For Des Moines, Zillow’s current typical home value is $213,036 and typical observed market rent is $1,121 a month. That pairing implies a 6.3% gross yield, calculated as annual ZORI divided by ZHVI and before taxes, insurance, maintenance, management, utilities, vacancy, and financing. The value rose 0.1% year over year while rent rose 2.9%. The value equals 3.2x city median household income, and annual ZORI equals 20.4% of that income; both are broad affordability screens, not a property cash-flow test.
The city contains 97,604 housing units, with a 7.7% citywide vacancy rate and renters occupying 39.5% of occupied units. ACS reports a $194,700 median value for occupied owner housing and $1,090 median gross rent, which includes contract rent plus selected utilities. Those ACS measures describe occupied housing and differ in concept and period from Zillow’s typical value and observed market rent; they should not be averaged or used interchangeably. Citywide vacancy also does not establish lease-up for a particular unit.
Among city renters, 48.8% met the rent-burden threshold of spending at least 30% of income on gross rent. Single-family structures make up 65.6% of city housing, versus 18.8% in large multifamily structures. Of vacant units, 25.2% were classified as for rent, a survey reason rather than available investment inventory. Population declined 1.5% between overlapping ACS five-year vintages; this is not annualized and could reflect boundary changes. Median household income is $65,932, while poverty is 15.0% and unemployment is 5.6%, descriptive constraints that cannot establish tenant quality, future demand, or property performance.
In Polk County, county listing context shows a 52-day median market time. In Warren County, county listing context shows 58 days; this separate county record also does not measure the city. The Des Moines metro recorded a 0.5% job decline and 2.6 months of supply, useful for employment and transaction-liquidity context but not city performance. National Freddie Mac financing context shows a 6.6% thirty-year mortgage rate, a benchmark rather than a borrower-specific quote.
The limitation is that city averages cannot reveal a target property’s achievable rent, physical condition, tenant turnover, or operating costs. Before underwriting, verify parcel-level rent comparables, lease terms, occupancy history, utility responsibility, inspection findings, deferred maintenance, and near-term capital work. Confirm the parcel’s county and actual tax bill rather than applying either county context generically. Obtain property-specific insurance and hazard terms, then size management, repairs, vacancy, reserves, and financing from quotes. Reconcile any asking price with unit-level income and an expense-supported net operating result.