Hamilton County, IN

Hamilton County presents a high-price, modest-yield tension. Zillow’s 2026-06 median home value is $471,244 and median asking rent is $1,837; the supplied gross yield is 4.68% before costs. An effective property-tax rate of 0.88% adds a known burden, while insurance, repairs, vacancy, financing, and capital-expenditure data are not published. The cautious buyer is a leveraged investor; anyone pursuing the income case should verify property-level costs and flood exposure. HUD’s two-bedroom FMR is $1,473, a payment standard—not market-rent evidence—and cannot replace measured asking rent.

Zillow’s price and rent changes were 2.74% and 2.72%, respectively, so rent growth did not widen the price-to-rent cushion. FHFA’s separate 2025 repeat-transaction HPI rose 4.83% year over year. It confirms appreciation direction, but is not a dollar home value and cannot be averaged with Zillow because the vintage and method differ. The case is yield-led: appreciation context does not replace operating cash flow, and achieved-rent, lease-up, and renewal evidence remains necessary.

Demand and buyer competition are mixed. Realtor.com’s MLS record shows 854 active listings; visible supply increased, marketing time lengthened, price reductions were common, and median listing price declined. These are asking-price, supply, marketing-time, and seller-concession signals—not closed-sale prices or proof of demand. Tax-return migration produced net inflow of 1,101 households, but average AGI was $98,449 for movers in versus $98,950 out. Inflow therefore lacks evidence of higher-income entrants. Investor mortgages were 7.99% of total purchases, indicating participation but not dominance. QCEW shows county-workplace covered jobs grew while average weekly wages fell; professional and business services is the largest disclosed private supersector, not the whole economy.

Risk limits are material. The modeled annual climate loss ratio is 0.12% of building value, and inland flood is the dominant hazard; this is modeled loss, not an insurance quote or property-specific flood determination. Missing parcel flood-zone and elevation data, insurance terms, claims, condition, rent roll, vacancy, closed sales, and full operating and financing costs prevent a net-cash-flow calculation, flood-adjusted expense load, and defensible sale-price conclusion. Next checks are property-level flood and insurance diligence, achieved-rent verification, comparable closed sales, and complete budgets. County evidence cannot establish that Hamilton County represents the Indianapolis metro.