Home Price Trends
The blue line in the chart below shows the relatively stable trend upward in median home prices in Federal Way, while the grey line shows the volatility in month-to-month percent change in price. Price adjustment downward for the majority of 2022 has been since recovered, with current values nearly equivalent to the historical price peak.

Housing Stock by Price Bin
Relative to the State of Washington, Federal Way has a high proportion of homes in the "mid-price" tiers, which in todays market falls within the $400k to $650k price range. Federal Way has a smaller proportion of homes at the very high end, for homes priced $1M and up.

Housing Unit Types
Compared to the State of Washington, Federal Way has a smaller proportion of detached single-family homes and a larger portion of housing stock in small- and medium-sized multi-family structures.

Housing Supply vs. Population
At 0.38, Federal Way has a pretty low amount of housing relative to population. As a city within the Seattle Metropolitan Area, this is a surprisingly low value considering the State of Washington overall has a ratio of 0.42.

Home Values vs. Income
The relatively high home value compared to income in Federal Way shows that the housing stock is outpacing median household income in the area. With a high value-to-income ratio, housing is more difficult for a majority of households to affordably secure. The poverty rate in Federal Way is 11.77%.

Rent Compared to Income
Federal Way has the highest rent-to-income ratio of the benchmarking group. This metric indicates a rental market that is potentially out of reach for the local workforce, and particularly problematic in lower wage sectors such as hospitality and retail.