ZIP 11230’s current rent reading needs to be separated from its for-sale reading before either can be interpreted. At the supplied Zillow endpoint, the Zillow Observed Rent Index, or ZORI, is $2,843 per month. ZORI is a ZIP-level typical observed asking-rent index that blends rental types, not a count of executed leases, a gross-rent survey measure, or a bedroom-specific quote. The five-digit label is both Zillow’s ZIP market identifier and the Census ZCTA match. A ZCTA is a statistical area constructed for Census reporting; it is not identical to a USPS delivery ZIP. That distinction matters because the rent index, survey profile, and administrative standards below answer different questions even where their labels match.
The direct Zillow ZIP ZORI history provides a backward-looking frame for the current index. The exact same-month change is 3.4% over one year, 2.5% annualized across three years, and 4.9% annualized across five years. Recent direction therefore confirms the longer upward path and has accelerated against the middle horizon, but it remains below the longer-horizon pace. The series contains 122 observations and 121 consecutive monthly returns, amounting to 100% stated coverage. Annualized monthly-return variability measures 3.1%, so one current rent snapshot merits measured rather than absolute confidence. Separately, the largest historical peak-to-trough decline was 7.7%, showing that the recorded path was not one-way. Transparent national discovery ranks among history-eligible ZIPs are 1,019 for momentum, 1,806 for stability, and 1,346 for the balanced measure, where a lower rank is stronger. These are descriptive measurements, not forecasts or investment recommendations.
Redfin’s direct rolling-three-month ZIP resale observation supplies the counterweight, but it is a for-sale measure rather than rental transactions. Median sold price was $519,883, down 17.5% year over year. It recorded 36 homes sold, 117 median days on market, inventory of 125 homes, and 10.5 months of supply. The average sale-to-list ratio was 94.3%, while 11.4% of sales closed above list. Those liquidity and pricing signals, together with the sale-price decline, challenge any simple inference from positive asking-rent history to broad resale strength; they neither confirm nor alter the separate income and burden screen. Annualized ZIP ZORI divided by median sold price is a 6.56% cross-source screening ratio only. It does not represent transaction, operating, financing, or property-specific economics.
The matched Census ZCTA tells a different renter-residency story. In the ACS 2024 five-year survey, median gross rent among occupied renter homes is $1,762, and gross rent includes selected utilities. It is a survey median rather than a current asking-rent index; the ZORI is 61.4% above it, a source-population and construction difference rather than a direct mismatch in identical leases. Renter-occupied homes account for 71.6% of occupied ZCTA housing. The stock includes 20,694 large-multifamily units and 5,456 single-family units, while the area-wide vacancy rate is 7.3%. Neither that vacancy measure nor the stock mix establishes current availability, price, or conditions for a particular unit.
The income screen adds pressure without diagnosing any household. The matched ZCTA ACS median household income is $70,027. Annualizing the ZIP ZORI and comparing it with that median produces a 48.7% asking-rent-to-income ratio. Applying a fixed 30% share-of-income rule to the index produces required income of $113,720. That screen is arithmetic, not advice and not an applicant qualification rule. Separately, ACS estimates that 53.6% of renter households devote at least the stated threshold of gross income to rent. Burden is an aggregate survey result: it cannot prove what any particular household pays, receives in utilities, or can afford in a specific unit.
Bedroom detail must be kept modelled. The FY2026 local HUD FMR/SAFMR two-bedroom standard is $2,616. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent. Scaling ZIP ZORI with the local HUD ladder produces modelled monthly ZIP estimates. From studios through four-bedroom homes, the modelled estimates are $2,062, $2,392, $2,843, $3,482, and $4,013 in ascending bedroom order. They are modelled estimates, never measured bedroom rents. The middle value equals the ZIP index by construction, so its relationship to the HUD standard cannot validate an individual listing, its condition, or its included charges.
Wide-area rent readings show why geographic scope also needs discipline. The New York city-context rent is about $4,133, the Kings County county-context rent is $3,808, and the New York-Newark-Jersey City, NY-NJ-PA metro-context rent is $3,573; all are wider-area contextual values, not ZIP readings. Each exceeds the local asking-rent index, but the comparison has no built-in adjustment for bedroom mix, utility treatment, unit condition, or lease terms. City, county, and metro values can frame the ZIP’s relative rent level, yet they cannot replace the ZIP ZORI, the matched ZCTA renter survey, or a property-specific asking price.
Limits run in both directions. ZORI is a blended asking-rent index, ACS is a survey of occupied renter homes, HUD is an administrative standard, and Redfin is an aggregate resale observation; none determines a particular unit’s all-in monthly charge or sale outcome. Relevant property-level evidence includes the advertised base rent, counted bedrooms, mandatory fees, utility responsibilities, lease term, availability date, property type, and documented condition. For a sale comparison, relevant records include the specific closed-sale date, sale price, list history, and transaction terms. The unresolved decision question is whether the specific unit’s verified terms and bedroom classification resemble the index benchmark without treating broader survey, standard, or resale figures as substitutes for those facts.
","findings":[{"body":"Same-month Zillow history is positive over each reported horizon, but the latest pace sits between the middle and longest horizons. Full coverage makes the recorded index sequence complete for its stated window. Still, monthly variation and the historical drawdown limit confidence in treating one current index reading as a permanent or unit-specific level.","title":"History is positive, not uniform"},{"body":"Median household income and rent-burden estimates are ZCTA-wide ACS survey measures, while ZORI is a current asking-rent index. The required-income calculation applies a fixed share of income to the index and excludes household composition, utilities, debt, and assets. It is therefore an arithmetic comparison, not a standard for tenant eligibility or an affordability determination for an individual household.","title":"The income screen is an aggregate comparison"},{"body":"The renter share and large-multifamily count describe aggregate ZCTA housing composition. The reported vacancy rate covers the area’s housing stock, not a catalog of units currently offered for rent. It cannot establish unit condition, availability date, rent concessions, occupancy eligibility, or whether a particular vacant home is a rental opportunity.","title":"Stock and vacancy do not identify an available unit"},{"body":"Redfin’s rolling ZIP resale data document for-sale activity, including the median sold price, selling pace, supply, and pricing signals. They are not rental comps and should not be combined with ZORI to infer a property’s expenses or transaction economics. The rent-price division is useful only as a cross-source screen because its numerator and denominator arise from separate market observations.","title":"Resale evidence is a separate market signal"}],"risks":["ZORI is a blended typical asking-rent index, so its monthly reading can differ materially from an individual unit’s bedroom count, utility treatment, lease terms, condition, fees, and current marketed availability.","ACS five-year ZCTA estimates are survey results for occupied renter homes and carry sampling uncertainty; their timing and gross-rent construction differ from Zillow’s ZIP asking-rent index.","HUD FMR/SAFMR standards are administrative bedroom benchmarks rather than asking rents. The ladder-scaled bedroom figures may diverge from actual listings because unit mix, quality, fees, and included utilities are unknown.","Redfin’s rolling three-month resale observation covers completed for-sale activity. Its prices, selling pace, inventory, and pricing signals cannot establish rental transactions, a property’s operating costs, or unit-level economics."],"qa":[{"a":"The report uses 11230 as Zillow’s ZIP market identifier and as the match for the Census ZCTA. The ZCTA is a Census statistical area designed for tabulation, whereas USPS delivery ZIPs serve mail delivery operations. Their boundaries and purposes are therefore not identical, so the geographic match supports comparison without making the two systems interchangeable.","q":"What does the ZIP/ZCTA match mean for 11230?"},{"a":"The sources observe different universes. ZORI is a typical ZIP asking-rent index blended across rental types. ACS is a five-year survey of occupied renter homes, and its gross-rent concept includes selected utilities. Differences can reflect timing, population, contract status, and construction; they do not show that one source is wrong or that a given unit rents at either figure.","q":"Why does ACS median gross rent differ from ZORI?"},{"a":"No. The bedroom series is created by scaling the ZIP ZORI with the local HUD ladder rather than by surveying listings or leases by bedroom count. Because the middle bedroom value is anchored to the ZIP index, agreement with that index is mechanical. The estimates cannot validate an individual listing, unit quality, fees, included utilities, or lease structure.","q":"Are the modelled bedroom estimates actual measured rents?"},{"a":"Keep the direct Redfin resale observation separate from Zillow rent evidence. Redfin describes completed for-sale activity and its liquidity and sale-to-list signals, while ZORI describes typical observed asking rent. The annualized ZORI-to-sold-price division is only a cross-source screening ratio; it cannot measure a specific property’s expenses, financing, transaction terms, or rental economics.","q":"How should the resale evidence be read alongside the rent index?"}],"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 — 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