Kennewick-Richland, WA
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
4.22×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Washington
- 5.13×-0.91
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
21.5%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Washington
- 24.7%-3.2
- vs U.S.
- 23.3%-1.8
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.31%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Washington
- 3.13%+0.18
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.22%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Washington
- 0.25%
- vs U.S.
- 0.03%+0.19
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
7.69
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Washington
- 4.97+2.73
- vs U.S.
- 3.52+4.17
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
5.8%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Washington
- 5.5%
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+43.4%
homeValues.yearOverYear
+4.5%
Median home value
$362,200
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,268 | $15,216 | 17.7% |
| 2 BR | $1,538 | $18,456 | 21.5% |
| 3 BR | $2,071 | $24,852 | 28.9% |
Labor market direction
Unemployment
5.8%
Median household income
$85,881
What's being built
Total TTM
2,341
+36.9% YoY
Single-family
1,363
2–4 unit
82
5+ unit
896
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Benton County | 207,560 | $369,400 | $87,316 | 1,499 | +38.8% |
| Franklin County | 96,692 | $345,700 | $82,755 | 842 | +33.6% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Kennewick | 304,252 | $85,881 | 4.22× | 3.31% | +43.4% | 7.69 | 5.8% |
| Olympia-Lacey-Tumwater, WA | 294,272 | $93,985 | — | — | +48.9% | — | 5.0% |
| Crestview-Fort Walton Beach-Destin, FL | 288,639 | $79,150 | — | — | +51.3% | — | 4.5% |
| Sioux Falls, SD | 277,944 | $81,418 | — | — | +48.0% | — | 2.3% |
| San Luis Obispo-Paso Robles, CA | 281,712 | $93,398 | — | — | +46.1% | — | 4.3% |
| Greeley, CO | 331,466 | $93,287 | — | — | +36.9% | — | 4.0% |
Where people are moving in from
Net migration
+669
+0.22% of population
| Origin county | Tax returns |
|---|---|
| Franklin County, WA | 1,537 |
| Benton County, WA | 1,356 |
| Yakima County, WA | 722 |
| King County, WA | 369 |
| Spokane County, WA | 273 |
| Grant County, WA | 265 |
Who lives in Kennewick
- Median age
- 34
- Bachelor's+
- 29.3%
- Owner-occupancy
- 68.9%
- Vacancy rate
- 5.8%
- Rent burdened (30%+)
- 44.7%
- Median household income
- $85,881
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.