Real Estate Investing in Lakewood, Washington (98498)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98498 (Lakewood, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 25.5 — hard to cash-flow at these prices.
What’s happening in Lakewood, WA (98498)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98498 Lakewood
Investors eyeing 98498 need to respect the fundamentals at play. Home values of $549K come alongside slower price movement and elevated management overhead.
Rent of $1,796/mo on a $549K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 98498 sits below the stated 0.0% once reality is priced in.
In the broader WA picture, 98498 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A substantial renter share of 40% in 98498 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Distressed ZIPs reward experience. durable returns are possible in 98498, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Lakewood:
Property Strategy for 98498
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $287,566 | $1,510 | 3.8% | +4.2% | $287,566 |
| 2BR | $392,552 | $1,860 | 3.4% | +5.4% | $196,276 |
| 3BR | $507,339 | $2,600 | 3.7% | +6.0% | $169,113 |
| 4BR | $615,540 | $2,970 | 3.5% | +6.4% | $153,885 |
| 5BR | $709,575 | — | — | +6.8% | $141,915 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98498 Compare?
| Metric | 98498 | Lakewood | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $549,172 | $345,030 | N/A | $591,536 |
| 5-Year CAGR | 2.9% | 2.8% | N/A | 5.9% |
| Avg Rent | $1,796 | $1,750 | N/A | - |
| Cap Rate | 2.6% | 2.6% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98498 (Lakewood, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98498 (Lakewood, WA)?
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Property managers serving Pierce County
Manage rentals here? List your business →Harborside Property Management LLC offers commercial and residential property manager services in Tacoma & Gig Harbor, including single-family and multi-family homes. summary from their website
Haven Property Management is a full-service residential management company based in Federal Way, WA, covering the Greater Puget Sound area. summary from their website
HOA Community Solutions provides management services for homeowner associations. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $549,172 |
| Monthly Rent | $1,796 |
| Price-to-Rent | 25.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.9% |
| Cap Rate | 2.6% |
| 5-Year IRR | 5.4% |
📈 Home Appreciation
| 1-Year | +3.6% ▲ |
| 3-Year CAGR | +2.8% ▲ |
| 5-Year CAGR | +2.9% ▲ |
| 10-Year CAGR | +7.7% ▲ |
🏠 Rent Trends
| 1-Year | +0.3% ▲ |
| 3-Year CAGR | +3.5% ▲ |
| 5-Year CAGR | +3.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98498
Population: 28,940
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98498
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 7,226 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Lakewood, WA a good market for FHA house hackers?
The house hack math a challenging in Lakewood, WA. Owner-occupant buyers benefit from the $1,796/mo rents and $549K home values.
Is Lakewood, WA a good market for buy-and-hold investors?
Lakewood, WA rates 3.0/5 for investability. With median values at $549K and rents near $1,796/mo, the market offers reasonable fundamentals for rental investors.
Is the tenant base reliable in Lakewood, WA?
Lakewood, WA offers a predictable renter base at the $1,796/mo rent level. Tenant turnover is reasonable for well-managed properties.
What are rental rates like in Lakewood, WA?
Rents in Lakewood, WA run near $1,796/mo. Compared with median home prices of $549K that produces solid gross yields for typical rentals.
Is rental property easy to operate in Lakewood, WA?
WA ranks as a tenant-protective state for landlord-tenant law. Lakewood generally follows the statewide framework, so landlords face reasonable operating rules.
You know 98498 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98498 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 98498 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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Community Ratings
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