Rent to own Homes in Federal Way, WA
Federal Way, Washington, is located in King County between Tacoma, Washington, and Seattle, Washington. Federal Way has a total population of 90,000 people and came by its distinctive name during the construction of the Federal Highway US 99, which is a major roadway that turned a logging camp out of its shell into the lively city it is today. Logging is still a huge part of Federal Way, and the Weyerhaeuser Company continues to own a hefty part of the nearby forests. Federal Way has a great residential area filled with rent to own homes, apartments, and houses to purchase.
Federal Way, WA is a great place for affordable rent-to-own homes! With a median household income of over $68,672 and a median rent of $1,411, the Federal Way, WA rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Federal Way, WA. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Federal Way, WA Property Resources
Rent to own Homes in Cities Near Federal Way, WA
- Algona
- Artondale
- Boulevard Park
- Browns Point
- Burien
- Burley
- Canterwood
- Clover Creek
- Dash Point
- Des Moines
- Eatonville
- Edgewood
- Elk Plain
- Federal Way
- Fife
- Fife Heights
- Fircrest
- Fox Island
- Frederickson
- Gig Harbor
- La Grande
- Lakebay
- Lakeland North
- Lakeland South
- Maplewood
- McKenna
- McMillin
- Midland
- Milton
- Nisqually Indian Community
- Normandy Park
- North Fort Lewis
- North Puyallup
- North Yelm
- Parkland
- Prairie Ridge
- Purdy
- Puyallup
- Raft Island
- Riverton
- Rosedale
- Roy
- Ruston
- SeaTac
- Seattle
- South Hill
- Tukwila
- University Place
- Wauna
- Wollochet
Neighborhoods in Federal Way, WA
Federal Way rent to own homes Federal Way City Center rent to own homesPopular Zip Codes in Federal Way, WA
98063 rent to own homes 98093 rent to own homes 98023 rent to own homes 98003 rent to own homesBuying a Home in Federal Way, WA
Federal Way, WA is seeing rapid growth and Federal Way, WA's' housing market remains not optimal with an average home price that is 65% above the 2024 national average. Federal Way, WA is part of King county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county King is 0.88% which is below the national average, which is 0.99%.
Median Home Price in Federal Way, WA
Median Rent in Federal Way, WA
Top Reasons to Live in Federal Way WA
Housing Statistics If you're looking for a rental house, a rental apartment or a home to buy in Washington State, Federal Way is a great place to start your search. The median price of homes for sale in Federal Way is $314,483 and the median price for townhouses for sale in Federal Way is $207,561, while the median price for a mobile home is $87,667. The average value of a house or condo in Federal Way is $246,000. This number has grown a lot since 2000 when the value was $165,300. The average amount of rent is $934.00.
Tourist Attractions Federal Way has many tourist attractions to offer to both tourists and locals. One of the biggest attractions is Mt. Rainer. The mountain stands out in the landscape, showcasing its beauty. On a nice clear day, you can see the mountain from quite a distance. Of course, you can take a trip to the area and see the Volcano Mountains up close and personal. There is Laser Quest, Enchanted Village, Enchanted Parks, and A+ Travel Cruise. Each attraction can bring a great fun filled day of enjoyment. The A+ Travel Cruise is great for the couple wanting to get a better look around at the city. They offer tours and charters.
School Systems Due to all the surrounding neighborhoods in Federal Way, there is a large variety of schools available for children and those seeking higher education. Federal Way offers both public and private schools so you are sure to find the right fit for your child's educational requirements. Federal Way has a total of eight public elementary schools and five private elementary schools. There is also one public middle school and four private middle schools. A few of the private schools are for both elementary and middle school students. Federal Way also offers a private high school as well. Federal Way takes college education extremely seriously and offers many methods of achieving your goals. Federal Way has a total of nine colleges, universities, community colleges, and technical schools available.
Outdoor Activities Federal Way offers a multitude of parks and recreation areas due to Weyerhaeuser Company setting aside several extensive portions of their properties for this reason. This makes Federal Way a wonderful place for camping, watching nature, and hiking. Wild Waves Theme Park is also extremely close to Federal Way. This is the only permanent theme park in the area. It offers fun for the whole family during the warmer temperatures. Walking and bicycling are both very popular here, too.
Weather and Climate The temperature in Federal Way tends to stay around 41 in January and approximately 65 in July. Due to Federal Way being close to Seattle, the precipitation is on the high side here as well. Federal Way usually gets approximately 38.95 inches of rain annually, however, when it is not raining, the sun shines very brightly on this wonderful city.