Rental market · Parsippany, NJ · Census-designated place
Parsippany, NJ: average rent, home values, and rental yield
Middle Atlantic · Population 21,869
Measured market data
Measured observations for Parsippany, shown as context beside the market score (none of it feeds the score), and the model weights are unchanged. These are different measurements from the Census figures in the factor table: the ACS median value is what owners report in a 5-year survey, while ZHVI is a monthly index of typical value; ACS median gross rent is what sitting tenants pay including utilities, while ZORI indexes asking rent on newly listed units. Neither corrects the other. Monthly series, revised in recent months, observed 2026-07, not live.
| Zillow asking-rent index (ZORI) | $2,825/mo |
|---|---|
| Market heat index | 134 |
| Share of listings with a price cut | 14.0% |
| For-sale inventory | 44 |
| New listings | 20 |
| Median list price | $777,265 |
| Measured 3-yr rent growth | 3.31%/yr |
Source: Zillow Economic Research public research data, observation month 2026-07. Zillow is not affiliated with, and does not endorse, Compounding Estates.
Price & rent history
Asking rent $2,226 → $2,825 (2021-12–2026-07)
Home value: no Zillow ZHVI series - Zillow does not cover this city (Census-only). Nothing plotted rather than estimated.
Source: Zillow ZHVI (home value) and ZORI (asking rent) - monthly resolution for the last ~10 years (since 2021-12), quarterly before that. Home value uses the left axis, rent the right; toggle either series, change the range, hover to read any point. Gaps in the source series are left as gaps - never interpolated.
ZIP markets in Parsippany
2 Census ZIP Codes (ZCTAs) officially overlap Parsippany by land area · 2 data-eligible for subscores. Overlap is Census land-area share, not a population or address share. Each ZIP Code's overall Rental Investor ZIP Score, grade and canonical national rank are shown below (the two component signals, affordability and rental market, are separate percentiles). There is no city-scoped ZIP rank: city overlap isn't a ranking universe, so only the national rank is shown. These ZIP rankings sit in the ZIP universe only, never mixed with, and not directly comparable to, Parsippany's city ranking. Vintage: the Key metric column below is Census ACS 2020–2024 (5-year), a full survey release newer than the ACS 2019–2023 figures used above for Parsippany itself, so the same measure can legitimately show a different number at the city and ZIP level.
| ZIP Code | Overallgrade · natl rank | Tier · overlap | Affordabilitysignal · natl rank | Rental marketsignal · natl rank | Key metric |
|---|---|---|---|---|---|
| 07054Parsippany | B 60#3,661 nat | RankedPrimary | 13#19,985 of 20,132 · bottom 1% | 73#1,394 of 20,132 · top 7% | 3.5%Survey yield |
| 07005Boonton | D 41#12,508 nat | Ranked7.7% overlap | 16#19,821 of 20,132 · bottom 2% | 53#8,391 of 20,132 · top 42% | 3.8%Survey yield |
Every factor, shown
The Overall score blends three category scores built from thirteen measured factors: Cash Flow (35%), Growth (35%), and Stability (30%). The table shows every factor; the tag on each percentile marks which category a scored factor feeds. Untagged factors are shown for context but not scored. Every value carries its source and as-of date. How the score works.
| Factor | Value | National percentile | Source · as-of | What it means |
|---|---|---|---|---|
| Expense-adjusted yield fallback | 3.8% | - | Census ACS · ACS 5-yr 2019-2023 | Annual rent divided by price, net of a modeled vacancy, tax, capex, and management allowance: the core of the Cash Flow category and what the score is actually computed from. The unadjusted gross yield is shown elsewhere on this page. |
| Price to income fallback | 5.3x | - | Census ACS · ACS 5-yr 2019-2023 | Home price over local median income. Lower is cheaper relative to what people earn. Part of the Cash Flow category. |
| Population growth | not measured | - | derived | Census population trend for the place, capped at 4.5%/yr before scoring (diminishing returns above that rate): the heaviest factor in the Growth category. |
| Job growth | 0.6%/yr | - | BLS LAUS (county) · BLS LAUS county annual 2019→2023 (pre-COVID anchor) + BLS LAUS county annual 2013→2023 | County employment trend, capped at 4.0%/yr before scoring (diminishing returns above that rate). A Growth-category factor. |
| Income growth | not measured | - | derived | Local median-income trend. A Growth-category factor. |
| Rent growth | 3.5%/yr | - | Zillow ZORI · 3yr to 2026-07-31 | A 40/60 blend of 3-year and 10-year rent trend (the model's own weighting). A Growth-category factor. |
| Home-value growth | not measured | - | derived | A 40/60 blend of 3-year and 10-year price trend (the model's own weighting). A small Growth-category factor. |
| Unemployment | 3.5% | - | BLS LAUS (county) · BLS LAUS county annual 2023 | County unemployment rate. Lower is steadier, a Stability-category factor. |
| Rental vacancy | 3.7% | - | Census ACS B25004 · ACS 5-yr 2019-2023 | Share of rentals empty. Lower means more pricing power. A Stability-category factor. |
| Property tax rate | 1.8% | - | Census ACS B25103/B25077 · ACS 5-yr 2019-2023 | Median tax over median value. A direct drag on cash flow, scored in the Stability category as carrying-cost burden. |
| Months of supply | 1.1 mo | - | Redfin Data Center · 2026-05-01 | Listings over sales pace. Under about 4 is a seller market, over 6 a buyer market. A Stability-category factor. |
| Days on market | 17 days | - | Redfin Data Center · 2026-05-01 | How fast homes sell. Lower means more liquidity and an easier exit. Shown for context, not scored. |
| Sale-to-list ratio | 103.0% | - | Redfin Data Center · 2026-05-01 | Sale price over asking. Above 100% means homes clear over ask. Shown for context, not scored. |
| Net domestic migration | -1.4/1k | - | Census PEP (county) · PEP vintage 2024 | Net people moving in or out of the county, per 1,000 residents. Shown for context, not scored. |
| Building permits | 23.9/1k | - | Census BPS (county) · BPS 2023 | New-construction permits per 1,000 homes. More means more supply coming. Shown for context, not scored. |
| Rent burden | 25% | - | Census ACS B25071 · ACS 5-yr 2019-2023 | Median rent as a share of income. Higher means less headroom for increases. Shown for context, not scored. |
| Median year built | 1968 | - | Census ACS B25035 · ACS 5-yr 2019-2023 | Age of the housing stock. Older stock carries more capex. Shown for context, not scored. |
| Max drawdown | not measured | - | derived | Worst peak-to-trough home-value decline on record. Shown for context, not scored. |
| Violent crime | not reported | - | FBI CDE | No agency reported this place to the FBI. We never impute a crime number; where it is missing, the Stability category renormalizes over its remaining factors. |
- † Job growth and unemployment are county-level (BLS LAUS, county FIPS 34027); large multi-county cities inherit their dominant county’s figures.
- Yield uses ACS median gross rent and home value (Census survey data, 2019–2023 average) because Zillow does not cover this city - not directly comparable to Zillow-based yields.
- Data flag: cashYield: ACS fallback (no Zillow rent+value).
- Data flag: rentGrowth: under 10yr of ZORI history - recent window only.
- Data flag: appreciation: missing.
- Data flag: popGrowth: missing (place not in PEP - CDP or unincorporated).
- Data flag: incomeGrowth: missing.
Related cities
Nearby in the New Jersey rankings · all New Jersey cities
Compare Parsippany head-to-head
Side by side, the three category scores plus every measured column with sources - the same shown math as this page.
Underwrite a Parsippany deal
For learning, not advice. A market screen from public data - not a forecast, not underwriting, not a recommendation to buy anywhere.