Upland’s current Zillow ZHVI, its typical city home value, is $823,280, while Zillow ZORI, its typical observed market rent, is $2,408 a month. Annualized ZORI relative to ZHVI yields a 3.5% gross yield before operating costs. At 7.8x median household income, the price-to-income measure frames ownership affordability at the city level; it does not establish a buyer’s borrowing capacity.
The city has 28,280 housing units. Of 27,402 occupied units, 57.1% are owner occupied and 42.9% are renter occupied. The ACS reports a $2,029 median gross rent for renter-occupied homes and a $739,400 median value for owner-occupied homes; gross rent includes contract rent and selected utilities. These survey measures differ from Upland’s $2,408 Zillow observed market rent and $823,280 Zillow typical home value, so they should not be averaged or treated as the same period.
Among renter households, 52.4% meet the ACS 30%-or-more rent-burden measure. Single-family units make up 66.6% of city units, and large-multifamily units make up 12.0%. The citywide vacancy rate is 3.1%, and 32.3% of vacant units are classified for rent; these ACS vacancy-reason shares do not identify investable availability or a particular unit’s lease-up. Population is 3.5% above the baseline in overlapping ACS five-year vintages; it is not an annual rate, and boundary changes may affect the comparison. Median household income is $105,830, while poverty is 9.3% and unemployment is 5.4%; these are descriptive demand constraints, not evidence of causation.
San Bernardino County Realtor data show a 58-day median time on market and a 16.4% price-reduced share; this is county context, not an Upland measurement. The Riverside metro reports 4 months of supply, a metro market indicator rather than city inventory. The national Freddie Mac mortgage rate is 6.7%, a national financing benchmark rather than an individual loan quote.
Main limitations are that the city yield excludes taxes, insurance, repairs, management, vacancy loss and financing, while survey indicators are not parcel-level operating data. Before underwriting a property, verify its asking price, attainable rent and lease terms; inspect condition and deferred maintenance; confirm tax bills, insurance and hazard exposure; and review zoning, permits, occupancy, utilities and any rent or association restrictions. These checks can test a specific asset without converting city, county, metro or national context into a property conclusion.