Passaic County, NJ

Passaic County’s underwriting tension is a $604,083 median home value against $2,298 median asking rent, producing a 4.56% gross yield before costs. Price grew 4.46% while rent grew 1.33%, so the entry price is moving faster than the income stream. Income-focused investors should investigate basis, taxes, and property condition rather than treat appreciation as a substitute for cash flow. FHFA’s separate repeat-transaction index rose 6.76%; it supports the appreciation direction but is not a home value and must not be blended with Zillow’s observation.

Market rent is published, but HUD’s $2,324 two-bedroom FMR is a payment standard, not asking-rent evidence; it neither replaces the market measure nor creates a yield estimate. The 2.18% effective property-tax rate and $10,001 median annual tax are central carry-cost checks: gross yield is before taxes, insurance, repairs, vacancy, financing, and flood costs. No property-level expenses, assessed value, insurance quote, or unit match are supplied, so net yield and cash flow cannot be computed.

Realtor.com’s 633 active listings were up 33.4%, while median marketing time was 31 days, up 26.53%. These are MLS supply and marketing-time measures, not closed-sale prices or proof of demand; verify comparable closings and concessions. Demand evidence is mixed: net migration was -2,879, and average AGI was $69,452 for movers in versus $71,058 for movers out. That outflow-income edge is less supportive of rent growth, but tax-return flows are not resident employment. Tenant turnover, lease renewals, and resident labor data remain missing.

Investor participation needs context: 366 investor purchase mortgages out of 3,149 total purchases equals the supplied 11.62% share. That shows participation, not all-buyer share or resale depth. Inland flood is the dominant hazard, and the modeled annual building-value loss ratio is 0.16%; it is not a property-specific insurance or remediation estimate. Next checks are flood-zone and elevation documents, claims and insurance availability, parcel taxes, closed-sale and rent comps, and a full operating statement. The county case is therefore selective and property-dependent, with income buyers needing particular caution.