Federal Way, WA · standard
ZIP Code 98023
King County, Washington - Census ACS demographics, housing tenure, and business patterns, benchmarked against every US ZIP.
- 47,510
- 1,775/sq mi High-density area
- $104,893
- Median income Above-median income area
- $589,900
- Median home value Above-median home value
- 33.9%
- Bachelor's or higher Above-average bachelor's attainment
National ZIP placement
Federal Way pairs an upper-quartile household income with top-decile home values, in a low-density, homeowner-dominated area.
- Top 16%
- household income, US ZIPs
- Top 10%
- home value, US ZIPs
- 1,775
- people per sq mi
- 66%
- owner-occupied homes
Source: U.S. Census Bureau ACS 5-Year Estimates (2019–2023). Percentiles rank ZIP 98023 against every reporting US ZIP.
FHFA HPI release change
What changed in the latest House Price Index year
- FHFA House Price Index values in ZIP 98023 (Federal Way, WA) rose +7.1% from 2023 to 2024. The all-transactions index moved from 316.0 in 2023 to 338.5 in 2024 (2000 = 100).
ZIP code 98023 is a densely settled ZIP (a standard USPS delivery area) in Federal Way, King County, Washington, with 47,510 residents across 26.8 square miles, a density of 1,775 people per square mile, in the Los Angeles time zone.
ZIP 98023 lands in the middle-income range, with a median household income of $104,893 (15% above the average Washington ZIP), while per-capita income is $46,636. The poverty rate is 9.0%, with unemployment at 3.8%; those measures add context to the income figure. Housing is both higher-cost and owner-heavy: median home value is $589,900 (15% above the average Washington ZIP), while 65.6% of occupied homes are owner-occupied and median rent is $1,900.
A solid share of residents have a four-year degree: 33.9% of adults hold a bachelor's degree or higher, the median age is 38.6, and the average commute is 33 minutes. The page also surfaces 10 ZIP codes within roughly 10 miles and 6 more in King County, so 98023 can be compared with both its immediate and county-level context.
Every figure on this page is sourced from the U.S. Census Bureau American Community Survey 5-Year Estimates (including median rent) and the FHFA House Price Index, no estimates, no proprietary scoring. Verify with Census →
Top industries in ZIP 98023
Top 5 sectors by establishment count in Federal Way, WA
Which industries have the most business establishments in ZIP 98023.
- Construction
Construction
179 establishments
- Health care and social assistance
Health care and social assistance
106 establishments
- Other services (except public administration) 63
Other services (except public administration)
63 establishments
- Professional, scientific, and technical services 57
Professional, scientific, and technical services
57 establishments
- Accommodation and food services 54
Accommodation and food services
54 establishments
What this shows Establishment counts come from the Census ZIP Code Business Patterns program, which counts physical business locations rather than employees or revenue.
Source: U.S. Census Bureau, American Community Survey 5-Year Estimates + ZIP Code Business Patterns + FHFA HPI ACS demographics and median rent, ZBP business establishments, FHFA HPI for ZIP 98023, Federal Way, WA · 2023 Census ACS 5-Year Estimates use a rolling 60-month sample for stable small-geography estimates; ZBP updated annually; FHFA HPI updated quarterly/annually.
Quick Facts
47,510
Population
26.8
Area (sq mi)
1,775
People / sq mi
Los Angeles
Time Zone
standard
ZIP Type
Who lives in ZIP 98023?
38.6
Median Age
51.9%
Male
48.1%
Female
27.2%
Foreign-Born
Hispanic or Latino is an ethnicity category from the Census Bureau and may overlap with other categories above.
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
How much do residents earn?
$104,893
Median Household Income
+15% vs state ZIP avg
$46,636
Per Capita Income
9.0%
Poverty Rate
3.8%
Unemployment Rate
32.6 min
Mean Commute Time
How ZIP 98023 ranks nationally
Federal Way, WA household income vs. every US ZIP code
Median household income, the full national distribution, with this ZIP marked
$104,893 Top 16% higher than 84% of 30,318 US ZIPs
Each bar is a $20K-wide band; taller bars hold more US ZIPs. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.
Source U.S. Census Bureau, ACS 5-Year Estimates · 2019–2023
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What is the education profile here?
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What does housing look like?
Housing stock: occupied vs vacant
18,564housing units
18,564
Total Housing Units
17,752
Occupied Units
812
Vacant Units
2.83
Avg Household Size
Occupancy Type
$589,900
Median Home Value
+15% vs state ZIP avg
$1,900
Median Rent
1984
Median Year Built
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
How have home values changed over time?
FHFA House Price Index, annual appreciation data based on repeat sales and appraisals
+7.1%
YoY Change (2024)
338
HPI Index (2000 = 100)
+238%
Total Change Since 2000
Home values in ZIP 98023 have increased 7.1% over the past year (2024). Since 2000, this ZIP has seen +238% cumulative appreciation.
| Year | Annual Change | HPI Index |
|---|---|---|
| 2020 | +6.0% | 228 |
| 2021 | +16.5% | 266 |
| 2022 | +19.6% | 318 |
| 2023 | -0.5% | 316 |
| 2024 | +7.1% | 338 |
Source: Federal Housing Finance Agency (FHFA) House Price Index, All-Transactions, Five-Digit ZIP Codes (Developmental Index). Index base = 100 in year 2000. Data through 2024. ZIP codes with few transactions may show missing values.
What businesses operate in this ZIP?
Census Bureau data shows 705 business establishments in ZIP 98023, employing approximately 3,990 people with a combined annual payroll of $169,388,000.
705
Businesses
3,990
Employees
$169.4M
Annual Payroll
16
Industry Sectors
| Industry | Establishments | % of Total |
|---|---|---|
| Construction | 179 | 25.4% |
| Health care and social assistance | 106 | 15.0% |
| Other services (except public administration) | 63 | 8.9% |
| Professional, scientific, and technical services | 57 | 8.1% |
| Accommodation and food services | 54 | 7.7% |
| Administrative and support and waste management and remediation services | 52 | 7.4% |
| Transportation and warehousing | 50 | 7.1% |
| Retail trade | 39 | 5.5% |
| Real estate and rental and leasing | 36 | 5.1% |
| Wholesale trade | 15 | 2.1% |
| Information | 11 | 1.6% |
| Finance and insurance | 11 | 1.6% |
| Arts, entertainment, and recreation | 11 | 1.6% |
| Educational services | 9 | 1.3% |
| Industries not classified | 5 | 0.7% |
| Manufacturing | 4 | 0.6% |
Source: U.S. Census Bureau, ZIP Code Business Patterns (ZBP), 2023. Employment figures may include noise for disclosure avoidance.
Nearby ZIP Codes
Want a side-by-side? Compare 98023 vs 98422 →
ZIP 98023 vs its nearest neighbors, by population
Resident population of this ZIP and the closest reporting ZIP codes within ~10 miles.
- 98023
Federal Way (98023)
47,510 residents
- 98003
Federal Way (98003)
44,151 residents
- 98198
Seattle (98198)
34,584 residents
- 98001
Auburn (98001)
31,911 residents
- 98422
Tacoma (98422)
20,151 residents
- 98424 10,140
Tacoma (98424)
10,140 residents
- 98403 7,713
Tacoma (98403)
7,713 residents
- 98354 6,976
Milton (98354)
6,976 residents
- 98402 6,356
Tacoma (98402)
6,356 residents
What this shows Among its immediate neighbors, ZIP 98023 ranks the most populous - useful context the national average alone can't give.
ZIP 98023 vs its nearest neighbors, by median income
Median household income of this ZIP and the closest reporting ZIP codes within ~10 miles.
- 98422
Tacoma (98422)
$118,604 median income
- 98001
Auburn (98001)
$106,791 median income
- 98443
Tacoma (98443)
$105,035 median income
- 98023
Federal Way (98023)
$104,893 median income
- 98354
Milton (98354)
$96,866 median income
- 98424
Tacoma (98424)
$94,122 median income
- 98403
Tacoma (98403)
$88,056 median income
- 98198
Seattle (98198)
$86,239 median income
- 98003
Federal Way (98003)
$75,319 median income
What this shows By household income, ZIP 98023 ranks #4 of 9 neighboring ZIPs, local affluence varies block to block, not just metro to metro.
| ZIP Code | City | Population | Distance |
|---|---|---|---|
| 98422 | Tacoma, WA | 20,151 | 1.9 mi |
| 98003 | Federal Way, WA | 44,151 | 2.2 mi |
| 98424 | Tacoma, WA | 10,140 | 5.2 mi |
| 98421 | Tacoma, WA | 1,308 | 3.8 mi |
| 98001 | Auburn, WA | 31,911 | 4.6 mi |
| 98354 | Milton, WA | 6,976 | 4.6 mi |
| 98443 | Tacoma, WA | 5,371 | 7.2 mi |
| 98402 | Tacoma, WA | 6,356 | 5.5 mi |
| 98198 | Seattle, WA | 34,584 | 6.4 mi |
| 98403 | Tacoma, WA | 7,713 | 5.4 mi |
Nationwide ZIPs with similar ACS profiles
Two Census-derived peer sets for ZIP 98023, both outside WA so the neighborhoods are not geographic containment (Nearby and same-county blocks stay local).
Similar population
Nearest cross-state ZIPs by resident population (47,510 here; floor ≥1,000).
Similar median household income
Nearest cross-state ZIPs by ACS median household income.
More ZIP Codes in King County
Related Areas
Frequently Asked Questions
What county is ZIP code 98023 in?
ZIP code 98023 (Federal Way) is located in King County, Washington. King County contains multiple ZIP codes, see the full list at /counties/king-wa.
What is the population of ZIP code 98023?
ZIP code 98023 in Federal Way, WA has a population of 47,510 according to the Census Bureau ACS 2023 estimates.
What is the median household income in ZIP 98023?
The median household income in ZIP 98023 is $104,893, which is 37% above the national average of $76,288.
What is the average home value in ZIP 98023?
The median home value in ZIP 98023 is $589,900, which is 112% above the national average of $278,155.
What is the demographic makeup of ZIP 98023?
The largest racial group in ZIP 98023 is White at 42.4%. Hispanic or Latino residents make up 16.0% of the population.
How many businesses are in ZIP code 98023?
ZIP code 98023 has 705 business establishments employing approximately 3,990 people, according to Census Bureau ZIP Code Business Patterns (ZBP) 2023 data.
What are the main industries in ZIP code 98023?
The top industries by establishment count in ZIP 98023 are: Construction (179), Health care and social assistance (106), Other services (except public administration) (63). There are 16 industry sectors represented in total.
How have home values changed in ZIP code 98023?
According to the FHFA House Price Index, home values in ZIP 98023 increased by 7.1% in 2024. Since 2000, home values in this ZIP have appreciated by approximately 238%. This is a developmental index based on repeat sales and appraisal data from Fannie Mae and Freddie Mac.
What is the education level in ZIP code 98023?
In ZIP code 98023, 59.2% of residents aged 25+ have a high school diploma or higher, and 33.9% hold a bachelor's degree or higher. These figures come from the Census Bureau ACS 5-Year Estimates (2023).
What is the average commute time in ZIP 98023?
The mean commute time for workers in ZIP code 98023 is 32.6 minutes according to Census ACS data. The national average is roughly 26 minutes, so commuters here spend more time traveling to work than typical.
What percentage of residents own vs. rent in ZIP 98023?
In ZIP code 98023, approximately 65.6% of occupied housing units are owner-occupied and 34.4% are renter-occupied, based on Census ACS 2023 data.
What is the poverty rate in ZIP code 98023?
The poverty rate in ZIP code 98023 is 9.0% according to Census Bureau ACS 2023 estimates. This measures the percentage of the population living below the federal poverty threshold.
Related
Take this with you
What to do with ZIP 98023's numbers, next.
- See how ZIP 98023 compares to a neighboring ZIP code on the same Census fields Compare this ZIP
- Check where Federal Way, WA ranks among every U.S. ZIP code on income, education, or homeownership View national rankings
- Save this ZIP to your shortlist to track alongside others you're considering View your shortlist
ZIP Code Tabulation Areas (ZCTAs) are Census Bureau approximations of USPS ZIP codes; figures describe the ZCTA area, not any single address within it.