Tillamook County presents a price-to-rent tension: Zillow’s 2026-06 median home value is $512,935 while measured median asking rent is $2,104 monthly and the supplied gross yield is 4.92% before costs. The value measure is down 0.48% year over year. This is a county for buyers who can verify property-level rent durability and costs, not those relying on a broad price rebound; the rent measure supports a yield screen but does not establish net cash flow.
HUD’s two-bedroom Fair Market Rent of $1,405 is a payment standard, not an asking-rent estimate, so it must not substitute for measured market rent or produce a different yield. A 0.60% effective property-tax rate is a known carrying-cost claim before insurance, maintenance, vacancy and financing; figures for those items are not published. FHFA’s 2025 repeat-transaction HPI rose 0.47% over its annual observation and 49.83% cumulatively over five years. It is an index rather than a home value and has a different vintage and method from Zillow, so the measures should not be averaged.
At county workplaces, QCEW’s 2025 annual covered employment was essentially flat, while average weekly covered wage rose 4.77%; this is neither resident employment nor an unemployment reading. Manufacturing is the largest disclosed private supersector, so tenant exposure still needs employer and location review. Tax-return migration showed a net inflow of 29 households and incoming movers had higher average AGI than outgoing movers, a limited positive demand clue rather than proof of tenant demand. Investors represented 13.75% of 371 purchase mortgages, indicating identifiable non-owner competition but not the purchase price or rental strategy of those buyers.
Risk can overturn the income screen: inland flood is the dominant hazard, and modeled climate loss equals 0.34% of building value expected annually; it is a county-level model, not a site quote or a dollar loss calculation. Realtor.com MLS listing price, active-listing, days-on-market and reduction data are not published, preventing a read on visible supply, asking-price concessions and marketing time. Underwriting also lacks vacancy, lease terms, operating expenses, flood-insurance quotes, elevation and property condition; without them, net yield and flood-adjusted carrying cost cannot be concluded.