Quick facts: Federal way, WA

Quick Facts

110.3
Cost of Living
above US average
97,863
Population
57.56
Crime Rate per 1000
above US average
$80,360
Median Income
below US average
$600,000
Median House Price
above US average
$2375.49
Average Rent
above US average
9%
Poverty Rate
below US average
5.7%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $80,360.

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Income Needed to Buy

βœ— Stretch
$188k/year
Based on $600,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $188k vs median $80,360
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Income Needed to Rent

⚠ Stretch
$102k/year
Based on $2375.49/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $102k vs median $80,360
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Federal way, WA

Federal Way, Washington, is a vibrant city located in King County, nestled between Seattle and Tacoma. With a population of approximately 100,000, it combines suburban living with easy access to urban amenities. The city features a diverse community and a variety of parks, such as Dash Point State Park, offering scenic views and outdoor recreation opportunities along Puget Sound. Federal Way is known for its family-friendly environment, highlighted by attractions like Wild Waves Theme & Water Park and the Federal Way Performing Arts and Event Center. The city's economy is a mix of retail, health services, and manufacturing, benefiting from its strategic location near major highways and the Seattle-Tacoma International Airport. Education is a priority here, with several highly-rated school districts and higher education institutions like Highline College located nearby. The city enjoys a mild climate, characterized by wet winters and dry summers, making it an attractive place for those who enjoy outdoor activities year-round. With its rich diversity, convenient location, and community spirit, Federal Way offers a unique blend of urban and suburban living.

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