The central tension in 10024 is a current asking-rent level that remains elevated even as its recent pace is less forceful than its longer record. Zillow’s ZIP-level ZORI, a typical observed asking-rent index blended across rental types, stood at $4,362 in June 2026, up 8.4% on the exact same month a year earlier. The corresponding same-month annualized changes were 6.5% over three years and 9.3% over five years. Recent direction therefore confirms the broader upward path rather than breaking from it, but the latest one-year gain is below the longer five-year rate. The 10024 label is both Zillow’s ZIP market identifier and a Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP.
The ACS 2024 five-year estimate describes a different universe: occupied renter homes, surveyed across five years, with median gross rent including selected utilities. Its median gross rent was $3,041, placing the current Zillow asking-rent index 43.4% higher. That gap does not establish an error in either source; it reflects differing timing, rent concepts, housing mixes, and utility treatment. ACS also reports median household income of $181,560. Applying the 30% required-income screen to the current index produces $174,480 and an asking-rent-to-income ratio of 28.8%. This is arithmetic rather than advice, and it is not an applicant qualification rule or evidence of what any household can pay.
The bedroom view is a modelled extension of the ZIP index, not a set of measured bedroom rents. Scaling ZORI through the local HUD ladder produces monthly modelled estimates of $3,164, $3,670, $4,362, $5,343, and $6,157 from studio through the largest listed bedroom category. HUD’s two-bedroom FMR/SAFMR standard is $2,616, making the index-based two-bedroom estimate 66.7% higher. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent, so it is useful for the shape of the modelled ladder but cannot substitute for observed lease listings or building-level rental comparables.
Survey housing measures frame the rental base without proving availability at a particular property. Renter occupancy accounts for 62.9% of occupied homes, while 25,634 housing units are in large multifamily structures. The overall vacancy rate is 18.1%, including 1,759 homes classified vacant for rent; neither statistic demonstrates that a specific unit is vacant, rentable, or offered at the index level. Among renter households, 7,871, or 41.6%, report gross-rent burdens at or above the 30% threshold. The ACS estimates carry reported survey margins of error, and burden reflects household circumstances in occupied units, not the terms of an individual advertised apartment.
Broader figures provide context only and should not be treated as substitutes for ZIP evidence. New York City context rent was $4,133, New York County context rent was $4,833, and the New York-Newark-Jersey City, NY-NJ-PA metro context rent was $3,573. Thus, the ZIP index sits above the city and metro context figures while remaining below the county context figure. These city, county, and metro values are wider-geography comparisons, not ZIP rental comps; they do not alter the distinct asking-rent, ACS gross-rent, or HUD administrative standards already described.
The direct Redfin rolling-three-month ZIP resale observation belongs entirely to the for-sale market. It reports a $1,991,300 median sold price, up 25.6% year over year, with 125 homes sold and a median 84 days on market. Inventory was 194 homes and months of supply stood at 4.7. Average sale-to-list was 99.9%, while 22.2% of sales closed above list. These are resale liquidity, pricing, marketing-time, inventory, and sale-to-list signals rather than rental transactions. The strong sale-price change sits alongside a relatively extended marketing period and near-list execution, which tempers any simple reading that price appreciation alone reflects uniformly rapid resale conditions.
The rent history also argues for restraint in treating one current index reading as definitive. Monthly rent changes show 2.97% annualized variability, while the deepest historical index retreat reached 15.8%; the latter demonstrates that a generally rising longer path has still included a material pullback. Coverage was 99.3% across the available Zillow history, supporting the completeness of the backward-looking record but not making it predictive. Transparent national discovery ranks among history-eligible ZIPs were 61 for momentum, 1,568 for stability, and 256 for the balanced measure, where a lower rank is higher. The high-variability classification makes a current asking-rent snapshot more informative when read with its range of historical movement.
Annualized ZIP ZORI divided by the Redfin median sold price equals a 2.63% cross-source screening ratio. It is not a cap rate, net return, expected return, property yield, or property-level economic result because it excludes actual lease terms, expenses, financing, taxes, maintenance, and asset-specific sale evidence. The resale data challenge any attempt to translate the rental index directly into transaction economics, while the ACS burden and source gap challenge any claim that the asking index represents every renter’s payment. Relevant property-level checks include the advertised rent and concessions, lease term, utility treatment, exact bedroom configuration, condition, vacancy status, and sale record for the specific property under review.
","findings":[{"body":"Zillow’s ZIP-level asking-rent index is materially above the ACS median gross-rent estimate for occupied renter homes. The difference is decision-relevant, but it is not a direct contradiction: Zillow measures a current typical asking-rent index, whereas ACS surveys occupied households across a multi-year period and includes selected utilities. Comparisons should preserve those source boundaries.","title":"Current asking rent remains above survey gross rent"},{"body":"The latest same-month rent increase continues the ZIP’s positive one-, three-, and five-year history rather than reversing it. Yet the latest pace trails the five-year annualized result, and the record includes both monthly-return variability and a notable historical drawdown. That combination supports reading the current rent as a backward-looking market measurement with a meaningful historical range, not a forecast.","title":"Recent rent growth fits the longer path, with meaningful historical movement"},{"body":"Studio through larger-bedroom figures are modelled estimates created by applying the local HUD bedroom ladder to ZIP ZORI. They are useful for maintaining a consistent relative bedroom structure, but they are not observed bedroom-specific rents. HUD FMR/SAFMR itself is an administrative standard, so neither the HUD figures nor the scaled estimates replace unit-level asking-rent evidence.","title":"The bedroom ladder is modelled from administrative scaling"},{"body":"Redfin’s direct ZIP observation shows substantial year-over-year median sale-price growth, but it also reports extended marketing time, inventory, months of supply, and sale-to-list outcomes within the resale market. Those signals can be compared conceptually with rent data, but they are not rental comps. The annualized-rent-to-sale-price calculation remains only a cross-source screen.","title":"Resale strength does not convert into rental property economics"}],"risks":["Current Zillow asking rent, ACS gross rent, and HUD bedroom standards describe different populations, periods, and concepts. Treating them as interchangeable can overstate comparability and obscure utility, occupancy, and administrative-standard differences.","The ACS vacancy, renter-burden, and housing-stock measures are survey-based area aggregates with reported margins of error. They cannot establish the condition, availability, tenant profile, or affordability of any particular apartment.","The historical rent series is backward-looking and classified as high variability. A strong recent gain and a high momentum rank do not eliminate the relevance of the prior drawdown or make the series predictive.","Redfin resale observations concern homes that sold or were marketed for sale in the ZIP. Median sale price and sale-to-list signals do not provide operating costs, actual lease income, financing terms, or unit-specific economics."],"qa":[{"a":"The two values are not measuring the same rental universe. Zillow ZORI is a current ZIP-level typical observed asking-rent index blended across rental types. ACS median gross rent is a five-year survey estimate for occupied renter homes and includes selected utilities. Different timing, household tenure, rent concepts, and housing composition can produce a substantial gap without proving either source wrong.","q":"Why is the current Zillow rent higher than the ACS median gross-rent figure?"},{"a":"No. The bedroom figures are modelled monthly estimates created by scaling ZIP ZORI with the local HUD bedroom ladder. They preserve the relative structure implied by HUD’s administrative schedule, but they are not directly observed ZIP asking rents for specific bedroom counts. Unit listings, lease terms, utilities, concessions, and building condition would still determine any property-level comparison.","q":"Are the bedroom figures evidence of measured studio or larger-apartment rents?"},{"a":"It adds a separate view of direct ZIP resale conditions: sold-price movement, volume, marketing time, inventory, supply, and sale-to-list outcomes. Those figures help identify whether the for-sale market is moving in a way that confirms or complicates the rental picture. They do not describe rental transactions, landlord income, tenant demand, or the economics of a specific property.","q":"What does the Redfin information add to a rental-focused review?"},{"a":"The packet does not supply a specific unit’s advertised rent, concessions, lease duration, utility obligations, exact bedroom count, condition, availability, or sale record. It also lacks operating expenses, taxes, maintenance, financing, and property-specific transaction terms. Those items are necessary to distinguish an area-level index, survey result, administrative standard, or resale median from the facts of one property.","q":"What evidence is still needed for a property-level decision?"}],"sources":[{"key":"apartment_list_time_on_market","name":"Apartment List Time on Market — listing liquidity","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/category/data-rent-estimates"},{"key":"apartment_list_vacancy","name":"Apartment List Vacancy Index — rental vacancy","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/apartment-list-vacancy-index-methodology"},{"key":"census_zcta_facts","name":"Census ACS five-year — ZCTA housing and income","release":"ACS 2024 5-year ZCTA","pulledAt":"2026-08-08","url":"https://api.census.gov/data/2024/acs/acs5.html"},{"key":"hud_zip","name":"HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback","release":"ZIP-CBSA 2025Q4 + SAFMR FY2026","pulledAt":"2026-07-26","url":"https://www.huduser.gov/portal/datasets/usps_crosswalk.html"},{"key":"realtor_county","name":"Realtor.com Economic Research — county listing inventory","release":"county inventory 2026-06","pulledAt":"2026-07-28","url":"https://www.realtor.com/research/data/"},{"key":"redfin","name":"Redfin Data Center — inventory, days on market, and price cuts","release":"metro tracker through 2026-05-01","pulledAt":"2026-07-26","url":"https://www.redfin.com/news/data-center/"},{"key":"redfin_zip","name":"Redfin Data Center — ZIP resale activity and supply","release":"ZIP rolling 3 months through 2026-06-30; updated 2026-07-03","pulledAt":"2026-08-12","url":"https://www.redfin.com/news/data-center/"},{"key":"zillow_county","name":"Zillow ZHVI and ZORI — county values and rents","release":"county ZHVI/ZORI 2026-06","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori","name":"Zillow ZORI — metro market rents","release":"Metro_zori_uc_sfrcondomfr_sm_sa_month.csv","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_city","name":"Zillow ZORI — city market rents","release":"zillow_zori_city.csv","pulledAt":"2026-07-29","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_zip","name":"Zillow ZORI — ZIP market rents","release":"ZORI ZIP 2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2015-01-01","rent":2796.953198},{"period":"2015-02-01","rent":2807.01223},{"period":"2015-03-01","rent":2835.630102},{"period":"2015-04-01","rent":2855.948617},{"period":"2015-05-01","rent":2884.910154},{"period":"2015-06-01","rent":2878.005167},{"period":"2015-07-01","rent":2874.632813},{"period":"2015-08-01","rent":2880.318951},{"period":"2015-09-01","rent":2883.716163},{"period":"2015-10-01","rent":2900.457211},{"period":"2015-11-01","rent":2907.489308},{"period":"2015-12-01","rent":2934.883164},{"period":"2016-01-01","rent":2944.347022},{"period":"2016-02-01","rent":2944.86579},{"period":"2016-03-01","rent":2913.019979},{"period":"2016-04-01","rent":2902.651345},{"period":"2016-05-01","rent":2889.498318},{"period":"2016-06-01","rent":2904.501402},{"period":"2016-07-01","rent":2901.547771},{"period":"2016-08-01","rent":2904.429047},{"period":"2016-09-01","rent":2912.747341},{"period":"2016-10-01","rent":2916.716141},{"period":"2016-11-01","rent":2910.686159},{"period":"2016-12-01","rent":2885.647502},{"period":"2017-01-01","rent":2873.724085},{"period":"2017-02-01","rent":2879.894881},{"period":"2017-03-01","rent":2911.919889},{"period":"2017-04-01","rent":2917.595083},{"period":"2017-05-01","rent":2926.176114},{"period":"2017-06-01","rent":2919.865478},{"period":"2017-07-01","rent":2925.531792},{"period":"2017-08-01","rent":2924.919561},{"period":"2017-09-01","rent":2914.05285},{"period":"2017-10-01","rent":2907.920338},{"period":"2017-11-01","rent":2907.458946},{"period":"2017-12-01","rent":2922.975361},{"period":"2018-01-01","rent":2927.975907},{"period":"2018-02-01","rent":2934.915558},{"period":"2018-03-01","rent":2925.123769},{"period":"2018-04-01","rent":2933.310244},{"period":"2018-05-01","rent":2929.134217},{"period":"2018-06-01","rent":2936.202668},{"period":"2018-07-01","rent":2941.420805},{"period":"2018-08-01","rent":2954.323828},{"period":"2018-09-01","rent":2963.398876},{"period":"2018-10-01","rent":2961.253499},{"period":"2018-11-01","rent":2974.376253},{"period":"2018-12-01","rent":2985.995619},{"period":"2019-01-01","rent":2992.225248},{"period":"2019-02-01","rent":2992.650079},{"period":"2019-03-01","rent":3000.622052},{"period":"2019-04-01","rent":3004.105712},{"period":"2019-05-01","rent":3016.485469},{"period":"2019-06-01","rent":3023.339673},{"period":"2019-07-01","rent":3029.679288},{"period":"2019-08-01","rent":3032.208533},{"period":"2019-09-01","rent":3042.144911},{"period":"2019-10-01","rent":3059.406055},{"period":"2019-11-01","rent":3064.665897},{"period":"2019-12-01","rent":3066.948886},{"period":"2020-01-01","rent":3076.953771},{"period":"2020-02-01","rent":3087.723062},{"period":"2020-03-01","rent":3099.599646},{"period":"2020-05-01","rent":3001.249952},{"period":"2020-06-01","rent":2938.296427},{"period":"2020-07-01","rent":2887.99716},{"period":"2020-08-01","rent":2827.971247},{"period":"2020-09-01","rent":2769.473096},{"period":"2020-10-01","rent":2719.844916},{"period":"2020-11-01","rent":2664.583994},{"period":"2020-12-01","rent":2626.374857},{"period":"2021-01-01","rent":2610.96653},{"period":"2021-02-01","rent":2624.69023},{"period":"2021-03-01","rent":2645.032608},{"period":"2021-04-01","rent":2674.813554},{"period":"2021-05-01","rent":2732.952733},{"period":"2021-06-01","rent":2800.362636},{"period":"2021-07-01","rent":2873.294643},{"period":"2021-08-01","rent":2948.766595},{"period":"2021-09-01","rent":3011.812828},{"period":"2021-10-01","rent":3074.265716},{"period":"2021-11-01","rent":3151.835457},{"period":"2021-12-01","rent":3226.050392},{"period":"2022-01-01","rent":3274.134211},{"period":"2022-02-01","rent":3300.549032},{"period":"2022-03-01","rent":3345.8256},{"period":"2022-04-01","rent":3388.720698},{"period":"2022-05-01","rent":3400.116606},{"period":"2022-06-01","rent":3421.239739},{"period":"2022-07-01","rent":3453.414109},{"period":"2022-08-01","rent":3481.953759},{"period":"2022-09-01","rent":3508.722763},{"period":"2022-10-01","rent":3523.471882},{"period":"2022-11-01","rent":3538.917247},{"period":"2022-12-01","rent":3548.130927},{"period":"2023-01-01","rent":3546.192878},{"period":"2023-02-01","rent":3565.21783},{"period":"2023-03-01","rent":3546.310752},{"period":"2023-04-01","rent":3567.771395},{"period":"2023-05-01","rent":3587.072881},{"period":"2023-06-01","rent":3612.037321},{"period":"2023-07-01","rent":3616.323398},{"period":"2023-08-01","rent":3617.866303},{"period":"2023-09-01","rent":3659.91944},{"period":"2023-10-01","rent":3680.985139},{"period":"2023-11-01","rent":3702.816257},{"period":"2023-12-01","rent":3704.688278},{"period":"2024-01-01","rent":3730.969431},{"period":"2024-02-01","rent":3730.373222},{"period":"2024-03-01","rent":3759.852952},{"period":"2024-04-01","rent":3774.386142},{"period":"2024-05-01","rent":3811.012312},{"period":"2024-06-01","rent":3800.749265},{"period":"2024-07-01","rent":3789.053792},{"period":"2024-08-01","rent":3789.481091},{"period":"2024-09-01","rent":3788.125641},{"period":"2024-10-01","rent":3793.610981},{"period":"2024-11-01","rent":3786.06094},{"period":"2024-12-01","rent":3819.452859},{"period":"2025-01-01","rent":3870.963472},{"period":"2025-02-01","rent":3938.997138},{"period":"2025-03-01","rent":3967.221754},{"period":"2025-04-01","rent":3978.072653},{"period":"2025-05-01","rent":3975.532002},{"period":"2025-06-01","rent":4026.243849},{"period":"2025-07-01","rent":4081.429821},{"period":"2025-08-01","rent":4128.749665},{"period":"2025-09-01","rent":4156.896759},{"period":"2025-10-01","rent":4193.13466},{"period":"2025-11-01","rent":4238.993871},{"period":"2025-12-01","rent":4262.857454},{"period":"2026-01-01","rent":4261.995848},{"period":"2026-02-01","rent":4258.276272},{"period":"2026-03-01","rent":4279.551896},{"period":"2026-04-01","rent":4313.923574},{"period":"2026-05-01","rent":4348.699876},{"period":"2026-06-01","rent":4362.403405}],"historySummary":{"pointCount":137,"firstPeriod":"2015-01-01","latestPeriod":"2026-06-01","coverageMonths":138,"coverageRatio":0.9927536231884058,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":4026.243849,"endRent":4362.403405,"change":0.08349210048057376,"cagr":0.08349210048057376},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":3612.037321,"endRent":4362.403405,"change":0.20774040169448194,"cagr":0.06493850855982108},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":2800.362636,"endRent":4362.403405,"change":0.5577994610123773,"cagr":0.09270343884988863}},"maxDrawdown":-0.15764394496256173,"annualizedVolatility":0.029679325868150065,"consecutiveReturnCount":135}}