Richland’s current Zillow ZHVI is $470,359 and Zillow ZORI is $1,800 per month, producing a 4.6% gross yield before operating costs. The city price-to-income ratio is 4.9x, while annual ZORI equals 22.5% of ACS median household income. This frames an income-oriented review: the yield is only a gross rent-to-value screen, and affordability comparisons use distinct Zillow and ACS measures. It does not establish property cash flow.
Citywide, renters occupy 35.6% of occupied units. ACS reports a $1,468 median gross rent, which includes contract rent and selected utilities, and a $436,700 median owner-reported home value. Those surveyed occupied-housing measures are not Zillow’s typical observed market rent or typical home value, so they should not be averaged or treated as a single-period price-rent pair.
Among city renters, 39.2% are rent-burdened under the ACS measure. The stock is 67.4% single-family and 13.0% large multifamily; of the city’s vacant units, 32.7% are for rent and 384 are seasonal. Population rose from 56,399 to 62,753, an 11.3% change between overlapping ACS five-year vintages; it is not an annualized change and may reflect boundary differences. Median household income is $95,813, poverty is 9.0%, and unemployment is 5.6%. These descriptive citywide survey facts cannot show a particular unit’s leasing speed, available investment inventory, tenant quality, or causal demand effects.
In Benton County county context, Realtor reports 52 median days on market and 20.5% of active listings with price reductions, both county resale indicators rather than city outcomes. The broader Kennewick metro had 1.2% job growth, 3 months of supply, and 34.1% of listings with price drops; these metro measures describe a broader market, not Richland alone. The national 30-year mortgage rate was 6.7%, a national financing benchmark rather than a city borrowing quote.
Underwriting remains limited by citywide medians and survey shares, the pre-cost yield, and mismatched Zillow and ACS concepts. At the property level, verify asking rent against comparable leases, utilities and operating expenses, condition and capital needs, insurance and tax bills, vacancy exposure, financing terms, and legal or inspection issues. Check whether the unit’s tenant profile, lease status, and physical features align with the citywide evidence rather than assuming city averages apply. Use documented property-specific assumptions before reaching a decision.