Why Live in Steel Lake
Steel Lake in Federal Way is a neighborhood characterized by its elevated homes and towering pine trees, many of which have private docks and patios overlooking the tranquil waters of Steel Lake. The area features a mix of classic single-level, raised ranch-style, and split-level homes, with prices ranging from $400,000 to $900,000. The Overlook, a three-story condominium complex, offers more affordable options between $250,000 and $350,000. Steel Lake Park, a 53-acre green space, is a local attraction with a sandy beach, boat launches, beach volleyball, a skate park, and a large playground. Nearby Wildwood Park and Sacajawea Park provide additional recreational facilities, including sports fields and paved trails. The neighborhood is car-dependent, bordered by Route 99 and I-5, with easy access to Tacoma (14 miles south) and Seattle (22 miles north). Public transportation is available via Sound Transit buses, and a light rail system is under construction, set to connect the area by 2026. The city center, just south of Steel Lake, offers retail options, supermarkets, and diverse dining experiences, such as 85°C Bakery Café and Mirak Korean BBQ.
Frequently Asked Questions
Is Steel Lake a good place to live?
Steel Lake is a good place to live. Steel Lake is considered somewhat walkable and somewhat bikeable with some transit options. Steel Lake has 3 parks for recreational activities. It has a median age of 38. The average household income is $89,457 which is below the national average. College graduates make up 26% of residents. A majority of residents in Steel Lake are renters, with 50.3% of residents renting and 49.7% of residents owning their home. A
local real estate agent serving Steel Lake can help you decide if this neighborhood is the right one for you. Learn more on our
Steel Lake neighborhood guide.
How much do you need to make to afford a house in Steel Lake?
The median home price in Steel Lake is $587,500. If you put a 20% down payment of $117,500 and had a 30-year fixed mortgage with an interest rate of 6.56%, your estimated principal and interest payment would be $2,990 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $128K a year to afford the median home price in Steel Lake. The average household income in Steel Lake is $89K.
What are the best public schools in Steel Lake?
The best public schools that serve Steel Lake are:
- Federal Way High School has a B Niche grade, a student teacher ratio of 21:1 and an average review score of 3.9.
- Nautilus K-8 School has a B Niche grade, a student teacher ratio of 17:1 and an average review score of 3.0.
- Sacajawea Middle School has a C Niche grade, a student teacher ratio of 17:1 and an average review score of 3.2.
What are the best private schools in Steel Lake?
The best private schools that serve Steel Lake are:
What are the most popular zip codes in Steel Lake, Federal Way, WA?
What are the most popular neighborhoods near Steel Lake, Federal Way, WA?
Are home prices dropping in Steel Lake?
Yes, home prices in Steel Lake are down 14% in the last 12 months.
Home Trends in Steel Lake, WA
On average, homes in Steel Lake, Federal Way sell after 22 days on the market compared to the national average of 52 days. The median sale price for homes in Steel Lake, Federal Way over the last 12 months is $586,000, down 22% from the median home sale price over the previous 12 months.
Median Sale Price
$586,000
Median Single Family Sale Price
$625,000
Median 2 Bedroom Sale Price
$232,499
Average Price Per Sq Ft
$338
Number of Homes for Sale
6
Last 12 months Home Sales
26
Median List Price
$587,500
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
-22%