Lakewood, WA

Above Avg · 114

Washington · Population 63,034 · Updated March 2026

$1,460
Median Rent / Month
$70,524
Median Income
$420,500
Median Home Value
$1,471
Owner Costs / Month

Affordability

How far your income goes in Lakewood

24.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Washington

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.5%
Sales Tax
0.92%
Property Tax Rate

Estimated Annual Costs

$17,520
Annual Rent
$0
State Income Tax
$3,869
Property Tax (est.)

Cost of Living Overview

Lakewood is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 114 (where 100 equals the national median), Lakewood residents can expect to pay median rent of $1,460/month while earning a median household income of $70,524/year.

The median home value in Lakewood, WA is $420,500, with typical monthly owner costs around $1,471 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Washington has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.5% sales tax rate and 0.92% effective property tax rate, the overall tax environment helps keep costs manageable in Lakewood.

Frequently Asked Questions

Common questions about living costs in Lakewood

What is the cost of living in Lakewood, WA?
The cost of living index in Lakewood, WA is 114 (US average = 100). Median monthly rent is $1,460, median household income is $70,524/year, and the median home value is $420,500.
Is Lakewood, WA affordable?
No, Lakewood is more expensive than the national average with a cost index of 114. The rent-to-income ratio is 24.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lakewood, WA?
The median gross rent in Lakewood, WA is $1,460 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,520.
What is the median household income in Lakewood?
The median household income in Lakewood, WA is $70,524 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Washington?
Washington has a top income tax rate of 0%, a sales tax of 6.5%, and an effective property tax rate of 0.92%. Notably, there is no state income tax.