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Mercer Island city, WA

ZIP 98040 — Housing & Real Estate

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

Wealthy AreaLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 98040

Median Home Value
$1,884,200
Median Rent
$2,332
Affordability Snapshot
$519,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$12,104/mo PITI).

14%
Rent-to-Income Ratio

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

9.3x
Home Price-to-Income Ratio

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

67.3 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 98040 in Mercer Island city, WA, a household would need roughly $519,000 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 $12,104. That is about 156% above the local median household income ($202,359), 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

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
66.0%+1% vs US avg
x
Vacancy Rate
5.4%-48% vs US avg
x
Broadband Access
96.1%+10% vs US avg
x
4+ Bedrooms
14.9%+1% vs US avg
x
Built Pre-1939
8.0%-37% vs US avg
x
Built Post-2014
0.7%-90% vs US avg
x
Rent Burden >30%
24.0%-52% vs US avg
x
Mortgage-Free
40.5%+6% vs US avg
x
$1,884,200
Home Value
$2,332
Rent
1973
Year Built
2014
Moved In

Residents have lived here since ~2014 on average

Housing Structure

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

  • 1-unit detached65.6%
  • 1-unit attached0.4%
  • 2-9 units5.8%
  • 10+ units27.5%
  • Mobile home & other0.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$1,884,200
Median rent$2,332
Owner-occupied66.0%
Vacant5.4%
Price-to-income9.3x
Est. income to buy$519,000