Quick facts: Lakewood, WA

Quick Facts

110.5
Cost of Living
above US average
62,572
Population
60.91
Crime Rate per 1000
above US average
$65,531
Median Income
below US average
$475,000
Median House Price
above US average
$2207.41
Average Rent
above US average
8%
Poverty Rate
below US average
5.5%
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 $65,531.

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Income Needed to Buy

βœ— Stretch
$149k/year
Based on $475,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $149k vs median $65,531
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Income Needed to Rent

⚠ Stretch
$95k/year
Based on $2207.41/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $95k vs median $65,531
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lakewood, WA

Lakewood is a city located in Pierce County, Washington, just south of Tacoma. With a population of around 60,000 residents, it is known for its suburban feel and proximity to natural attractions. Lakewood offers a blend of urban amenities and outdoor recreational opportunities, making it an attractive place for families and individuals alike. The city is characterized by its parks, including Fort Steilacoom Park, which is one of the largest parks in the area, featuring playgrounds, sports fields, and trails. Lakewood is also home to a variety of shopping centers, restaurants, and cultural venues, offering residents a diverse range of options for entertainment and dining. Lakewood is conveniently located near major highways, providing easy access to nearby cities such as Tacoma and Seattle. The city has a strong sense of community, with active local organizations and events that foster engagement among residents. Educational institutions, including schools and community colleges, contribute to Lakewood's focus on quality education and community development. Overall, Lakewood, WA is a vibrant community with a mix of suburban living and access to urban resources.

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