Sacramento County, CA

At county level, Sacramento presents an income-versus-price tension: a reported gross yield exists, but Zillow’s county value signal is negative. Buyers underwriting durable cash flow should investigate operating costs and flood exposure; buyers dependent on near-term price support should be cautious. In Zillow’s 2026-06 county reading, median home value was $532,703, down 1.78%, while median asking rent was $2,197 per month and reported gross yield was 4.95% before expenses.

That yield uses measured market asking rent, not HUD FMR; FMR is a payment standard, not an asking-rent estimate, and cannot replace rent in yield work. The 0.73% effective property-tax rate is a carrying-cost input, although assessed values, insurance, repairs and financing are not published. FHFA’s annual 2025 repeat-transaction HPI gained 0.57% over the year and 36.89% cumulatively over five years. It is a different-method, different-vintage check on Zillow’s decline, not a home value, and the series cannot be averaged.

QCEW’s 2025 annual covered workplace employment increased; its wage measure is an average for covered workers, not resident employment or unemployment. Education and health services is the largest disclosed private supersector, not the whole economy. Realtor.com’s 2026-06 data show active MLS supply, a median 40 days on market, and 19.78% of listings price-reduced. These are asking-market supply, marketing time and seller concessions, not closed prices or proof of buyer demand. Tax returns show net migration of -2,328; by calculation, inbound movers’ average income was 2.65% below outbound movers’. The reported investor share was 11.13% of 14,587 purchases, showing a measurable non-owner-occupant presence without identifying all buyer intent.

Modeled climate loss of 0.11% of building value per year aligns with inland flood as the dominant hazard, but county-level modeling cannot price parcel exposure. Verify flood zone, insurance terms and replacement-cost sensitivity. Missing property-level operating expenses, insurance quotes and financing terms prevent a net-yield or debt-service conclusion; missing property-type rent distributions, lease concessions and closed-sale comparables prevent testing rental fit and acquisition value.