Cambridge’s current Zillow ZHVI is $1,044,286 and ZORI is $3,598 monthly, implying a 4.1% gross yield before every operating cost. ZHVI is 8.0x ACS median household income, while annual ZORI equals 33.0% of that income, signaling a demanding entry price and substantial rent commitment. Over the reported annual comparison, ZHVI fell 1.5% and ZORI rose 2.9%; that combination improves the headline yield mechanically but does not establish property-level cash flow.
Citywide, renters occupy 66.5% of occupied units, and 9.8% of all housing units are vacant. ACS surveyed occupied housing reports a $1,092,100 median home value and $2,787 median gross rent, with gross rent including contract rent plus selected utilities. These ACS figures are not the same measures or period as Zillow: ZHVI is a typical city home value and ZORI a typical observed market rent. They should not be averaged or treated as quotes for a specific property.
ACS city context reports 45.0% of renter households at or above a rent burden of 30% of income. Large multifamily structures make up 36.5% of housing units and single-family structures 16.3%. Among vacant units, 29.3% were classified for rent; seasonal, for-sale and other reasons mean total vacancy does not measure available rental inventory. Population increased 1.9% between overlapping ACS vintages; the comparison is not annualized, and possible boundary changes remain. Median household income is $130,748, while poverty is 12.8% and unemployment 3.4%; these are descriptive demand constraints, not causes. These citywide shares cannot identify an investable unit or prove leasing speed.
In Middlesex County, county listings showed a median 35 days on market, while the county effective property-tax rate was 1.03%; these county measures do not describe Cambridge alone. The broader Boston metro reported jobs down 0.8% and 12,696 year-to-date permits; metro labor and supply context has different denominators from city housing measures. The national Freddie Mac 30-year mortgage rate was 6.58%, a national financing benchmark rather than a Cambridge borrowing quote.
The headline yield is unlevered and excludes vacancy, concessions, taxes, insurance, utilities, management, maintenance, capital work and transaction costs. Aggregate city, county, metro and national data cannot resolve a building’s condition, legal use, tenant terms or achievable rent. Next, verify the actual rent roll and leases, unit-level expenses, tax assessment, insurance and hazard terms, deferred maintenance, association obligations where relevant, financing quote and exit costs; then stress-test occupancy and repairs without treating citywide vacancy as a lease-up promise.