How much is a home worth in ZIP code 98338?

The typical home in 98338 is worth $597,300, based on the Zillow Home Value Index.

Are home values rising in 98338?

Home values in 98338 are down 1.1% over the past year, and up 3.1% a year over five years.

What is the typical rent in 98338?

A typical home in 98338 rents for about $2,505 a month, a gross rental yield of 5.0%.

What is the property tax rate in 98338?

The effective property tax rate in 98338 is 0.9% — roughly $5,349 a year on a typical home.

ZIP code 98338 has a population of 32,687 and a median household income of $114,819.

HousingHandbookReference data

…

U.S. ZIP Code · WA98338

Pierce County · Seattle-Tacoma-Bellevue, WA

Typical home value

$597,300^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -1.1%
5-year / yr: +3.1%
10-year / yr: +7.5%

Relative price

vs U.S.: +110.3%
vs metro: -12.9%
vs state: +18.7%

Price history

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

The typical home in 98338 is worth $597,300 — 12.9% below the Seattle-Tacoma-Bellevue, WA median. Over the past year, values have fallen 1.1%. Homes here rent for a typical $2,505 a month — a 5.0% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

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

Monthly rent: $2,505^[2]
Gross yield: 5.0%^[2]
Cap rate: 3.0%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $5,349^[3]

#Climate risk

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

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

#Who lives here

Population: 32,687^[3]
Median household income: $114,819^[3]

#Migration

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

Net migration: +1,117^[5]
Moved in: 28,662
Moved out: 27,545

Schools

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

Public schools: 9
Elementary: 6
Middle: 2
High: 1

Graham Kapowsin High School
High · Grades 9–12 · Bethel School District
2,105 students
Nelson Elementary School
Elementary · Grades K–5 · Bethel School District
739 students
Frontier Middle School
Middle · Grades 6–8 · Bethel School District
624 students
Cougar Mountain Middle School
Middle · Grades 6–8 · Bethel School District
605 students
Graham Elementary
Elementary · Grades K–5 · Bethel School District
596 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 yield5.0%

Net yield (after ~40% expenses)3.0%

Annual rent$30,059

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$3,020

Loan principal$477,840

Down payment$119,460

Total interest paid$609,458

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 ratio1.58

Monthly cost to own$3,966

Monthly rent$2,505

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: 33rd percentile^[1]
Rental yield: 92nd percentile^[2]
Property tax: 85th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98338?: The typical home in 98338 is worth $597,300, based on the Zillow Home Value Index.
Are home values rising in 98338?: Home values in 98338 are down 1.1% over the past year, and up 3.1% a year over five years.
What is the typical rent in 98338?: A typical home in 98338 rents for about $2,505 a month, a gross rental yield of 5.0%.
What is the property tax rate in 98338?: The effective property tax rate in 98338 is 0.9% — roughly $5,349 a year on a typical home.
Who lives in 98338?: ZIP code 98338 has a population of 32,687 and a median household income of $114,819.

#Comparable ZIPs

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

98271 vs 98338 →
Marysville, WA
Typical home
$597,517
Gross yield
4.7%
98328 vs 98338 →
Clear Lake CDP, WA
Typical home
$595,398
Gross yield
—
98101
Seattle, WA
Typical home
$594,404
Gross yield
5.2%
98198
Des Moines, WA
Typical home
$601,821
Gross yield
4.0%
98188
Tukwila, WA
Typical home
$592,318
Gross yield
3.7%
98168
Tukwila, WA
Typical home
$591,600
Gross yield
4.0%

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Pit ZIP 98338 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · WA98338

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