Bronx County

Bronx County sits at a 4.37% cap rate and a gross rent-to-price ratio of 0.67%, which places it firmly in appreciation territory rather than cash-flow territory. At a $503,721 median purchase price and $2,822 in monthly rent, the numbers do not pencil for a leveraged buy-and-hold investor chasing immediate income. The model underwrite, using a 20% down payment at 6.85%, produces a monthly mortgage of $2,641, estimated expenses of $988, and a negative cash flow of $806 per month. Cash-on-cash return lands at -8.35%. The appreciation score of 88 out of 100 and a year-over-year home price gain of 5.8% tell you where the market's value proposition actually lives: long-term equity accumulation in a supply-constrained urban environment, not monthly distributions.

This market suits one investor profile almost exclusively: an appreciation buyer with patient capital, a strong balance sheet, and the ability to carry negative cash flow for several years. The affordability index of 28 out of 100 and a stability score of 50 are warning signs for anyone underwriting to break even or better at current financing rates. A cash-flow buyer should stop here and move on. A value-add operator might find isolated opportunity if they can acquire below the $503,721 median and force rent premiums through renovation, but the base-case numbers make that a narrow margin-of-safety trade. The appreciation score of 88 is the single most compelling figure in this dataset, and it is the only figure that justifies a serious look for buy-and-hold purposes.

The tax and insurance burden deserves its own line on any underwrite. At the New York state-average effective rate of 1.72%, which is a state-average estimate and actual county and township rates may differ, annual property taxes alone come to $8,664. Add $1,209 in annual insurance and the combined monthly tax and insurance load is $823. That $823 is a fixed drag before you account for mortgage service, maintenance, or vacancy, and at a 1.72% rate it is high enough to be a real underwriting consideration that can make or break a deal that otherwise looks marginal. New York's property tax environment is not a rounding error; it is a structural cost that separates viable acquisitions from money-losing ones at the individual asset level.

The concentration risk here is significant. The Bronx is a single-borough market inside New York City, meaning regulatory exposure is substantial: rent stabilization laws, tenant protections, and eviction procedures in New York City are among the most landlord-restrictive in the country. The data does not provide vacancy or crime statistics, so those factors cannot be quantified here, but any investor underwriting this market needs to build in legal and compliance costs that would not apply in most other US jurisdictions. The population of 1,443,229 supports rental demand at scale, but regulatory friction is a real friction cost that does not show up in the cap rate.

Against the provided neighbors, the Bronx's rent-to-price ratio of 0.67% is mid-pack. Sullivan County posts 0.70% and Suffolk County comes in at 0.70% as well, both slightly higher on gross yield. Sullivan County's median price of $308,598 means a materially lower capital requirement and less leverage risk, though its rent of $1,804 reflects a smaller and less liquid tenant pool. Suffolk County's median of $690,064 demands more capital but offers a similarly high yield and an overall score of 61, one point above the Bronx's 60. Dutchess County and Albany County both carry rent-to-price ratios in the 0.53% range, meaningfully weaker than the Bronx, making them harder to justify on yield grounds. Choose the Bronx over its neighbors specifically when your thesis is long-term urban appreciation and you have the capital structure to absorb negative carry, the New York City regulatory framework is a known and accepted risk, and you believe the 5.8% annual price appreciation continues to compound. If you need positive cash flow from day one, Sullivan County's lower basis and comparable yield ratio is the more honest starting point.