Suffolk County

Suffolk County sits at a median home price of $738,589 against a median rent of $3,190, producing a gross rent-to-price ratio of 5.18%. That ratio is low by national standards, and the underwriting math confirms it: at 6.85% financing with 20% down, the monthly mortgage alone runs $3,872. Add estimated expenses of $1,116, and you're looking at negative cash flow of $1,798 per month on a leveraged acquisition. The cap rate of 3.37% tells the same story without leverage, meaning even an all-cash buyer earns less than 3.4 cents on the dollar before income taxes. On the cash-flow-versus-appreciation spectrum, Suffolk sits firmly at the appreciation end, though even that thesis is modest right now: home prices are up just 0.23% year-over-year. The overall score of 42 out of 100, landing at the 7th national percentile and 13th out of 14 Massachusetts counties, reflects all of this accurately.

The cash-flow buyer has no real business here at current prices and rates. A negative $1,798 monthly drag translates to a cash-on-cash return of -12.7%, which means you are writing a check every month and hoping appreciation bails you out. The appreciation buyer has a slightly more defensible case, given that Suffolk contains Boston, a market with persistent housing supply constraints and deep institutional demand drivers. But the 0.23% price appreciation over the past year should temper that thesis considerably. The investor most likely to find angle here is a value-add operator who can push rents meaningfully above the $3,190 median, or someone buying a mixed-use or multi-family asset where unit density changes the per-door math. Even then, the entry price is unforgiving. The affordability index of 9 out of 100 signals that tenants are also stretched, which limits how aggressively you can push rents without turnover risk.

The carry cost structure deserves attention on any Suffolk underwrite. At a state-average effective property tax rate of 1.23%, this is flagged as normal, which by Massachusetts standards is roughly accurate. Combined with insurance, you're looking at $917 per month in tax and insurance alone, a number that is already baked into the $1,116 expense estimate but worth isolating when stress-testing scenarios. One honest caveat: the 1.23% figure is a state-average estimate from Tax Foundation 2024, and actual rates at the city or township level within Suffolk can differ, sometimes materially. Boston's residential tax classification and potential exemptions add complexity that requires a parcel-level analysis before closing. Do not assume the state average applies to every zip code in the county.

Compared to its neighbors, Suffolk's rent-to-price ratio of 5.18% is the weakest in the peer group. Bristol County, at a median price of $524,317 and a ratio of 4.66%, actually shows a lower ratio in percentage terms but offers a far lower entry price, a higher overall score of 49, and meaningfully less capital at risk. Essex County at $698,257 and a 4.43% ratio also scores 46, lower than Suffolk's ratio but scoring higher overall. Norfolk County at 4.58% and Middlesex at 4.39% round out a peer group where Suffolk is the most expensive, the lowest-yielding, and the lowest-scoring across the board. If you are choosing between these markets for a buy-and-hold rental strategy, the numbers do not favor Suffolk over any of its neighbors on yield or affordability grounds. The only scenario where Suffolk wins the comparison is if you have a high conviction that Boston-core appreciation will reaccelerate and compress cap rates further, in which case you are making a speculative macro bet rather than an income investment. If that is not your thesis, Bristol or Essex give you more working room on the cash flow side at lower absolute capital commitments.