Kenosha County, WI

Kenosha County’s tension is a measurable gross-rent screen against carrying costs, flood, and exit liquidity. It merits investigation by landlords able to verify parcel flood exposure and tax bills, but caution when the thesis depends on appreciation or quick resale. In Zillow’s 2026-06 county observation, median home value was $338,784 and median asking rent was $1,715 monthly, producing a reported 6.07% gross yield before costs. This is market asking rent, not net cash flow or a closed-sale return.

Zillow’s values rose faster than asking rents, leaving the current rent-to-value relationship less supportive than price momentum alone. FHFA’s 2025 repeat-transaction HPI increased 5.35% annually, confirming positive direction but not a dollar home value. Its method and annual period differ from Zillow’s county observation, so the changes cannot be averaged. HUD FMR is a payment standard, not market rent, and cannot replace published asking rent in yield work. The effective property-tax rate is 1.57%, requiring parcel-specific verification.

Demand evidence is mixed. QCEW’s 2025 annual record shows 75,976 covered jobs at county workplaces, up 2.24%; Trade, transportation, and utilities is the largest disclosed private supersector. These are covered workplace jobs, not resident employment, unemployment, or a forecast. Tax-return migration had a net outflow of 157 households, and entrants’ average AGI was lower than leavers’; that weakens an in-migration-income narrative but does not establish tenant demand. In Realtor.com’s 2026-06 MLS listing market, active listings declined and 10.94% carried price reductions: visible supply and seller concessions, not closed-sale pricing or buyer demand. The record reports 152 investor purchases among 1,678 total purchases, a competition marker that excludes cash buyers and ownership.

Inland flood is the dominant hazard, and modeled annual climate loss equals 0.07% of building value; this county-level model is not a parcel loss estimate. Flood zone, elevation, insurance quotes, condition, and lease-level rent comparables are not published, preventing a property-specific hazard and revenue underwrite. Vacancy, operating expenses, debt terms, and parcel tax bills are absent, so net operating income and debt coverage cannot be determined. Sale comparables, transaction volume, and achieved-price data are also missing; MLS listings alone cannot establish exit value or liquidity.