Real Estate Investing in Bellingham, Washington (98225)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98225 (Bellingham, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 29.9 — hard to cash-flow at these prices.
What’s happening in Bellingham, WA (98225)?
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Market Analysis: 98225 Bellingham
The 98225 ZIP covers a section of Bellingham that demands careful diligence. Prices near $671K look accessible, but the work to make a deal cash flow is real.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 98225 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In the broader WA picture, 98225 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 98225 ZIP's population of 50,355 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reflects the need for careful underwriting.
Strategically, 98225 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Bellingham:
Property Strategy for 98225
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $394,328 | $1,510 | 2.8% | +5.6% | $394,328 |
| 2BR | $564,789 | $1,820 | 2.3% | +6.1% | $282,395 |
| 3BR | $708,994 | $2,530 | 2.6% | +6.5% | $236,331 |
| 4BR | $832,103 | $3,050 | 2.6% | +6.7% | $208,026 |
| 5BR | $904,102 | — | — | +6.5% | $180,820 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98225 Compare?
| Metric | 98225 | Bellingham | Bellingham, WA | Washington |
|---|---|---|---|---|
| Home Value | $670,506 | $337,784 | N/A | $591,536 |
| 5-Year CAGR | 3.2% | 3.2% | N/A | 5.9% |
| Avg Rent | $1,867 | $2,034 | N/A | - |
| Cap Rate | 2.2% | 2.3% | - | - |
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 98225 (Bellingham, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $670,506 |
| Monthly Rent | $1,867 |
| Price-to-Rent | 29.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.2% |
| 5-Year IRR | 5.4% |
📈 Home Appreciation
| 1-Year | +1.9% ▲ |
| 3-Year CAGR | +2.6% ▲ |
| 5-Year CAGR | +3.2% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 Rent Trends
| 1-Year | -2.9% ▼ |
| 3-Year CAGR | +0.7% ▲ |
| 5-Year CAGR | +3.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.2%). 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 98225
Population: 50,355
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 98225
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.
🎓 Nearby Colleges & Universities
Investor Insight: With 3,043 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Where do home prices stand in Bellingham, WA?
Homes in Bellingham, WA typically sell near $671K. Prices have moved at a 0.0% 5-year CAGR, which consistent long-term demand.
How quickly do rentals get leased in Bellingham, WA?
Occupancy in Bellingham, WA runs measured with elevated vacancy. Well-priced units at $1,867/mo lease on reasonable timelines.
What is the typical renter like in Bellingham, WA?
Expect a solid tenant pool in Bellingham, WA. The rental market absorbs $1,867/mo rents without meaningful friction.
Is Bellingham, WA suited for a house hack?
Bellingham, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,867/mo rent level.
What type of investing works in Bellingham, WA?
Bellingham, WA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($671K prices, $1,867/mo rents) make it a reasonable choice.
You know 98225 now. You don’t know where it ranks.
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How 98225 ranks in Bellingham, WA
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