Real Estate Investing in Anacortes, Washington (98221)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98221 (Anacortes, WA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 15.9% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Anacortes, WA (98221)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98221 Anacortes
ZIP 98221 inside Skagit County looks affordable on the surface — median value of $722K — but the discount exists for reasons that a careful buyer should understand before committing.
Rent of $2,649/mo on a $722K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 98221 sits below the stated 0.0% once reality is priced in.
The gap between 98221 and stronger Anacortes ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
A solid renter share of 28% in 98221 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Experienced landlords with local relationships tend to find 98221 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Anacortes:
Property Strategy for 98221
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $503,071 | $1,480 | 2.1% | +4.2% | $503,071 |
| 2BR | $606,653 | $1,950 | 2.3% | +5.1% | $303,327 |
| 3BR | $734,305 | $2,710 | 2.7% | +6.4% | $244,768 |
| 4BR | $879,605 | $2,940 | 2.4% | +7.2% | $219,901 |
| 5BR | $997,350 | — | — | +7.5% | $199,470 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98221 Compare?
| Metric | 98221 | Anacortes | Mount Vernon-Anacortes, WA | Washington |
|---|---|---|---|---|
| Home Value | $721,791 | $721,791 | N/A | $591,536 |
| 5-Year CAGR | 2.6% | 2.6% | N/A | 5.9% |
| Avg Rent | $2,649 | $2,649 | N/A | - |
| Cap Rate | 2.9% | 2.9% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98221 (Anacortes, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98221 (Anacortes, WA)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $721,791 |
| Monthly Rent | $2,649 |
| Price-to-Rent | 22.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.4% |
| Cap Rate | 2.9% |
| 5-Year IRR | 5.5% |
📈 Home Appreciation
| 1-Year | +2.5% ▲ |
| 3-Year CAGR | +1.3% ▲ |
| 5-Year CAGR | +2.6% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 Rent Trends
| 1-Year | +6.4% ▲ |
| 3-Year CAGR | +5.1% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.9%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98221
Population: 23,211
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98221
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
Should investors consider Anacortes, WA?
The 3.0/5 investability rating in Anacortes, WA reflects its $722K prices and $2,649/mo rents. Investors generally consider it a solid option within WA.
What is the average monthly rent in Anacortes, WA?
Expect rents around $2,649/mo per month in Anacortes, WA. With home values at $722K, the yield math works out to reasonable levels for rental investors.
What is the rental occupancy rate in Anacortes, WA?
Anacortes, WA vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Is Anacortes, WA a good market for FHA house hackers?
Anacortes, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $2,649/mo rent level.
How much should I expect to pay for a home in Anacortes, WA?
Typical homes in Anacortes, WA go for around $722K. The 5-year CAGR of 0.0% consistent price movement.
You know 98221 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98221 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 98221 ranks in Mount Vernon-Anacortes, WA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 98221 (Anacortes)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 98221 (Anacortes, WA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.