Is Spokane County, WA good for real estate investing?

Spokane County has an investment score of 44/100, rated as "Avoid". The county ranks #702 nationally among 1000 counties analyzed.

What is the rent-to-price ratio in Spokane?

The rent-to-price ratio in Spokane County is 4.34% annually, which ranks in the 11th percentile nationally. Higher ratios indicate better cash flow potential.

What is the median home price in Spokane?

The median home price in Spokane County is $429,071. This ranks #890 in affordability among all US counties.

Can you cash flow on rental properties in Spokane?

Based on median values with 20% down at current rates, a typical rental in Spokane County would generate negative cash flow of $1,240/month. Individual property performance varies based on purchase price, rent, and operating expenses.

Spokane County

WashingtonPopulation: 538,711

/100

Avoid

#702 of 1,000 counties

#22 in Washington (39 counties)

Analysis by RentalCalcs ResearchIndependent data + algorithm-driven scoring

Updated August 31, 2026Sources: Zillow ZHVI, Zillow ZORI, US Census ACS, Tax Foundation

Market Snapshot

$429,071

Median Home Price

87% above national median

$1,552/mo

Median Rent

7% above national median

4.34%

Rent-to-Price Ratio

Top 89% nationally

-$1,240

Est. Monthly Cash Flow

With 20% down at 6.9% rate

Scenario comparison

Same $1,552/mo rent assumption, 20% down, 6.85% rate. What changes is the acquisition price.

Scenario	Purchase price	Monthly cash flow	Cap rate	Cash-on-cash
75% of median value-add or distressed	$321,803	-$678/mo	3.8%	-11.0%
Median typical MLS deal	$429,071	-$1,240/mo	2.8%	-15.1%
125% of median newer / premium	$536,339	-$1,803/mo	2.3%	-17.5%

Price History

Median Home Price

Median Rent

Historical data from Zillow ZHVI/ZORI

Quick Investment Calculator

Down Payment20%

5%50%100%

Purchase

Purchase Price$429,071

Down Payment (20%)$85,814

Loan Amount$343,257

Interest Rate6.85%

Monthly Cash Flow

Gross Rent+$1,552

Monthly P&I-$2,249

Est. Expenses (35%)-$543

Net Cash Flow-$1,240/mo

2.8%

Cap Rate (all cash)

-15.1%

Cash-on-Cash Return

4.34%

Rent-to-Price Ratio

Negative leverage: At 6.85% rates, borrowing costs exceed the 2.8% cap rate. All-cash buyers may see better returns.

* Based on county median values. 35% expenses include taxes, insurance, maintenance, vacancy, and property management. Actual results vary by property.

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Score Breakdown

Overall Investment Score

44/100

Cash Flow(30%)

35/100

Based on 4.34% rent-to-price ratio. Higher ratios indicate stronger cash flow potential.

Appreciation(25%)

51/100

Based on 0.1% YoY price growth. Moderate growth (3-8%) scores highest.

Stability(25%)

50/100

Population data not available.

Affordability(20%)

39/100

Based on price relative to estimated local incomes.

Scores are calculated using real Zillow home value and rent data, Census population data, and economic indicators. The weighted average produces the overall investment score. Markets with missing rent data use estimated values based on regional averages.

Investment Outlook

Strengths

+Complete rent data available

Challenges

-Below-average rent-to-price ratio (4.34%)
-Negative cash flow at typical financing (-$1,240/mo)
-Negative leverage (cap rate 2.8% < mortgage rate 6.9%)
-High price-to-income ratio makes financing challenging

Economic Indicators

Population

538,711

Median Income

—

Data pending

Unemployment Rate

—

Data pending

Price-to-Income

—

Data pending

Who this market fits

Best for

+All-cash buyers: removing debt service flips the cap rate to actual yield

Skip if

−You need positive cash flow on day one at typical leverage
−You can't tolerate negative leverage (cap rate below mortgage rate today)
−You rely on FHA-style financing: prices are stretched relative to local incomes
−You want a market with broad institutional consensus on fundamentals

Compare to Nearby Counties

County					Verdict
SkagitWA	45	$570,386	$2,068	4.35%	Hold	View
ClallamWA	45	$486,379	$1,819	4.49%	Hold	View
CurrentSpokaneWA	44	$429,071	$1,552	4.34%	Avoid
JeffersonWA	44	$604,961	Est. pending	—	Avoid	View
CowlitzWA	44	$410,147	$1,468	4.30%	Avoid	View
PierceWA	42	$555,177	$1,957	4.23%	Avoid	View

The Bottom Line

AvoidSpokane may be challenging for traditional rentals. High prices or low rents make cash flow difficult.

Spokane County in Washington scores 44/100, ranking #702 of 1,000 US counties (top 90%). At 20% down and current rates, a median-priced rental loses about $1240/month; the 4.34% gross rent-to-price ratio doesn't survive debt service. The thesis here is appreciation, value-add, house hacking, or all-cash.

Monthly Cash Flow

$-1,240/mo

Cap Rate

2.8%

Cash-on-Cash

-15.1%