Essex County presents a pricing-versus-carrying-cost tension: Zillow’s county median home value is $304,118, up 11.42% year over year, while the annual FHFA repeat-transaction HPI rose 0.95%. These are different methods and vintages: FHFA is an index, not a home value, so the figures neither form one growth rate nor establish a price trend. The county merits investigation by buyers able to validate address-level rent, taxes, and flood insurance; it warrants caution for anyone relying on the Zillow change as a durable repricing signal.
Published median asking rent is $1,200 monthly, and the supplied gross yield is 4.74% before costs. This is measured market rent, not HUD’s $1,185 two-bedroom FMR, which is a payment standard and cannot be used to infer asking rent. Against that gross-yield screen, the effective property-tax rate is 1.47%, with median annual tax of $3,119; these county figures sharpen carrying-cost review but do not provide tax for a particular parcel. Gross yield cannot establish net cash flow because vacancy, insurance, maintenance, financing, and property-level taxes are not published.
Realtor.com’s MLS listing-market evidence shows 281 active listings, a 73-day median marketing time, and an 11.47% price-reduced share. These are visible supply, asking-market time, and seller concessions—not closed-sale prices or standalone proof of buyer demand. Tax-return migration is narrowly positive, at 13 net moving households, and households moving in reported $7,620 more average AGI than those moving out. The combination supports scrutiny of buyer and tenant depth rather than a conclusion about broad demand. Investor purchase mortgages represented 11.21% of 339 purchases, showing participation but not its effect on prices or rents.
Inland flood is the dominant hazard, and modeled annual building-value loss is 0.14%; this is modeled exposure, not a realized loss or a parcel-level insurance quote. Flood zone, elevation, claims, insurance premiums, building condition, lease terms, vacancy, operating expenses, and closed-sale comparables are not published. Their absence prevents a net-income, resilience, and property-specific value conclusion. Verify parcel flood exposure and insurance, current achievable asking rent, tax bill, and transaction comparables before treating county averages as underwriting inputs.