Livingston County

Livingston County's gross rent-to-price ratio sits at 9.04%, which places it squarely in cash-flow territory for upstate New York. The median home price of $247,627 against a median rent of $1,865 produces a cap rate of 5.87%, a figure that competes well against most of the state. The 4.0% year-over-year home price appreciation adds a meaningful appreciation component on top, making this a dual-thesis market rather than a pure cash-flow play. That said, the standard underwrite at 6.85% financing tells a candid story: a 20% down payment leaves you with an estimated monthly cash flow of negative $86 and a cash-on-cash return of -1.81%. The cap rate of 5.87% is real, but the financing gap between that rate and the current cost of debt is what's compressing levered returns, a condition that applies across most US markets right now, not just Livingston.

The investor who fits this market best is one running one of two playbooks. The first is a lower-leverage or all-cash buyer for whom the 5.87% cap rate lands as a genuine yield, sitting well above what a savings account or bond ladder was offering before recent rate shifts. The second is the value-add operator who can push rents above the $1,865 median through renovation, unit conversion, or operational improvement, since even a 10-15% rent lift on the underwrite moves the cash-on-cash into positive territory at current rates. An appreciation-only buyer finds support in the 4.0% price growth and the affordability index of 77, which suggests there is still room to run before prices become demand-constraining, but should not expect this market to behave like a coastal growth corridor. The overall score of 76, the cash-flow score of 90, and the top state ranking out of 62 New York counties all point to Livingston as the sharpest pencil in the upstate box.

The stability score of 50 is the number that deserves the most attention on that scorecard. It is the weakest of the five metrics and flags concentration risk in a county of 61,980 people. Small population bases amplify the impact of any single employer reduction, enrollment decline, or demographic shift. No economic anchor data was provided for Livingston, so this analysis does not speculate on specific employers or industries driving local demand, but a buyer underwriting here should do primary research on the county's employment base before committing, particularly given that the stability score sits at the midpoint of the range.

The tax and insurance picture is a material line item. At a state-average effective property tax rate of 1.72%, an investor should budget $355 per month in property taxes on a $247,627 acquisition, plus $50 in insurance, for a combined monthly tax-and-insurance drag of $404. That figure is already baked into the $653 estimated monthly expenses, but it deserves its own line on your underwrite because New York's property tax burden is high enough to swing a deal. The 1.72% figure is a state-average estimate from the Tax Foundation's 2024 data, and the actual county or township rate in Livingston may differ, sometimes meaningfully. Pull the current assessment rolls before closing. At this rate, every $50,000 of assessed value costs roughly $860 annually, which means any value-add purchase where the improvement triggers a reassessment will reset your tax basis upward and compress the returns you modeled pre-renovation.

Comparing Livingston to its neighbors clarifies exactly where it earns its top state ranking. Broome County offers a slightly higher gross yield at 9.11% on a lower median price of $187,106 and the same overall score of 76, making it the closest competitor if pure yield on a cheaper asset base is the priority. Chemung County punches the highest raw yield in the peer group at 9.17% on a median price of only $151,982, but its overall score drops to 73, suggesting weaker appreciation or stability characteristics. Cattaraugus at 8.23% yield and a median of $158,795 scores 73 as well. Oneida County, with a 7.84% yield and a median of $225,470, scores 75. Livingston's differentiation is not that it offers the cheapest entry or the highest gross yield. It offers a combination of above-average yield (9.04%), the highest appreciation rate in the peer set (4.0%), a competitive price point relative to in-state metros, and the top overall score in New York. Choose Livingston over a neighbor when you want the most balanced risk-adjusted profile among upstate counties and are willing to stress-test the stability score through your own due diligence on local economic concentration.