Brown County’s tension is price momentum against unmeasured operating income. Zillow’s 2026-06 county median home value was $252,959, up 9.45% year over year, while the FHFA repeat-transaction HPI recorded a 5.83% annual gain in 2025. These are different methods and vintages, not a combined appreciation rate; together they support positive price direction but not a sale-price conclusion. Buyers requiring current cash-flow support should investigate lease comparables before relying on value momentum.
No county market asking rent is published, so gross yield cannot be computed. HUD’s two-bedroom FMR is a payment standard, not market rent, and cannot supply a yield. The 1.03% effective property-tax rate and $1,976 median annual tax provide only a partial carrying-cost screen against the Zillow value; insurance, maintenance, financing, and target-property tax bills are not published. This is a price-and-cost review rather than a rent-supported underwriting case.
Realtor.com’s 2026-06 MLS evidence shows 36 active listings. Its pending-to-active ratio was 108.45%, a listing-pipeline measure rather than proof of completed buyer demand; 11.17% of listings had price reductions, a visible seller-concession marker. Investor purchases accounted for 7.46% of 268 purchases, indicating some non-owner competition but not market control. These are active-listing signals, not closed-sale prices. Contract terms, closed comparables, and property-type inventory are needed before treating the listing set as transaction demand.
County workplace conditions are modestly improving: QCEW reports 13,328 annual covered jobs, up 0.81%, with a $1,089 average weekly covered-worker wage, up 2.16%; Trade, transportation, and utilities is the largest disclosed private supersector. This is workplace coverage, not resident employment or unemployment. Net migration was negative 91 tax-return households, and outmovers’ average AGI was $1,050 above entrants’, a household-mix caution rather than a demand forecast. Inland flood is the dominant hazard; modeled annual climate loss equals 0.13% of building value. Flood insurance, elevation, loss history, lease comparables, and property-specific tax bills remain necessary to assess net income and hazard-adjusted returns.