How much is a home worth in ZIP code 98406?

The typical home in 98406 is worth $620,149, based on the Zillow Home Value Index.

Are home values rising in 98406?

Home values in 98406 are down 0.5% over the past year, and up 3.2% a year over five years.

What is the typical rent in 98406?

A typical home in 98406 rents for about $1,794 a month, a gross rental yield of 3.5%.

What is the property tax rate in 98406?

The effective property tax rate in 98406 is 0.8% — roughly $5,201 a year on a typical home.

ZIP code 98406 has a population of 24,202 and a median household income of $104,264.

HousingHandbookReference data

…

U.S. ZIP Code · WA98406

Pierce County · Seattle-Tacoma-Bellevue, WA

Typical home value

$620,149^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -0.5%
5-year / yr: +3.2%
10-year / yr: +7.5%

Relative price

vs U.S.: +118.3%
vs metro: -9.6%
vs state: +23.2%

Price history

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

The typical home in 98406 is worth $620,149 — 9.6% below the Seattle-Tacoma-Bellevue, WA median. Over the past year, values have fallen 0.5%. Homes here rent for a typical $1,794 a month — a 3.5% 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: $1,794^[2]
Gross yield: 3.5%^[2]
Cap rate: 2.1%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $5,201^[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: 24,202^[3]
Median household income: $104,264^[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: 5
Middle: 1
High: 3

Dr. Dolores Silas High School
High · Grades 9–12 · Tacoma School District
1,136 students
Tacoma Online High School
High · Grades 9–12 · Tacoma School District
506 students
Grant Elementary School
Elementary · Grades K–5 · Tacoma School District
376 students
Skyline Elementary School
Elementary · Grades PK–5 · Tacoma School District
372 students
Jefferson Elementary School
Elementary · Grades PK–5 · Tacoma School District
323 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 yield3.5%

Net yield (after ~40% expenses)2.1%

Annual rent$21,522

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$3,136

Loan principal$496,119

Down payment$124,030

Total interest paid$632,772

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 ratio2.28

Monthly cost to own$4,087

Monthly rent$1,794

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: 37th percentile^[1]
Rental yield: 45th percentile^[2]
Property tax: 68th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98406?: The typical home in 98406 is worth $620,149, based on the Zillow Home Value Index.
Are home values rising in 98406?: Home values in 98406 are down 0.5% over the past year, and up 3.2% a year over five years.
What is the typical rent in 98406?: A typical home in 98406 rents for about $1,794 a month, a gross rental yield of 3.5%.
What is the property tax rate in 98406?: The effective property tax rate in 98406 is 0.8% — roughly $5,201 a year on a typical home.
Who lives in 98406?: ZIP code 98406 has a population of 24,202 and a median household income of $104,264.

#Comparable ZIPs

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

98023 vs 98406 →
Federal Way, WA
Typical home
$622,819
Gross yield
3.8%
98351 vs 98406 →
Longbranch CDP, WA
Typical home
$623,183
Gross yield
—
98148
Burien, WA
Typical home
$615,646
Gross yield
3.6%
98390
Sumner, WA
Typical home
$610,928
Gross yield
4.2%
98580
South Creek CDP, WA
Typical home
$631,625
Gross yield
—
98329
Key Center CDP, WA
Typical home
$608,512
Gross yield
—

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#Jump to section

U.S. ZIP Code · WA98406

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