Real Estate Investing in Bonney Lake, Washington (98391)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98391 (Bonney Lake, WA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
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.
What’s happening in Bonney Lake, WA (98391)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98391 Bonney Lake
Investors eyeing 98391 need to respect the fundamentals at play. Home values of $678K come alongside slower price movement and elevated management overhead.
The investment case in 98391 is significant only for operators who understand what they are buying. A $678K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
ZIP 98391's metrics run below Pierce County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
The demographic picture in 98391 includes headwinds that any investor should price in. Income distribution skews lower than Bonney Lake averages, and tenant stability requires active management.
The right play in 98391 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Bonney Lake:
Property Strategy for 98391
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $592,058 | $2,010 | 2.4% | +5.6% | $592,058 |
| 2BR | $633,263 | $2,470 | 2.8% | +5.7% | $316,632 |
| 3BR | $592,867 | $3,420 | 4.2% | +6.2% | $197,622 |
| 4BR | $735,777 | $3,890 | 3.8% | +6.3% | $183,944 |
| 5BR | $796,541 | — | — | +6.1% | $159,308 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98391 Compare?
| Metric | 98391 | Bonney Lake | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $677,597 | $677,597 | N/A | $591,536 |
| 5-Year CAGR | 2.8% | 2.8% | N/A | 5.9% |
| Avg Rent | $2,749 | $2,749 | N/A | - |
| Cap Rate | 3.2% | 3.2% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98391 (Bonney Lake, WA). Anonymous, moderated, never written by AI.
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Property managers serving Pierce County
Manage rentals here? List your business →Harborside Property Management LLC offers commercial and residential property manager services in Tacoma & Gig Harbor, including single-family and multi-family homes. summary from their website
Haven Property Management is a full-service residential management company based in Federal Way, WA, covering the Greater Puget Sound area. summary from their website
HOA Community Solutions provides management services for homeowner associations. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $677,597 |
| Monthly Rent | $2,749 |
| Price-to-Rent | 20.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 5.9% |
📈 Home Appreciation
| 1-Year | +1.3% ▲ |
| 3-Year CAGR | +2.1% ▲ |
| 5-Year CAGR | +2.8% ▲ |
| 10-Year CAGR | +7.1% ▲ |
🏠 Rent Trends
| 1-Year | -7.5% ▼ |
| 3-Year CAGR | -0.7% ▼ |
| 5-Year CAGR | +1.6% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.2%). 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 98391
Population: 57,691
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 98391
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 8,061 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the typical home price in Bonney Lake, WA?
Homes in Bonney Lake, WA typically sell near $678K. Prices have moved at a 0.0% 5-year CAGR, which even-keeled long-term demand.
Are renters plentiful in Bonney Lake, WA?
Working renters make up the core of the Bonney Lake, WA tenant base. The pool is reasonable for investors targeting long-term holds.
What kind of market is Bonney Lake, WA for investors?
Our data puts Bonney Lake, WA at 3.0/5 for investability. Home prices of $678K and rents around $2,749/mo create a solid backdrop for investor activity.
Which real estate strategy fits Bonney Lake, WA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Bonney Lake, WA. The numbers - $678K homes against $2,749/mo rents - support that play.
Does house hacking make sense in Bonney Lake, WA?
House hacking works a challenging in Bonney Lake, WA. Rents of $2,749/mo against $678K acquisition make the strategy solid for owner-occupants.
You know 98391 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98391 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 98391 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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