Concord’s Zillow ZHVI typical city home value is $459,761, and ZORI typical observed monthly market rent is $1,886. Their implied gross yield is 4.9%, before operating costs, vacancy, capital spending and financing. The home value equals 5.4x median household income, while annual ZORI equals 26.7% of that income. Those affordability comparisons use city Zillow amounts against ACS income, so they are screens rather than a household budget or property cash-flow result.
Citywide housing stock comprises 19,259 units, with 4.7% vacant and 43.2% of occupied units renter-occupied. The remaining occupied stock is owner-occupied, but tenure mix alone does not identify rentable supply. ACS occupied-housing measures report a $350,900 owner-reported median home value and $1,441 median gross rent, including contract rent plus selected utilities. They differ in definition and period from Zillow’s typical value and observed market rent, so gaps should not be read as appreciation, a discount or a blended valuation.
Direct city evidence shows 44.1% of renter households meet the ACS rent-burden threshold. Structure mix is 46.9% single-family and 15.9% large multifamily. ACS vacancy reasons classify 238 units for rent and 144 as seasonal; these categories are survey context, not available investment inventory or proof of leasing speed. Population is 44,375, up 2.6% between overlapping ACS five-year vintages; this is not an annual rate and may reflect boundary changes. Median household income is $84,902, poverty is 8.9% and unemployment is 4.1%; the latter two are descriptive demand constraints, not causes of rental performance.
Merrimack County context reports a county property-tax rate of 1.845% and county median market time of 34 days; neither establishes a parcel’s bill or city liquidity. Concord metro jobs are down 0.59% year over year, while metro supply is 2.5 months; these broader measures do not determine city outcomes. The national Freddie Mac 30-year mortgage rate is 6.66%, a national financing benchmark rather than a borrower quote.
The main underwriting limitation is that all city measures are aggregates, while wider evidence uses different geographies, periods and denominators. Before acting, verify property-level sale and rent comparables, current leases, parcel taxes, insurance, utilities, maintenance history, building systems, deferred capital work and hazard exposure. Then model turnover, vacancy, management, capital spending and financing terms, all excluded from the screened gross yield.