ZIP 98104 vs ZIP 98121

98104 is one of 86 ZIP codes that lie mostly in King County, WA.

Shaded by typical home value, it ranks 33 of the 35 nearby ZIPs shown.

1 school location in 98104: 1 high.

In alphabetical order: Summit Public School: Sierra. Locations only — no ratings are shown here.

98121 is one of 86 ZIP codes that lie mostly in King County, WA.

Shaded by typical home value, it ranks 34 of the 35 nearby ZIPs shown.

In January 2000 the typical home in 98104 was worth $249,580.

Values peaked at $652,192 in June 2022. The latest reading is −18.0% from that peak.

As of August 2026: $534,589, −3.6% over twelve months.

Start with the typical home: $534,589. Put 20% down and borrow $427,671 at 7.40%, the 30-year fixed average as of October 8, 2026.

That is $2,961 a month in principal and interest.

The median household here earns $61,866 a year, $5,156 a month. So the payment takes 57.4% 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 26.8% 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 $1,494.

In December 2020, with rates at 2.68%, it was $1,992.

By August 2026, at 6.67%, it was $2,750 — +38% since December 2020, while the home's value moved −13%.

Reported values rose +114% 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 $492,572. So the real change is +9%, not +114%.

98104: +114% since January 2000.

King County: +235% since January 2000.

Washington: +236% since January 2000 — 98104 ran behind it by 122 points.

Against 581 Washington ZIP codes, 98104 sits at the 9th percentile for affordability (price vs local income).

6th for appreciation (recent value growth); 77th for rental yield (rent vs price).

Owning the typical home costs about $3,496 a month once taxes and insurance (estimated at 1.2% of price a year) are added. Renting runs about $2,048 a month.

Price divided by a year's rent: 21.8. Lotvox reads under 15 as favoring buying and 20 or more as favoring renting.

In January 2000 the typical home in 98121 was worth $299,396.

Values peaked at $709,706 in August 2018. The latest reading is −24.9% from that peak.

As of August 2026: $533,258, −6.1% over twelve months.

Start with the typical home: $533,258. Put 20% down and borrow $426,606 at 7.40%, the 30-year fixed average as of October 8, 2026.

That is $2,954 a month in principal and interest.

The median household here earns $148,974 a year, $12,415 a month. So the payment takes 23.8% of income — rated “affordable” (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 13.4% 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 $1,793.

In December 2020, with rates at 2.68%, it was $2,039.

By August 2026, at 6.67%, it was $2,743 — +35% since December 2020, while the home's value moved −15%.

Reported values rose +78% 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 $590,889. So the real change is −10%, not +78%.

98121: +78% since January 2000.

King County: +235% since January 2000.

Washington: +236% since January 2000 — 98121 ran behind it by 158 points.

Against 581 Washington ZIP codes, 98121 sits at the 94th percentile for affordability (price vs local income).

1st for appreciation (recent value growth); 96th for rental yield (rent vs price).

Owning the typical home costs about $3,487 a month once taxes and insurance (estimated at 1.2% of price a year) are added. Renting runs about $2,729 a month.

Price divided by a year's rent: 16.3. 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 15 a month (Redfin, 3-month rolling data through August 2026).

On the shelf — homes for sale at the end of the period: 54.

Going out — closed sales: about 9 a month. The drain is drawn 44% narrower: the share of homes for sale that sell each month is 56% of its 2015–2019 level.

The ladder: homes for sale ÷ monthly sales = 6.2 months of supply — above the 4–6 month balanced range. In the basin, that is the water level against the shaded balanced band.

The net reading: about 6 more homes came on than sold each month, so inventory is growing. The basin is filling.

Homes sold: about 9 a month in August 2026 (Redfin).

The 2015–2019 level for the same month was 5 — so sales ran at 180% of it, and below it in 7 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 34 a month (Redfin, 3-month rolling data through August 2026). That is 73% of the 2015–2019 level for the same months.

On the shelf — homes for sale at the end of the period: 126.

Going out — closed sales: about 22 a month. That is 60% of the 2015–2019 level for the same months. The drain is drawn 60% narrower: the share of homes for sale that sell each month is 40% of its 2015–2019 level.

The ladder: homes for sale ÷ monthly sales = 5.8 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 13 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 39 — so sales ran at 56% 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: 54 in June 2026.

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

County assessor records list 276 properties with a market value here. Their average assessed market value is $5,040,500; the typical home value is $534,589.

The assessor average sits +842.9% 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: 126 in June 2026.

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

County assessor records list 195 properties with a market value here. Their average assessed market value is $6,416,200; the typical home value is $533,258.

The assessor average sits +1,103.2% from the market figure — an average against a typical value, so treat it as a check, not a verdict.