Boone County presents an income-versus-liquidity decision, not a clean appreciation story. Zillow's county measure shows a median home value of $337,133 and median asking rent of $1,425 per month, producing a 5.07% gross yield before costs. Rent growth of 4.20% exceeds price growth of 2.50%, which supports an income-oriented screen, but the spread should not be treated as durable. Investigate this setup if targeting cash flow; be cautious if the thesis depends on strong migration or easy resale.
That rent is measured market asking rent, not HUD support: the two-bedroom FMR is $1,160, and market rent is 122.80% of it. The gap is useful context, not proof tenants can pay or units qualify. FHFA's separate repeat-transaction index records 3.83% annual growth; it is not a home value and must not be averaged with Zillow's price change. Carrying costs matter: effective property tax is 0.85%. Realtor.com evidence is listing-market evidence: active listings rose 8.11%, and 23.82% of listings had price reductions, consistent with more seller flexibility but not proof of closed-sale weakness.
Demand evidence is mixed. QCEW shows growth in annual covered jobs and average weekly covered-worker wages, but these are workplace jobs and wages, not resident employment or unemployment. The largest disclosed private supersector is Trade, transportation, and utilities; its share should not be read as the whole economy. Tax-return movers were nearly balanced, with net migration of -34 and a reported AGI gap of -$5,345 for inflows versus outflows. Buyer competition also needs calibration: investors supplied 14.70% of 2,177 purchase mortgages, a meaningful participant share but not control of total demand.
Underwriting should stop short of a countywide conclusion. Inland flood is the dominant hazard, while modeled annual building-value loss is 0.13%; that model is not parcel-specific insurance, elevation, drainage, or claim evidence. The record omits operating expenses, financing terms, vacancy, concessions, condition, insurance premiums, unit size, and submarket rent dispersion, so gross yield cannot establish net cash flow or debt coverage. Verify flood-zone and elevation data, insurance quotes, leases, achieved rents, tax treatment, and comparable closed sales. Test whether listing softness is concentrated in a submarket; county evidence cannot establish Columbia metro representativeness.