City · 62,937 residents · Pierce County, Washington
Lakewood, Washington
In Lakewood, a typical home is worth $461,200 and typical rent is $1,525 a month. Compared with all of Pierce County, typical household income is 25% lower, typical rent is 16% lower, and the share of households that own their home is 17 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $460,521 to $510,189.
Typical rent
$1,734a month
▲ 1.6% more than 12 months ago
Typical rent from Zillow, September 2021 to September 2026: from $1,519 to $1,734.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Lakewood is in Pierce County. The FHA loan limit ($1,063,750 for a one-unit home), the fair market rents and the help on this page are those of all of Pierce County. See the county
What this place has that others do not, from public data, most unusual first.
1
48% of households in Lakewood own their home, against 65% in Pierce County.
2
The typical household income in Lakewood is $74,720,25% less than in Pierce County as a whole ($99,564).
3
The typical rent in Lakewood is $1,525 a month, 16% less than in Pierce County as a whole ($1,806).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Lakewood
What homes there are in Lakewood, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Lakewood
Pierce County
Washington
United States
Kind of home: Lakewood and its comparisons
Measure
Lakewood
Pierce County
Washington
United States
Detached house
44%
65%
62%
61%
Attached house
6%
5%
4%
6%
Building of 2 to 4
13%
7%
6%
8%
Apartments (5 or more)
32%
18%
22%
19%
Mobile home
4%
5%
6%
6%
Boat, RV and other
Unreliable estimate
0%
0%
0%
No kind of home is the majority in Lakewood; the largest group, detached houses, adds up to 44%, less than in Pierce County (65%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Lakewood
Pierce County
Washington
United States
Year built: Lakewood and its comparisons
Measure
Lakewood
Pierce County
Washington
United States
Before 1960
22%
20%
21%
26%
1960–1979
37%
23%
23%
24%
1980–1999
25%
29%
27%
25%
2000–2009
10%
16%
15%
14%
2010 or later
7%
13%
14%
11%
Homes in Lakewood are older: the typical year built is 1975; in Pierce County, 1986.
Homes in Lakewood are smaller: 47% have 3 bedrooms or more; in Pierce County, 64%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100K9%
$100K–$200KUnreliable
$200K–$300K6%
$300K–$500K42%
$500K–$750K29%
$750K–$1M6%
$1M or more6%
Value of owner-occupied homes: Lakewood and its comparisons
Measure
Lakewood
Under $100K
9%
$100K–$200K
Unreliable estimate
$200K–$300K
6%
$300K–$500K
42%
$500K–$750K
29%
$750K–$1M
6%
$1M or more
6%
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$9999%
$1,000–$1,49938%
$1,500–$1,99928%
$2,000–$2,49915%
$2,500–$2,9997%
$3,000 or more2%
Monthly rent with utilities: Lakewood and its comparisons
Measure
Lakewood
Under $500
Unreliable estimate
$500–$999
9%
$1,000–$1,499
38%
$1,500–$1,999
28%
$2,000–$2,499
15%
$2,500–$2,999
7%
$3,000 or more
2%
With a mortgage
$2,197 a month
Pierce County: $2,423 a month
Without a mortgage
$819 a month
Pierce County: $836 a month
Owners with a mortgage
59%
Pierce County: 71%
In Lakewood, 59% of owners have a mortgage, and their typical cost is $2,197 a month, against $2,423 in Pierce County. Without one it drops to $819.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Lakewood+71%
Pierce County+74%
Washington+67%
United States+53%
Typical rent
Lakewood+48%
Pierce County+45%
Washington+40%
United States+33%
Typical household income
Lakewood+44%
Pierce County+38%
Washington+33%
United States+29%
Change since 2015–2019: Lakewood and its comparisons
Measure
Lakewood
Pierce County
Washington
United States
Typical home value
+71%
+74%
+67%
+53%
Typical rent
+48%
+45%
+40%
+33%
Typical household income
+44%
+38%
+33%
+29%
Much as in Pierce County, the typical home value in Lakewood rose 71% since 2015–2019.
Rents in Lakewood rose at about the same pace as in Pierce County: 48% since 2015–2019, against 45%.
The typical household income in Lakewood rose 44%: less than home values (+71%) and rent (+48%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Lakewood and its comparisons
Measure
Lakewood
Pierce County
Washington
United States
Rental vacancy
6.7%
4.1%
4.5%
5.5%
Homeowner vacancy
Unreliable estimate
0.5%
0.7%
0.9%
More than one person per room
4.4%
3.4%
3.5%
3.4%
People per household
2.32
2.59
2.50
2.53
Drive alone
72%
71%
63%
69%
Carpool
13%
10%
9%
9%
Public transit
3%
2%
3%
3%
Walk or bike
2%
3%
4%
3%
Work from home
9%
14%
20%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
The rental vacancy rate in Lakewood is 6.7%, higher than in Pierce County (4.1%).
More than one person per room: that is how 4.4% of households in Lakewood live, near the figure in Pierce County (3.4%).
Fewer people live in each home here: 2.32 on average, against 2.59 in Pierce County.
Carpooling is common in Lakewood: 13% of workers get to work that way, against 10% in Pierce County.
Do the math
What would you pay each month for a home in Lakewood?
A typical home costs more than the typical income allows
We start with a typical home in Lakewood, worth $461,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 61% of the typical household income in Lakewood, which is $74,720 a year. For that payment to be 28% of income, a household would need to earn about $163,936 a year.
The calculator's FHA and conventional loan limits are those of all of Pierce County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Lakewood. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $16,142 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$3,825
at 7.18% · 30 years
Loan amount
$452,847
Total interest
$651,540
Paid off in
November 2056
Includes $7,789 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,743 a month
Tight
$1,743 to $2,242 a month
Hard
more than $2,242 a month
Your payment · 61%
Compared with the typical household income in Lakewood ($74,720 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$3,068
Property tax
$361
Home insurance
$192
FHA mortgage insurance (MIP)
$204
You need at least $16,142 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $3,825; principal and interest $3,068.
The city and its county
Lakewood and Pierce County
Lakewood is in Pierce County, Washington. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Lakewood
Map of Pierce County, Washington, with Lakewood marked. Around it, the neighboring counties.
Lakewood
Pierce County
Other cities with a page
Lakewood's own numbers
Typical home value
$461,200
Typical monthly rent
$1,525
Typical yearly household income
$74,720
Households that own their home
48%
Effective property tax rate
0.94%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Pierce County
FHA limit, one-unit home
$1,063,750
Conventional limit, one unit
$1,063,750
HUD fair market rent, 2 bedrooms
$2,064
Price change over 5 years (FHFA)
+46%
Homes in a high flood-risk zone
1%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Pierce County.
A typical home in Lakewood is worth $461,200: 12% below the county and 18% below Washington. With the typical household income in Lakewood ($74,720 a year), a typical home costs 6.2 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Lakewood6.2 years
Pierce5.3 years
Washington5.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Pierce County
According to FHFA’s house price index, home prices in Pierce County rose 132% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Pierce County.
Yearly change in FHFA’s price index in Pierce County, 2016 to 2025
2016: +11.1% +11.1% 2016
2017: +11.6% +11.6% 2017
2018: +11.3% +11.3% 2018
2019: +7.7% +7.7% 2019
2020: +7.4% +7.4% 2020
2021: +16.7% +16.7% 2021
2022: +15.6% +15.6% 2022
2023: +0.7% +0.7% 2023
2024: +4.1% +4.1% 2024
2025: +2.9% +2.9% 2025
Change in FHFA’s price index in Pierce County, Washington and the United States
Period
County
Washington
U.S.
Last year (2025)
+2.9%
+1.8%
+2.9%
5 years (2020–2025)
+46%
+44%
+47%
10 years (2015–2025)
+132%
+113%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Lakewood next to Pierce County, Washington and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Lakewood$461,200
Pierce$526,600
Washington$564,600
United States$332,700
Typical monthly rent
Lakewood$1,525
Pierce$1,806
Washington$1,760
United States$1,413
Typical yearly household income
Lakewood$74,720
Pierce$99,564
Washington$98,141
United States$80,734
See the full table
Lakewood next to Pierce County and Washington
Measure
Lakewood
Pierce County
Washington
U.S.
Typical home value
$461,200 ▼12% below the county
$526,600
$564,600
$332,700
Typical monthly rent
$1,525 ▼16% below the county
$1,806
$1,760
$1,413
Typical yearly household income
$74,720 ▼25% below the county
$99,564
$98,141
$80,734
Households that own their home
48% ▼17 points below the county
65%
64%
65%
Typical yearly property tax
$4,326 ▼9% below the county
$4,770
$4,556
$3,119
Effective property tax rate
0.94% ▲0.03 points above the county
0.91%
0.81%
0.94%
Renters with high rent for their income
53%
53%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Pierce County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Lakewood
For a typical $461,200 home in Lakewood, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lakewood's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$3,825a month
Least cash to close
Down payment
$16,142
Cash to close
$29,978
Rate
7.18%
Mortgage insurance
FHA MIP · $204
Conventional, 5% down$3,741a month
Down payment
$23,060
Cash to close
$36,896
Rate
7.18%
Mortgage insurance
PMI · $219
Conventional, 20% down, no PMI$3,053a month
Down payment
$92,240
Cash to close
$106,076
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$3,479a month
Down payment
$69,180
Cash to close
$83,016
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Lakewood
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$3,825
$16,142
$452,847
7.18%
FHA MIP · $204
$29,978
580
Conventional, 5% down
$3,741
$23,060
$438,140
7.18%
PMI · $219
$36,896
620*
Conventional, 20% down, no PMI
$3,053
$92,240
$368,960
7.18%
None
$106,076
620*
ITIN, 15% down (example)
$3,479
$69,180
$392,020
8.18%
None
$83,016
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Lakewood is $1,525 a month: 16% below the county. In Lakewood, 53% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Pierce County, by unit size. To pay the 2-bedroom one ($2,064 a month) without spending more than 30% of your income, you would need to earn $39.69 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Pierce County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,491
$28.67
$59,640
1 bedroom
$1,682
$32.35
$67,280
2 bedrooms
$2,064
$39.69
$82,560
3 bedrooms
$2,849
$54.79
$113,960
4 bedrooms
$3,219
$61.90
$128,760
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Lakewood
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lakewood has 2 ZIP codes with their own.
For 2 bedrooms it runs from $1,830 in 98499 to $1,870 in 98498.
None is above the fair market rent for Pierce County ($2,064).
Fair market rent by ZIP code and size in Lakewood, fiscal year 2027.
98498
$1,350
$1,520
$1,870
$2,580
$2,920
98499
$1,320
$1,490
$1,830
$2,530
$2,850
ZIP code2 bd3 bd
98498 $1,870$2,580
98499 $1,830$2,530
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lakewood when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 3 buildings with rents for lower incomes in Lakewood. These are the largest.
Lakewood Meadows Apartments5228 112th St SW, Lakewood 98499168 homes, 165 low-income · 1 bd: 86 · 2 bd: 82 · In service since 2002 · For older adults, people with disabilities
Wisteria Walk Apartments3615 112th St SW, Lakewood 98499120 homes, 119 low-income · 1 bd: 71 · 2 bd: 49 · In service since 2008
Legacy Park Apartments3502 92nd St S, Lakewood 98499107 homes, 105 low-income · 1 bd: 16 · 2 bd: 62 · 3 bd: 29 · In service since 2002 · For families
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Pierce County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Lakewood or Pierce County. The ones below are statewide in Washington: they work in Lakewood the same as in the rest of the state.
Washington state commission 0% second mortgage for 3%, 4% or 5% of the first mortgage, with no monthly payments; you do not need to be a first-time buyer.Offered by Washington State Housing Finance Commission.
Washington state commission loan with no monthly payments of up to 20% of the price (maximum $150,000) plus closing costs, for first-time buyers whose family lived in Washington before 1968 and belonged to a group affected by housing discrimination, including Hispanic people.Offered by Washington State Housing Finance Commission.
Washington state commission loan of up to $15,000 at 1% simple interest, with no monthly payments, for the down payment and closing costs of first-time buyers with the House Key Opportunity mortgage.Offered by Washington State Housing Finance Commission.
No legal help resource on our list is for Lakewood or Pierce County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Lakewood and all of Pierce County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Lakewood?
The typical home value in Lakewood is $461,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Pierce County it is $526,600.
How much does it cost to rent in Lakewood?
Typical rent in Lakewood is $1,525 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Pierce County is $2,064.
What is the FHA loan limit in Lakewood?
Lakewood uses the FHA limit for all of Pierce County (2026): $1,063,750 for a one-unit home and $2,045,700 for a four-unit home.
How much property tax do owners pay in Lakewood?
The typical homeowner in Lakewood pays $4,326 a year, according to the U.S. Census Bureau. That is 0.94% of the home’s value; in Pierce County, the rate is 0.91%.
Where can I find free help to buy or rent in Lakewood?
There is 1 HUD-approved counseling agency with an office in Pierce County. They can help you get ready to buy, with your credit, or with rent.
