+
$4,650
Research median
$3,020/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
$31,848/yr
At $2,654/mo median
Location
StateWA
CountyKing County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.5% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (-0.5% YoY, +3.7% MoM), not inventory.
Demographics

Who lives here

ZIP 98040 (Mercer Island, WA) is majority owner-occupied, has a large retiree population, has a median income above the national average, 81.4% of residents hold a bachelor's degree or higher.

Population
25,307
Median income
$219,069
Median age
46.4
Renters
33%
Age distribution
21.5%
14.9%
27.5%
14%
22.2%
Under 1821.5%
18–3414.9%
35–5427.5%
55–6414%
65+22.2%
Gender
47.6%
52.4%
Male47.6%
Female52.4%
Race & ethnicity
63.6%
24.5%
White63.6%
Black0.9%
Hispanic2.4%
Asian24.5%
Other8.6%
Education (25+)
81.4%
No HS diploma1.6%
HS diploma5%
Some college11.9%
Bachelor's+81.4%
Housing tenure
67%
33%
Owner67%
Renter33%

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

2021 vs 2026

How ZIP 98040 in Mercer Island, WA has changed in 5 years

Rent
$2,082 → $2,654
up 27.5%
Income
$170,000 → $219,069
up 28.9%
Population
25,506 → 25,307
down 0.8%
Renter share
32.3% → 33%
+0.7 pts
Bachelor's+
77.5% → 81.4%
+3.9 pts
Median age
45.5 → 46.4
+0.9 yrs

Five years ago, renters in ZIP 98040 in Mercer Island, WA paid around $2,082 a month. That figure now sits near $2,654, up 27.5% from the 2021 baseline. On the earnings side, the typical household in ZIP 98040 in Mercer Island, WA now reports about $219,069, up from $170,000 in 2021. Bachelor's-degree-or-higher attainment moved from 77.5% to 81.4% across the same window. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 98040 in Mercer Island, WA reflects that arc in its own way.

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Local insights

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About renting in ZIP 98040

Last updated: July 20, 2026

ZIP code 98040 covers Mercer Island, WA. The median rent here is $2,654/mo as of July 2026. A 1-bedroom rents for a median of $2,590/mo. A 2-bedroom rents for a median of $3,020/mo.

At 15% of local median household income ($219,069/yr), ZIP 98040 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.5% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 98040?

As of July 20, 2026, the median monthly rent in ZIP 98040 (Mercer Island, WA) is $2,654. This is based on aggregated data from public sources and community submissions.

How does ZIP 98040 rent compare to the US average?

ZIP 98040's median rent of $2,654/mo is $689 (35%) above the US national median of $1,965/mo.

How does ZIP 98040 compare to other ZIPs in Washington?

ZIP 98040 is one of the pricier ZIP codes in Washington, ranking #30 out of 209 ZIPs tracked at $2,654/mo.

How much income do you need to rent in ZIP 98040?

To keep rent at or below 30% of gross income, you would need to earn at least $106,000/year (~$51/hour full-time) to afford the median rent of $2,654/mo in ZIP 98040. The local median household income is $219,069/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 98040?

Rent in ZIP 98040 has decreased 0.5% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 98040 an affordable place to rent?

ZIP 98040 is considered very affordable for renters. At $2,654/mo, rent takes approximately 15% of the local median household income ($219,069/yr). The standard benchmark is 30%. ZIP 98040 falls comfortably within that range.

What percentage of ZIP 98040 residents rent vs. own?

According to Census data, approximately 33% of ZIP 98040 households are renters, while 67% are owner-occupied. ZIP 98040 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 98040 compare to the rest of Mercer Island?

ZIP 98040 sits right at the Mercer Island citywide median of $2,654/mo.

When was rent data for ZIP 98040 last updated?

Rent data for ZIP 98040 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
15%
VERY AFFORDABLE

At $2,654/mo, rent takes ~15% of ZIP 98040's median household income ($219,069/yr). The standard benchmark is 30%.

ZIP 98040 15%Benchmark 30%
State income taxNone
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