Steuben County presents an income-versus-durability tension: the published gross return is visible, but its rent trend does not support a simple growth thesis. Income-focused buyers should investigate property-level operating resilience; buyers depending on rent escalation should be cautious. In Zillow’s 2026-06 county observation, the median home value was $174,260 and median asking rent was $1,277 per month, with a published gross yield of 8.79% before expenses.
Zillow reports value growth of 5.43% and asking-rent decline of 0.40% in that observation, separating asset-price movement from current rent performance. Separately, FHFA’s annual 2025 repeat-transaction HPI increased 1.09%. It is an appreciation index, not a home value; it shows the same direction under a different method and vintage, and the measures should not be averaged. HUD’s two-bedroom FMR is a payment standard, not asking rent; market rent is 18.10% above it. The 2.46% effective property-tax rate is a carrying cost excluded from gross yield.
Realtor.com’s 2026-06 MLS snapshot shows 173 active listings and 43 median days on market. These are visible asking-market supply and marketing time—not closed-sale prices or standalone proof of buyer demand. Investor purchase mortgages were 66 of 757 purchases, or 8.72%, a limited measure of buyer competition that does not capture cash buyers or all ownership. Migration is also a demand check: net migration was minus 154 tax-return households, and movers leaving had average income $6,896 above movers arriving. Together, these indicators warrant submarket-level tenant and buyer verification rather than a countywide demand conclusion.
Risk review should start with inland flood: modeled annual building-value loss equals 0.14%, a county-level estimate rather than a parcel loss, insurance quote or claim history. QCEW’s 2025 annual workplace data show covered employment declined while the covered-worker average weekly wage rose; Education and health services is the largest disclosed private supersector, not the entire economy. Missing property-level flood zones, elevation, insurance, condition, vacancy, operating expenses, lease comps and closed-sale comps prevent testing net yield, insurability and exit pricing. Verify these by address and submarket.