Hagerstown’s Zillow ZHVI is $307,383, and its ZORI is $1,442 a month. That pairing implies a 5.6% gross yield before vacancy, management, maintenance, insurance, taxes, utilities, capital work and financing. The typical value equals 5.89x ACS median household income, while annual ZORI equals 33.1% of that income. Those affordability markers signal limited household headroom; they do not establish achievable rent, expenses or returns for any property.
Citywide, 56.7% of occupied homes are renter-occupied, and 7.8% of all housing units are vacant. The ACS surveyed median home value is $224,500, and median gross rent is $1,114 including selected utilities. These occupied-housing measures differ in method and period from Zillow’s typical value and observed market rent, so they should not be blended or used interchangeably.
Direct city survey depth shows 51.6% of renters meeting the ACS rent-burden measure. The housing stock is 63.0% single-family and 6.7% large multifamily; among vacant units, 31.2% are classified for rent, alongside for-sale and seasonal reasons. These stock shares do not measure available investment inventory or guarantee leasing speed. Population was 43,665, up 8.7% between overlapping ACS vintages; this is not annualized and may reflect boundary changes. Median household income is $52,221, with 21.9% poverty and 7.2% unemployment. These citywide conditions are descriptive demand constraints, not proof of tenant quality or property performance.
At the county scope, Washington County listings had a median 41 days on market and 20.4% with price reductions, suggesting possible negotiation without measuring Hagerstown liquidity. Across the broader Hagerstown metro, jobs were down 0.17% year over year; the metro also had 2.9 months of supply and a 98.9% sale-to-list ratio. Those metro figures frame demand and resale conditions but do not measure the city. At the national scope, the Freddie Mac 30-year mortgage rate was 6.66%, framing financing conditions rather than a borrower quote.
Underwriting remains exposed to the gap between citywide indicators and an asset’s actual condition, rentability, expenses and financing. The gross yield is pre-cost, ACS and Zillow differ, and county, metro and national signals cannot resolve a specific property’s economics. Before acting, verify the asking price, leases, rent roll, occupancy, utility responsibility, property taxes, insurance and hazard terms, deferred maintenance, code and permit status, comparable rents and sales, financing quote, and a reserve-backed cash-flow model with vacancy and repair stress tests.