New York, NY
New York merits investigation by well-capitalized buyers who can accept a modest headline yield and underwrite flood exposure property by property.
Why this market scores where it does
Written from the figures on this page and then checked against them: every number below had to appear in the source record or recompute from two that did, or the text was rewritten.
New York merits investigation by well-capitalized buyers who can accept a modest headline yield and underwrite flood exposure property by property. Buyers dependent on strong near-term job expansion, easy affordability, or positive migration should avoid treating broad rent growth as sufficient support.
The opportunity is rent momentum: asking rent rose 4.53%, ahead of the 4.08% increase in home value, while gross yield was 5.83%. Limited construction intensity may also restrain competitive additions, although the permit record does not identify where or when units will become available.
The risks are demanding. A $735,003 median value equals 7.41 times median income, and rent absorbs 43.25% of income. Employment grew just 0.06%, while 260,980 households moved out versus 182,693 moving in. Inland flood is the dominant hazard, requiring asset-level insurance, loss, and mitigation checks.
Frequently Asked Investor Questions
Does current rent growth exceed home-value growth?
What does migration show about household and income flows?
How much investor participation is visible in purchases?
Investor Quick Takeaways
Computed from the current Zillow rent and home-value medians.
Zillow ZORI rent growth trend over trailing 12 months.
Originated investment purchase share (CFPB HMDA).
Annualized loss ratio evaluated for flood & hurricane risk.
Test the market, then test the deal
Keep New York as the starting point or move into a more specific property and rent check.
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 46 | 30% | 13.80 |
| Rent trend | 67 | 25% | 16.75 |
| Affordability | 1 | 15% | 0.15 |
| Supply pressure | 36 | 15% | 5.40 |
| Climate risk | 78 | 15% | 11.70 |
| Published score | 48 | ||
Job growth of 0.06% -> current employment momentum offers little support for aggressive rent or occupancy assumptions.
Asking-rent growth of 4.53% -> recent rent momentum is favorable, but buyers should test whether it holds at the specific property and unit type.
A 7.41 price-to-income ratio and 43.25% rent-to-income burden -> acquisition pricing is high relative to resident resources, limiting room for rent increases without tenant-pressure risk.
Permitting of 2.94 per 1,000 residents -> construction intensity appears limited, though the record does not show submarket location, timing, tenure, or unit mix.
An annual climate loss ratio of 0.1085%, with inland flood dominant -> modeled aggregate loss is measurable, but parcel exposure, insurance cost, and mitigation needs require separate review.
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Employment growth remains weak, leaving little labor-market momentum to support occupancy or further rent gains.
- Net migration is negative, and outbound movers have higher average income than inbound movers, which could weaken the tenant and buyer mix.
- High acquisition prices and heavy rent burdens may compress returns or limit landlords' ability to raise rents.
Move from the metro average to local evidence
County pages carry tax, migration, listing and hazard records. City pages appear only where direct city price, rent and Census evidence pass the publication gate.
Metros that behave like New York
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Metro | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| New York, NY (Target) | 48 | $735k | $3,573 | 5.8% | ▲ 0.1% |
| Los Angeles, CA | 25 | $968k | $2,927 | 3.6% | ▼ 0.1% |
| Boston, MA | 35 | $747k | $3,210 | 5.2% | ▼ 0.8% |
| Riverside, CA | 35 | $586k | $2,539 | 5.2% | ▲ 0.5% |
| Philadelphia, PA | 59 | $395k | $1,928 | 5.9% | ▲ 0.3% |
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income | direct | ACS 2024 5-year | 2026-07-26 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2025 vs 2024 | 2026-07-31 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI 2025 | 2026-07-28 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-23 | 2026-07-27 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-07-27 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-07-26 |