How much is a home worth in ZIP code 98407?

The typical home in 98407 is worth $636,255, based on the Zillow Home Value Index.

Are home values rising in 98407?

Home values in 98407 are down 0.6% over the past year, and up 2.9% a year over five years.

What is the typical rent in 98407?

A typical home in 98407 rents for about $2,048 a month, a gross rental yield of 3.9%.

What is the property tax rate in 98407?

The effective property tax rate in 98407 is 0.9% — roughly $5,458 a year on a typical home.

ZIP code 98407 has a population of 21,718 and a median household income of $110,288.

HousingHandbookReference data

…

U.S. ZIP Code · WA98407

Pierce County · Seattle-Tacoma-Bellevue, WA

Typical home value

$636,255^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -0.6%
5-year / yr: +2.9%
10-year / yr: +7.4%

Relative price

vs U.S.: +124.0%
vs metro: -7.3%
vs state: +26.4%

Price history

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

The typical home in 98407 is worth $636,255 — 7.3% below the Seattle-Tacoma-Bellevue, WA median. Over the past year, values have fallen 0.6%. Homes here rent for a typical $2,048 a month — a 3.9% 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: $2,048^[2]
Gross yield: 3.9%^[2]
Cap rate: 2.3%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $5,458^[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: 21,718^[3]
Median household income: $110,288^[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: 7
Elementary: 3
Middle: 2
High: 1

Mason Middle School
Middle · Grades 6–8 · Tacoma School District
608 students
Science and Math Institute
High · Grades 9–12 · Tacoma School District
604 students
Sherman Elementary School
Elementary · Grades K–5 · Tacoma School District
424 students
Truman Middle School
Middle · Grades 6–8 · Tacoma School District
417 students
Washington Elementary School
Elementary · Grades PK–5 · Tacoma School District
359 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 yield3.9%

Net yield (after ~40% expenses)2.3%

Annual rent$24,576

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$3,217

Loan principal$509,004

Down payment$127,251

Total interest paid$649,207

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 ratio2.05

Monthly cost to own$4,203

Monthly rent$2,048

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: 28th percentile^[1]
Rental yield: 64th percentile^[2]
Property tax: 76th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98407?: The typical home in 98407 is worth $636,255, based on the Zillow Home Value Index.
Are home values rising in 98407?: Home values in 98407 are down 0.6% over the past year, and up 2.9% a year over five years.
What is the typical rent in 98407?: A typical home in 98407 rents for about $2,048 a month, a gross rental yield of 3.9%.
What is the property tax rate in 98407?: The effective property tax rate in 98407 is 0.9% — roughly $5,458 a year on a typical home.
Who lives in 98407?: ZIP code 98407 has a population of 21,718 and a median household income of $110,288.

#Comparable ZIPs

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

98466 vs 98407 →
University Place, WA
Typical home
$633,716
Gross yield
3.7%
98372 vs 98407 →
Edgewood, WA
Typical home
$632,850
Gross yield
3.7%
98371
Puyallup, WA
Typical home
$632,333
Gross yield
3.8%
98580
South Creek CDP, WA
Typical home
$631,625
Gross yield
—
98030
Kent, WA
Typical home
$644,822
Gross yield
3.6%
98001
Auburn, WA
Typical home
$645,034
Gross yield
4.1%

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

Compare ZIPs

Pit ZIP 98407 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · WA98407

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