Real Estate Investing in Bellingham, Washington (98229)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98229 (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 26.6 — hard to cash-flow at these prices.
What’s happening in Bellingham, WA (98229)?
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Market Analysis: 98229 Bellingham
ZIP 98229 in Bellingham, WA carries a robust set of headwinds. Home values near $702K and rents of $2,196/mo sit inside a market where underwriting has to be tight.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 98229 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Regionally, 98229 sits on the difficult end of the WA spectrum. The a solid fit for read — for disciplined operators — is that pricing reflects the difficulty.
Turning to rents, 33,919 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategically, 98229 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 98229
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $386,115 | $1,570 | 2.9% | +4.8% | $386,115 |
| 2BR | $506,101 | $1,890 | 2.7% | +6.1% | $253,051 |
| 3BR | $677,881 | $2,630 | 2.8% | +6.7% | $225,960 |
| 4BR | $847,950 | $3,170 | 2.7% | +7.6% | $211,988 |
| 5BR | $926,184 | — | — | +7.6% | $185,237 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98229 Compare?
| Metric | 98229 | Bellingham | Bellingham, WA | Washington |
|---|---|---|---|---|
| Home Value | $701,760 | $337,784 | N/A | $591,536 |
| 5-Year CAGR | 3.4% | 3.2% | N/A | 5.9% |
| Avg Rent | $2,196 | $2,034 | N/A | - |
| Cap Rate | 2.4% | 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 98229 (Bellingham, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $701,760 |
| Monthly Rent | $2,196 |
| Price-to-Rent | 26.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.4% |
| 5-Year IRR | 5.8% |
📈 Home Appreciation
| 1-Year | +2.9% ▲ |
| 3-Year CAGR | +2.2% ▲ |
| 5-Year CAGR | +3.4% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 Rent Trends
| 1-Year | -0.3% ▼ |
| 3-Year CAGR | +2.1% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). 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 98229
Population: 33,919
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 98229
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
How does Bellingham, WA rate as a rental market?
Bellingham, WA rates 3.0/5 for investability. With median values at $702K and rents near $2,196/mo, the market offers reasonable fundamentals for rental investors.
Are rents high in Bellingham, WA?
Bellingham, WA rentals go for roughly $2,196/mo a month. That puts gross yield in solid territory relative to $702K acquisition costs.
How strong is tenant demand in Bellingham, WA?
Working renters make up the core of the Bellingham, WA tenant base. The pool is reasonable for investors targeting long-term holds.
Is Bellingham, WA better for rentals, flips, or BRRRR?
For Bellingham, WA, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Does house hacking make sense in Bellingham, WA?
House hacking works a challenging in Bellingham, WA. Rents of $2,196/mo against $702K acquisition make the strategy solid for owner-occupants.
You know 98229 now. You don’t know where it ranks.
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How 98229 ranks in Bellingham, WA
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