How much is a home worth in ZIP code 98023?

The typical home in 98023 is worth $622,819, based on the Zillow Home Value Index.

Are home values rising in 98023?

Home values in 98023 are down 2.2% over the past year, and up 3.5% a year over five years.

What is the typical rent in 98023?

A typical home in 98023 rents for about $1,980 a month, a gross rental yield of 3.8%.

What is the property tax rate in 98023?

The effective property tax rate in 98023 is 0.8% — roughly $5,177 a year on a typical home.

ZIP code 98023 has a population of 50,448 and a median household income of $104,893.

HousingHandbookReference data

…

U.S. ZIP Code · WA98023

King County · Seattle-Tacoma-Bellevue, WA

Typical home value

$622,819^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -2.2%
5-year / yr: +3.5%
10-year / yr: +7.2%

Relative price

vs U.S.: +119.3%
vs metro: -9.2%
vs state: +23.8%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 98023 is worth $622,819 — 9.2% below the Seattle-Tacoma-Bellevue, WA median. Over the past year, values have fallen 2.2%. Homes here rent for a typical $1,980 a month — a 3.8% gross rental yield. The effective property tax rate is 0.8%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,980^[2]
Gross yield: 3.8%^[2]
Cap rate: 2.3%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.8%^[3]
Typical annual tax: $5,177^[3]

#Climate risk

FEMA National Risk Index ratings for King County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Very High^[4]
Riverine flood: Very High
Coastal flood: Relatively Moderate
Wildfire: Relatively Low
Drought: Very Low
Heat wave: Relatively High
Hurricane: Not Applicable
Tornado: Relatively Moderate
Earthquake: Very High
Winter weather: Relatively High

#Who lives here

Population: 50,448^[3]
Median household income: $104,893^[3]

#Migration

Household moves in and out of King County over a year, from IRS tax-return data.

Net migration: -1,324^[5]
Moved in: 67,282
Moved out: 68,606

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 14
Elementary: 9
Middle: 1
High: 3

Decatur High School
High · Grades 9–12 · Federal Way School District
1,354 students
Lakota Middle School
Middle · Grades 6–8 · Federal Way School District
618 students
Technology Access Foundation Academy at Saghalie
High · Grades 6–12 · Federal Way School District
537 students
Olympic View Elementary School
Elementary · Grades PK–6 · Federal Way School District
474 students
Enterprise Elementary School
Elementary · Grades PK–5 · Federal Way School District
424 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield3.8%

Net yield (after ~40% expenses)2.3%

Annual rent$23,763

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$3,149

Loan principal$498,255

Down payment$124,564

Total interest paid$635,497

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.07

Monthly cost to own$4,099

Monthly rent$1,980

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 47th percentile^[1]
Rental yield: 61st percentile^[2]
Property tax: 64th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98023?: The typical home in 98023 is worth $622,819, based on the Zillow Home Value Index.
Are home values rising in 98023?: Home values in 98023 are down 2.2% over the past year, and up 3.5% a year over five years.
What is the typical rent in 98023?: A typical home in 98023 rents for about $1,980 a month, a gross rental yield of 3.8%.
What is the property tax rate in 98023?: The effective property tax rate in 98023 is 0.8% — roughly $5,177 a year on a typical home.
Who lives in 98023?: ZIP code 98023 has a population of 50,448 and a median household income of $104,893.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

98351 vs 98023 →
Longbranch CDP, WA
Typical home
$623,183
Gross yield
—
98406 vs 98023 →
Tacoma, WA
Typical home
$620,149
Gross yield
3.5%
98148
Burien, WA
Typical home
$615,646
Gross yield
3.6%
98580
South Creek CDP, WA
Typical home
$631,625
Gross yield
—
98371
Puyallup, WA
Typical home
$632,333
Gross yield
3.8%
98372
Edgewood, WA
Typical home
$632,850
Gross yield
3.7%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

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Pit ZIP 98023 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · WA98023

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