dynamic.RE
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An appreciation-lean market without the demand pressure to back it. The rent math runs thin.
What would change this read: a price correction (median already −16.5% YoY) or rent growth lifting rent-to-price toward 0.8%/mo would move this ZIP toward a cash-flow story. inventory, +26.8% YoY, is the number to watch.
The median listing price is down 16.5% YoY while the median home got down 17.5% bigger, so value per square foot is down 7.6%.
Min/max come from the active-listing pool; the median comes from Realtor's separate listing set — the two are not subsets of each other, so the median's position relative to the tiles above should not be read literally.
At the median, a $495K purchase rents for $1,795/mo: 0.36% of price per month against the 1% rule's 1.00%.
Not shown: Studio (rent only, no matching sale price), 6 BR (sale only, no matching rent), 8 BR (sale only, no matching rent).
Sales here take about 44 days longer to go under contract than rentals (median across 4 property types).
Not shown: Apartment (rented here, not sold), Land (sold here, not rented), Manufactured (sold here, not rented).
U.S. Census ACS characteristics for ZIP 98198 itself, not its parent county.
Renters hold 45.2% of this ZIP's 14,588 occupied households, on a median household income of $86K.
| Measure | ZIP 98198 | King County | Difference |
|---|---|---|---|
| Median Household Income | $86K | $125K | -$39K |
| Below Poverty Level | 12.9% | 8.6% | +4.3% |
| Median Age | 36.10 | 37.40 | -1.30 |
| Total Population | 40,463 | 2,287,171 | -- |
| Avg Household Size | 2.67 | 2.39 | +0.28 |
| Owner-Occupied | 54.8% | 55.4% | -0.7% |
| Worked From Home | 14.6% | 29.2% | -14.6% |
| Mean Commute | 30.30 | 27.60 | +2.70 |
Higher or lower is not itself good or bad — it describes the neighborhood, not the investment.
ZIP-level figures come from ZIP Code Tabulation Areas, which approximate but do not exactly match USPS ZIP codes. A missing value is suppressed or unavailable at this sample size, not zero. Estimates for 2019–2020 use the 2010 ZCTA boundaries and 2021–2024 the 2020 ones, so a step between those two years may be a boundary change rather than real movement.
County population is up 1.1% to 2,287,171: residents under 18 are down 0.3% and those 65 and over are up 3.1%.
County median household income is $125K, 8.6% of residents are below the poverty level, 29.2% work from home.