Investment metrics, interactive calculators, and data-driven analysis for Bellingham rental properties.
Pre-filled with Bellingham medians. Adjust to match a specific property.
Factor in financing to see your actual return on invested capital in Bellingham.
Bellingham, WA has a population of 95,000 and has been growing at 1% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $520,000 paired with median rents of $1,850/mo produces an estimated cap rate of 2.38%.
Property taxes at 0.92% fall within the national average range and shouldn't present unusual challenges. The vacancy rate of 4% is impressively low, indicating tight rental supply and strong tenant demand — favorable for landlords.
At a price-to-income ratio of 9.9x, homes cost about 9.9 times the local median income of $52,400. This elevated ratio means homeownership is stretched, supporting rental demand but limiting buyer pools. Home values have appreciated at roughly 2.8% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: At current median prices, Bellingham is challenging for pure cash flow investing. Consider BRRRR strategies with below-market purchases, or look at neighboring metros with stronger price-to-rent ratios.