ZIP 98040 vs ZIP 98004

98040 is one of 86 ZIP codes that lie mostly in King County, WA.

Shaded by typical home value, it ranks 2 of the 35 nearby ZIPs shown.

6 school locations in 98040: 4 elementary, 1 middle, 1 high.

In alphabetical order: Islander Middle School, Island Park Elementary, Lakeridge Elementary School, Mercer Island High School, and more on the ZIP page. Locations only — no ratings are shown here.

98004 is one of 86 ZIP codes that lie mostly in King County, WA.

Shaded by typical home value, it ranks 3 of the 36 nearby ZIPs shown.

4 school locations in 98004: 2 elementary, 1 middle, 1 high.

In alphabetical order: Bellevue High School, Chinook Middle School, Clyde Hill Elementary, Enatai Elementary School. Locations only — no ratings are shown here.

In January 2000 the typical home in 98040 was worth $640,187.

Values peaked at $2,460,111 in June 2022. The latest reading is −8.2% from that peak.

As of August 2026: $2,258,055, −0.8% over twelve months.

Start with the typical home: $2,258,055. Put 20% down and borrow $1,806,444 at 7.40%, the 30-year fixed average as of October 8, 2026.

That is $12,507 a month in principal and interest.

The median household here earns $202,359 a year, $16,863 a month. So the payment takes 74.2% of income — rated “severe” (Lotvox ZIP bands: under 28% affordable · 28–36% stretched · 36%+ severe).

The line holds today's rate fixed and moves only the price: at that rate, the same share was 21.0% in 2000.

Take the typical home's price each month, borrow 80% at that month's actual 30-year average rate: in January 2000 (8.21%) the payment was $3,833.

In December 2020, with rates at 2.68%, it was $5,366.

By August 2026, at 6.67%, it was $11,617 — +116% since December 2020, while the home's value moved +36%.

Reported values rose +253% since January 2000.

General prices (CPI-U) rose +97% over the same span.

Divide one by the other: in August 2026 dollars, the 2000 home was worth $1,263,475. So the real change is +79%, not +253%.

98040: +253% since January 2000.

King County: +235% since January 2000.

Washington: +236% since January 2000 — 98040 ran ahead of it by 17 points.

Against 581 Washington ZIP codes, 98040 sits at the 0th percentile for affordability (price vs local income).

27th for appreciation (recent value growth); 2nd for rental yield (rent vs price).

Owning the typical home costs about $14,766 a month once taxes and insurance (estimated at 1.2% of price a year) are added. Renting runs about $2,827 a month.

Price divided by a year's rent: 66.6. Lotvox reads under 15 as favoring buying and 20 or more as favoring renting.

In January 2000 the typical home in 98004 was worth $456,098.

Values peaked at $2,196,163 in June 2022. The latest reading is −11.0% from that peak.

As of August 2026: $1,954,222, −1.9% over twelve months.

Start with the typical home: $1,954,222. Put 20% down and borrow $1,563,378 at 7.40%, the 30-year fixed average as of October 8, 2026.

That is $10,825 a month in principal and interest.

The median household here earns $176,367 a year, $14,697 a month. So the payment takes 73.6% of income — rated “severe” (Lotvox ZIP bands: under 28% affordable · 28–36% stretched · 36%+ severe).

The line holds today's rate fixed and moves only the price: at that rate, the same share was 17.2% in 2000.

Take the typical home's price each month, borrow 80% at that month's actual 30-year average rate: in January 2000 (8.21%) the payment was $2,731.

In December 2020, with rates at 2.68%, it was $4,737.

By August 2026, at 6.67%, it was $10,054 — +112% since December 2020, while the home's value moved +34%.

Reported values rose +328% since January 2000.

General prices (CPI-U) rose +97% over the same span.

Divide one by the other: in August 2026 dollars, the 2000 home was worth $900,156. So the real change is +117%, not +328%.

98004: +329% since January 2000.

King County: +235% since January 2000.

Washington: +236% since January 2000 — 98004 ran ahead of it by 92 points.

Against 581 Washington ZIP codes, 98004 sits at the 0th percentile for affordability (price vs local income).

14th for appreciation (recent value growth); 5th for rental yield (rent vs price).

Owning the typical home costs about $12,779 a month once taxes and insurance (estimated at 1.2% of price a year) are added. Renting runs about $3,049 a month.

Price divided by a year's rent: 53.4. Lotvox reads under 15 as favoring buying and 20 or more as favoring renting.

Picture the Listings Flow Ladder as a basin: new listings pour in from the faucet, the homes for sale are the water, and closed sales run out the drain. Coming in — new listings: about 34 a month (Redfin, 3-month rolling data through August 2026). That is 77% of the 2015–2019 level for the same months.

On the shelf — homes for sale at the end of the period: 66.

Going out — closed sales: about 22 a month. That is 54% of the 2015–2019 level for the same months. The drain is drawn 30% narrower: the share of homes for sale that sell each month is 70% of its 2015–2019 level.

The ladder: homes for sale ÷ monthly sales = 3.0 months of supply — below the 4–6 month range Lotvox treats as balanced. In the basin, that is the water level against the shaded balanced band.

The net reading: about 12 more homes came on than sold each month, so inventory is growing. The basin is filling.

Homes sold: about 22 a month in August 2026 (Redfin).

The 2015–2019 level for the same month was 34 — so sales ran at 65% of it, and below it in 20 of the last 24 months.

Across King County, builders pulled permits for 8,505 new homes in 2025.

Of those, 30% were in 1-unit buildings (the Census Bureau's category for detached and attached single homes).

Picture the Listings Flow Ladder as a basin: new listings pour in from the faucet, the homes for sale are the water, and closed sales run out the drain. Coming in — new listings: about 63 a month (Redfin, 3-month rolling data through August 2026). That is 94% of the 2015–2019 level for the same months.

On the shelf — homes for sale at the end of the period: 207.

Going out — closed sales: about 40 a month. That is 62% of the 2015–2019 level for the same months. The drain is drawn 57% narrower: the share of homes for sale that sell each month is 43% of its 2015–2019 level.

The ladder: homes for sale ÷ monthly sales = 5.1 months of supply — inside the 4–6 month balanced range. In the basin, that is the water level against the shaded balanced band.

The net reading: about 23 more homes came on than sold each month, so inventory is growing. The basin is filling.

Homes sold: about 40 a month in August 2026 (Redfin).

The 2015–2019 level for the same month was 60 — so sales ran at 67% of it, and below it in 21 of the last 24 months.

Across King County, builders pulled permits for 8,505 new homes in 2025.

Of those, 30% were in 1-unit buildings (the Census Bureau's category for detached and attached single homes).

This ZIP sits in King County. IRS tax returns for 2022-2023: among the ten counties sending the most households, 23,473 moved in. Among the ten receiving the most, 29,819 moved out.

Net across those counties: −6,346 households. Beside it, homes for sale in this ZIP: 66 in June 2026.

Most arrivals came from Snohomish, WA (7,334 households); most departures went to Snohomish, WA (10,534).

County assessor records list 121 properties with a market value here. Their average assessed market value is $4,555,500; the typical home value is $2,258,055.

The assessor average sits +101.7% from the market figure — an average against a typical value, so treat it as a check, not a verdict.

This ZIP sits in King County. IRS tax returns for 2022-2023: among the ten counties sending the most households, 23,473 moved in. Among the ten receiving the most, 29,819 moved out.

Net across those counties: −6,346 households. Beside it, homes for sale in this ZIP: 207 in June 2026.

Most arrivals came from Snohomish, WA (7,334 households); most departures went to Snohomish, WA (10,534).

County assessor records list 344 properties with a market value here. Their average assessed market value is $4,697,050; the typical home value is $1,954,222.

The assessor average sits +140.4% from the market figure — an average against a typical value, so treat it as a check, not a verdict.