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Seattle city, WA

ZIP 98116 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Upper Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 98116

Median Home Value
$917,000
Median Rent
$1,895
Affordability Snapshot
$252,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$5,891/mo PITI).

17%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

7.0x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

40.3 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 98116 in Seattle city, WA, a household would need roughly $252,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $5,891. That is about 93% above the local median household income ($130,504), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
53.6%-18% vs US avg
x
Vacancy Rate
8.6%-16% vs US avg
x
Broadband Access
95.5%+10% vs US avg
x
4+ Bedrooms
2.8%-81% vs US avg
x
Built Pre-1939
8.3%-35% vs US avg
x
Built Post-2014
0.8%-89% vs US avg
x
Rent Burden >30%
19.8%-60% vs US avg
x
Mortgage-Free
27.8%-27% vs US avg
x
$917,000
Home Value
$1,895
Rent
1973
Year Built
2016
Moved In

Residents have lived here since ~2016 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached42.0%
  • 1-unit attached7.9%
  • 2-9 units14.1%
  • 10+ units35.9%
  • Mobile home & other0.1%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$917,000
Median rent$1,895
Owner-occupied53.6%
Vacant8.6%
Price-to-income7.0x
Est. income to buy$252,000