Fairway is located at 39°1'26N, 94°37'45W (39.023988, -94.629213). According to the United States Census Bureau, the city has a total area of 3.0 km² (1.1 mi²), all land.
As of the census of 2000, there were 3,952 people, 1,781 households, and 1,102 families residing in the city. The population density was 1,338.5/km² (3,468.8/mi²). There were 1,842 housing units at an average density of 623.9/km² (1,616.8/mi²). The racial makeup of the city was 96.18% White, 0.40% African American, 0.35% Native American, 1.24% Asian, 0.76% from other races, and 1.06% from two or more races. Hispanic or Latino of any race were 2.23% of the population. 22.4% were of German, 18.3% English and 16.3% Irish ancestry according to Census 2000.
There were 1,781 households out of which 26.9% had children under the age of 18 living with them, 53.8% were married couples living together, 6.9% had a female householder with no husband present, and 38.1% were non-families. 31.4% of all households were made up of individuals and 10.6% had someone living alone who was 65 years of age or older. The average household size was 2.21 and the average family size was 2.81.
In the city the population was spread out with 21.9% under the age of 18, 3.9% from 18 to 24, 32.7% from 25 to 44, 26.1% from 45 to 64, and 15.5% who were 65 years of age or older. The median age was 40 years. For every 100 females there were 86.9 males. For every 100 females age 18 and over, there were 84.2 males.
The median income for a household in the city was $68,125, and the median income for a family was $97,163. Males had a median income of $72,350 versus $37,538 for females. The per capita income for the city was $45,456. About 0.5% of families and 1.3% of the population were below the poverty line, including none of those under age 18 and 6.3% of those age 65 or over.