Cost of Living in Lakewood, WA

Population 63,034 · Washington · Data vintage 2023

127

Cost Index
(100 = US avg)

Page updated: April 2026 · Data vintage: 2023 ACS 5-Year

Sources: Census ACS·BLS·NOAA·EPA·Zillow · Methodology

The Lakewood cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $421,000, rents near $1,460 a month.

Geographically, Lakewood sits roughly 7 miles southwest of Tacoma. Median home values run roughly 8% lower than Tacoma's $455,000.

Cost Overview

Housing 138

Rent 111

Scale: 100 = US national average. Green < 90, Red > 110.

About the Cost of Living in Lakewood

The median home value in Lakewood is $420,500 — 38% above the national median of $305,000. Median rent runs $1,460/month, 11% higher than the national median of $1,314/month. The median household income of $70,524/year is 5% lower than the US median of $74,580. The local unemployment rate is 5.5%, above the national average of 4.8%. Washington charges no state income tax, a meaningful advantage for take-home pay. The climate averages highs of 59.6°F and lows of 44.3°F. Overall, Lakewood has a cost of living index of 127 versus the US average of 100, meaning it is 27% more expensive.

🏠 Housing

Median Home Value

$420,500

38% above avg

Zillow Home Value

$510,469

Zillow ZHVI

Median Rent

$1,460/mo

11% above avg

Zillow Rent

$1,733/mo

Zillow ZORI

Price-to-Rent Ratio

24.0x

Favors renting

Property Tax Rate

1.0%

Effective rate

HUD Fair Market Rents by Bedroom

Studio

$963

1 BR

$1,018

2 BR

$1,317

3 BR

$1,845

4 BR

$2,071

Owner-occupied 44.8%

Renter-occupied 55.2%

💰 Estimated Monthly Budget

Rent median rent

$1,460

Groceries national estimate

$400

Utilities local estimate

$88

Transportation local gas prices

$126

Estimated Total $2,074/mo

Estimates based on median data and national averages. Actual costs vary.

🛒 Food & Groceries

National BLS average prices (2023). Local prices may vary.

🥚

Eggs (dozen)

$0.548

🍞

White Bread (lb)

$1.912

🥩

Ground Beef (lb)

$5.61

🚗 Transportation

Avg Commute

30.7 min

14% above avg

Gas Price

$3.145/gal

0% below avg

Work From Home

7.1%

Commute Mode

Drove alone

74.9%

Carpooled

12.2%

Public transit

3.1%

Walked

1.3%

Bicycle

0.7%

Work from home

7.1%

⚡ Utilities

Electricity

$0.176/kWh

0% below avg

📋 Taxes

State Income Tax (flat) None

Total Sales Tax 9.2%

State rate 6.5%

Avg local rate 2.7%

Property Tax 1.0%

💼 Income & Employment

Median Household Income

$70,524

5% below avg

Per Capita Income

$40,711

Unemployment Rate

5.5%

15% above avg

Poverty Rate

13.6%

Labor Force Participation

62.0%

🎓 Education

Bachelor's degree+ 13.3%

Graduate degree 9.3%

👥 Demographics

Median Age 36.3

Male median age 34.8

Female median age 37.5

🌤 Climate

NOAA 1991–2020 Climate Normals

Avg High

59.6°F

Avg Low

44.3°F

Annual Precip

42"

Month	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
High °F	46	48	53	58	65	70	76	76	70	59	51	46
Low °F	36	37	39	41	47	51	54	54	51	46	40	36
Precip"	6.06	4.11	4.63	3.39	2.08	1.36	0.68	0.86	1.54	4.32	7.18	5.81

💨 Air Quality

EPA AQS 2023 — county-level monitoring data

Median AQI 42 — Good

74.8%

Good air days/yr

195

Max AQI recorded

150

PM2.5 days

213

Ozone days

🏫 Schools

NCES CCD 2019 — public school district data

76%

4-Year Graduation Rate

17.6:1

Student-teacher ratio

Public schools

13,761

Total enrollment

Frequently Asked Questions

What is the cost of living in Lakewood, WA?

Lakewood has a cost index of 127 (100 = national average). It is 27% above the national average.

What is average rent in Lakewood, WA?

The median gross rent in Lakewood is $1,460 per month based on 2023 Census data.

What is the average home price in Lakewood?

The median home value in Lakewood is $420,500 according to Zillow and Census data.

What is the median income in Lakewood?

The median household income in Lakewood is $70,524 per year (2023 ACS 5-year estimates).

What is the sales tax in Lakewood, WA?

The combined state and local sales tax rate in Lakewood is 9.2%. Washington has no state income tax.

Is Lakewood, WA affordable?

Lakewood is above average in cost of living, with an index of 127 — about 27% higher than the national average.

What is the weather like in Lakewood?

Lakewood has average high temperatures of 59.6°F and average lows of 44.3°F. Annual precipitation is 42". Data from NOAA 1991–2020 Climate Normals.

Lakewood at a Glance

Population: 63,034
Median Income: $70,524
Home Value: $420,500
Median Rent: $1,460/mo
Unemployment: 5.5%
Avg High Temp: 59.6°F
Sales Tax: 9.2%

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