Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 97,863, 36,354 total housing units (homes and apartments), and a median house value of $623,512, real estate costs in Federal Way are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Washington communities.
Single-family detached homes are the single most common housing type in Federal Way, accounting for 49.59% of the city's housing units. Other types of housing that are prevalent in Federal Way include large apartment complexes or high rise apartments ( 31.10%), duplexes, homes converted to apartments or other small apartment buildings ( 12.47%), and a few mobile homes or trailers ( 3.97%).
The most prevalent building size and type in Federal Way are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.82% owning and 45.18% renting.
There is a lot of housing in Federal Way built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Federal Way built between 1940-1969 ( 18.20%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.54%). There's also some housing in Federal Way built before 1939 ( 1.52%).
In the last 10 years, Federal Way has experienced some of the highest home appreciation rates of any community in the nation. Federal Way real estate appreciated 140.88% over the last ten years, which is an average annual home appreciation rate of 9.19%, putting Federal Way in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Federal Way definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Federal Way appreciation rates have trailed the rest of the nation. In the last twelve months, Federal Way's appreciation rate has been 2.43%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Federal Way were at 3.14%, which equates to an annual appreciation rate of 13.15%.
Importantly, this makes Federal Way one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Washington, our data show that Federal Way's latest annual appreciation rate is higher than 50% of the other cities and towns in Washington.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Federal Way differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Federal Way - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Federal Way real estate investment or home purchase decisions.
$623,512
for Washington
for nation
36,354
$2,783 / per month