ZIP Code · WA

ZIP 98498

Part of Lakewood, WA

Pop. 29,209·Pierce County·146th most expensive ZIP in Washington

Median rent (all units)

$1,811/mo

Year-over-Year

+0.2%

Month-over-Month

-0.2%

vs US Median

-$121

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 98498 · $1,811

More expensive than 50% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,340

1 BR

$1,510

2 BR

$1,860

3 BR

$2,600

4 BR+

$2,970

Research median

$1,860/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 98498 usually run 1.3% below trend in December and 1.5% above it in July, about $51 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 98498 is 2.4% below its high of $1,856 in May 2026, at $1,811 as of September 2026.

Past year vs. the rest of Washington

Rent in ZIP 98498 changed +0.2% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 98498 rose 36.9% while median household income rose 36.4% ($67,201 to $91,664). Rent outpaced income.

Since before the pandemic

Rent in ZIP 98498 is 38.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has fallen 4 months in a row, and rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($91,664) is $2,292 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,860); a 3-bedroom is $2,600.

Cheaper nearby

ZIP 98444, 5 miles away, rents for 13% less ($1,577/mo), about $2,800 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 98498. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$21,732/yr

At $1,811/mo median

Location

CityLakewood

StateWA

CountyPierce County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.2% YoY, -0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 98498 (Lakewood, WA) is majority owner-occupied, has a median income above the national average, 31.8% of residents hold a bachelor's degree or higher.

Population

29,209

Median income

$91,664

Median age

40.8

Renters

36.1%

Age distribution

17.3%

25.5%

24.3%

13.3%

19.6%

Under 1817.3%

18–3425.5%

35–5424.3%

55–6413.3%

65+19.6%

Gender

49.9%

50.1%

Male49.9%

Female50.1%

Race & ethnicity

54.6%

13.1%

14.5%

White54.6%

Black10.3%

Hispanic13.1%

Asian7.6%

Other14.5%

Education (25+)

21.3%

38.1%

31.8%

No HS diploma8.9%

HS diploma21.3%

Some college38.1%

Bachelor's+31.8%

Housing tenure

63.9%

36.1%

Owner63.9%

Renter36.1%

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

2021 vs 2026

How ZIP 98498 in Lakewood, WA has changed in 5 years

Rent

$1,424 → $1,811

up 27.2%

Income

$77,905 → $91,664

up 17.7%

Population

29,062 → 29,209

up 0.5%

Renter share

40.9% → 36.1%

-4.8 pts

Bachelor's+

29.9% → 31.8%

+1.9 pts

Median age

38.9 → 40.8

+1.9 yrs

Since 2021, the typical rent in ZIP 98498 in Lakewood, WA has increased from $1,424 to $1,811, a 27.2% change over five years. Household income in the area moved from $77,905 to $91,664 across the same window, up 17.7% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 36.1% of households, compared with 40.9% five years ago. Reading these numbers side by side helps frame whether current listings in ZIP 98498 in Lakewood, WA look reasonable against where the market sat half a decade ago.

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About renting in ZIP 98498

Last updated: October 17, 2026

ZIP code 98498 covers Lakewood, WA. The median rent here is $1,811/mo as of October 2026. A 1-bedroom rents for a median of $1,510/mo. A 2-bedroom rents for a median of $1,860/mo.

At 24% of local median household income ($91,664/yr), ZIP 98498 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 98498?

To keep rent at or below 30% of gross income, you would need to earn at least $72,000/year (about $35/hour full-time) to afford the median rent of $1,811/mo in ZIP 98498. The local median household income is $91,664/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 98498?

Rent in ZIP 98498 has been roughly flat over the past year as of September 2026, a +0.2% change. It sits 2.4% below its high of $1,856 in May 2026.

When is the cheapest time to rent in ZIP 98498?

Asking rents in ZIP 98498 are usually lowest in December, about 1.3% below their yearly trend, and highest in July, about 1.5% above it. At today's median that is a gap of roughly $51 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 98498?

Yes. From 2019 to 2024, rent in ZIP 98498 rose 36.9% while median household income rose 36.4%, from $67,201 to $91,664. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 98498 compare to other ZIPs in Washington?

ZIP 98498 is one of the more affordable among Washington ZIP codes for rent, ranking #146 of 207 at $1,811/mo. Over the year to September 2026, rent in ZIP 98498 changed +0.2%, against a typical +2.5% across the 193 Washington ZIP codes Zillow tracks.