The distinctive question for the five-digit market label 19124 is whether its comparatively modest current rent benchmark aligns with the household budget and unit type under consideration. The label is both a Zillow ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Zillow places the typical observed asking-rent index at $1,182 in June 2026, up 2.93% year over year. Annualizing that index produces a $47,280 required-income screen when rent is limited to 30% of income. Against the ACS median household income of $45,314, the same arithmetic yields a 31.30% asking-rent-to-income ratio. This is a broad screen, not advice, an applicant qualification rule or a statement about any listing.
Wider geography makes the ZIP benchmark look low, but those values remain context rather than substitutes. The Philadelphia city scope has a rent context of $1,813.93, while the Philadelphia County scope has a rent context of $1,814. The Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metro scope reports a rent context of $1,928, a rent-to-income measure of 25.35% and an apartment vacancy measure of 5.40%. The Philadelphia city and Philadelphia County renter-share contexts are also higher than the ZIP’s ACS renter share discussed below. These comparisons show geographic separation in the supplied measures; they do not establish why rents differ or imply that a specific property will price near any benchmark. The metro apartment vacancy measure also covers a different housing universe from the ZIP’s all-housing vacancy estimate.
The three principal rent sources answer different questions. Zillow’s $1,182 ZIP ZORI is a typical observed asking-rent index blended across rental types, not the recorded rent for every available home. The ACS 2024 five-year estimate places median gross rent at $1,124, with a margin of error of ±$64. That survey covers occupied renter homes and includes selected utilities, so the fact that ZORI is 5.16% higher should not be read as a direct change in the rent paid by the same homes. HUD’s FY2026 two-bedroom standard is $1,400, making ZORI 84.43% of that administrative benchmark. HUD FMR or SAFMR is bedroom-specific and programmatic; it is neither a market asking-rent index nor an ACS occupied-home median.
The bedroom ladder is useful for organizing a search, but every ZIP bedroom figure is modelled rather than measured. Scaling the blended ZIP ZORI with the local HUD ladder produces monthly estimates of $912 for a studio, $996 for one bedroom, $1,182 for two bedrooms, $1,418 for three bedrooms and $1,579 for four bedrooms. The method preserves the relative bedroom steps in the HUD schedule, whose endpoints run from $1,080 to $1,870, while anchoring the model to the ZIP-level ZORI. It does not observe bedroom-specific leases or listings inside the ZCTA. Differences in property condition, included utilities, fees, lease term and concessions can therefore place an actual unit above or below the corresponding estimate.
The physical stock and vacancy breakdown suggest that broad availability statistics need careful interpretation. The ACS estimates 27,337 housing units, of which 2,037 are vacant, for an all-housing vacancy rate of 7.45%. The stock includes 21,396 single-family units, far more than the 1,082 units in the supplied large-multifamily category, but those counts cover owner and renter housing together and do not describe the structure type of an available rental. Within the vacant inventory, 462 units are classified as for rent, 153 as for sale and 37 as seasonal. Those named categories account for only part of total vacancy, leaving other vacancy statuses in the survey. None of these counts demonstrates that a suitable unit is currently advertised or obtainable.
Income and renter indicators expose the more consequential tension. The ACS estimates 9,533 renter-occupied homes, equal to 37.68% of occupied housing. Among the renter households evaluated for burden, 5,764 are estimated to spend at least 30% of income on gross rent, a 60.46% observed burden share. Sampling uncertainty is material: the renter count carries a margin of error of ±962 homes, and the burdened count carries a margin of error of ±901. The ZIP median household income cited earlier covers households broadly rather than only renters, so it should not be treated as the income of a typical applicant. Likewise, the burden estimate describes surveyed occupied renter households; it cannot prove affordability, hardship or eligibility for a particular person or unit.
Decision limits begin with geography, timing and coverage. The current index, multiyear survey and fiscal-year administrative schedule are not synchronized observations, while the bedroom figures inherit both ZORI blending and HUD ladder assumptions. At the property level, confirm the advertised base rent, bedroom count, lease duration, required fees, deposits, concessions, utility responsibilities and whether quoted terms apply for the full lease. Check the address against the statistical boundary used by the data, then verify its USPS delivery ZIP separately. If a HUD standard matters, confirm the applicable program geography and current administrative schedule rather than relying only on the modelled ladder. Finally, compare documented recurring housing cost with the household’s own verified income and the property’s actual screening policy; the packet does not establish approval, availability or future rent changes.
","findings":[{"body":"At $1,182 per month, ZIP ZORI implies $47,280 in annual income under the 30% arithmetic screen. That is above the ACS median household income of $45,314, producing a 31.30% ratio. The comparison is informative but imperfect because the income median covers households generally, while ZORI is a blended asking-rent index. It is not an applicant-level affordability determination.","title":"Current asking rent narrowly exceeds the broad income screen"},{"body":"ZORI is 5.16% above the ACS median gross rent and 15.57% below the HUD two-bedroom standard. Those gaps should not be merged into one market-price range: Zillow tracks typical observed asking rent across rental types, ACS surveys occupied renter homes with selected utilities, and HUD supplies an administrative bedroom-specific standard. Each measure has a separate population, purpose and timing.","title":"Rent sources remain directionally distinct"},{"body":"The modelled ladder spans $912 for a studio through $1,579 for four bedrooms, with the two-bedroom estimate anchored at the $1,182 ZIP ZORI. It applies the local HUD bedroom relationships rather than measuring ZIP listings by bedroom. Actual rents may differ because the packet contains no property-level information on condition, utilities, fees, concessions or lease terms.","title":"Bedroom figures are search benchmarks, not observations"},{"body":"Renters account for 37.68% of occupied housing in the ZCTA, below the Philadelphia city and Philadelphia County contexts. Yet 60.46% of evaluated renter households are estimated to have gross-rent burdens at or above 30%, exceeding both wider contexts. The ACS margins of error are substantial, and the result describes surveyed households collectively rather than proving the circumstances of any current applicant or available unit.","title":"Burden is high despite a lower renter presence"}],"risks":["The Zillow ZIP identifier and Census ZCTA are matched analytical geographies, but a ZCTA is not identical to a USPS delivery ZIP; address-level boundary verification remains necessary.","ZORI, ACS median gross rent and HUD FMR or SAFMR differ in timing, coverage and purpose, so combining them into a single supposed market rent would be misleading.","Bedroom estimates inherit a blended ZIP asking-rent anchor and an administrative HUD ladder; they do not capture actual bedroom-specific listings, leases, utilities, fees or concessions.","ACS renter and burden estimates carry sizable sampling margins of error, while vacancy classifications do not establish that a suitable rental is advertised, available or attainable."],"qa":[{"a":"No. It is Zillow ZORI, a typical observed asking-rent index blended across rental types for the ZIP market identifier. A particular property may differ because of bedroom count, structure, condition, utilities, fees, concessions and lease terms, none of which the ZIP index measures at the individual-unit level.","q":"Is $1,182 the expected rent for every rental in 19124?"},{"a":"The measures cover different evidence universes. ACS surveys occupied renter homes over five years and gross rent includes selected utilities. Zillow tracks typical observed asking rent and is current to the stated month. The 5.16% gap therefore is not a same-home rent increase or a direct market-versus-paid-rent adjustment.","q":"Why is the ACS median gross rent lower than Zillow ZORI?"},{"a":"No. The bedroom amounts are modelled estimates created by scaling ZIP ZORI with the local HUD bedroom ladder. HUD supplies administrative relationships by bedroom count, not observed asking rents. Use the estimates as comparison points, then verify actual advertised rent, fees, utilities, concessions and lease duration.","q":"Can the bedroom ladder be used as measured rent by unit size?"},{"a":"No. It is an ACS estimate describing the share of evaluated occupied renter households whose gross rent reaches at least 30% of income. It carries survey uncertainty and is not a screening policy. Qualification depends on the property’s actual rules and the applicant’s documented income, obligations and housing costs.","q":"Does the 60.46% rent-burden share determine whether a household qualifies?"}],"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":"2016-05-01","rent":679.317814},{"period":"2016-06-01","rent":679.025513},{"period":"2016-07-01","rent":691.974631},{"period":"2016-08-01","rent":712.644431},{"period":"2016-09-01","rent":722.237333},{"period":"2016-10-01","rent":713.884551},{"period":"2016-11-01","rent":716.971018},{"period":"2016-12-01","rent":721.966716},{"period":"2017-01-01","rent":721.711576},{"period":"2017-02-01","rent":726.467748},{"period":"2017-03-01","rent":722.72755},{"period":"2017-04-01","rent":722.193772},{"period":"2017-05-01","rent":726.952863},{"period":"2017-06-01","rent":727.19239},{"period":"2017-07-01","rent":739.382989},{"period":"2017-08-01","rent":729.087862},{"period":"2017-09-01","rent":730.903931},{"period":"2017-10-01","rent":724.380773},{"period":"2017-11-01","rent":728.669231},{"period":"2017-12-01","rent":731.825353},{"period":"2018-01-01","rent":732.883056},{"period":"2018-02-01","rent":734.27891},{"period":"2018-03-01","rent":735.548399},{"period":"2018-04-01","rent":743.018654},{"period":"2018-05-01","rent":747.910636},{"period":"2018-06-01","rent":748.36133},{"period":"2018-07-01","rent":736.532092},{"period":"2018-08-01","rent":739.138566},{"period":"2018-09-01","rent":743.621538},{"period":"2018-10-01","rent":764.632554},{"period":"2018-11-01","rent":765.163966},{"period":"2018-12-01","rent":766.79534},{"period":"2019-01-01","rent":768.57928},{"period":"2019-02-01","rent":770.172583},{"period":"2019-03-01","rent":776.87842},{"period":"2019-04-01","rent":779.99997},{"period":"2019-05-01","rent":782.128357},{"period":"2019-06-01","rent":788.878527},{"period":"2019-07-01","rent":796.917677},{"period":"2019-08-01","rent":803.157371},{"period":"2019-09-01","rent":803.417603},{"period":"2019-10-01","rent":797.460695},{"period":"2019-11-01","rent":800.795566},{"period":"2019-12-01","rent":803.777425},{"period":"2020-01-01","rent":808.451127},{"period":"2020-02-01","rent":812.331951},{"period":"2020-03-01","rent":814.15499},{"period":"2020-04-01","rent":829.760049},{"period":"2020-05-01","rent":847.810276},{"period":"2020-06-01","rent":854.163035},{"period":"2020-07-01","rent":871.07104},{"period":"2020-08-01","rent":860.172642},{"period":"2020-09-01","rent":867.548385},{"period":"2020-10-01","rent":850.721825},{"period":"2020-11-01","rent":859.484091},{"period":"2020-12-01","rent":875.253169},{"period":"2021-01-01","rent":889.100741},{"period":"2021-02-01","rent":897.58453},{"period":"2021-03-01","rent":887.007111},{"period":"2021-04-01","rent":883.441522},{"period":"2021-05-01","rent":886.647189},{"period":"2021-06-01","rent":903.652606},{"period":"2021-07-01","rent":920.966834},{"period":"2021-08-01","rent":931.645235},{"period":"2021-09-01","rent":933.984064},{"period":"2021-10-01","rent":925.174598},{"period":"2021-11-01","rent":920.531304},{"period":"2021-12-01","rent":903.441806},{"period":"2022-01-01","rent":913.118314},{"period":"2022-02-01","rent":919.279675},{"period":"2022-03-01","rent":949.006266},{"period":"2022-04-01","rent":970.967132},{"period":"2022-05-01","rent":978.379306},{"period":"2022-06-01","rent":970.230002},{"period":"2022-07-01","rent":962.392736},{"period":"2022-08-01","rent":970.519363},{"period":"2022-09-01","rent":979.552938},{"period":"2022-10-01","rent":993.057131},{"period":"2022-11-01","rent":998.690913},{"period":"2022-12-01","rent":1011.916537},{"period":"2023-01-01","rent":1015.670538},{"period":"2023-02-01","rent":1017.960474},{"period":"2023-03-01","rent":1019.99467},{"period":"2023-04-01","rent":1007.145954},{"period":"2023-05-01","rent":1013.009381},{"period":"2023-06-01","rent":1018.011145},{"period":"2023-07-01","rent":1019.517177},{"period":"2023-08-01","rent":1034.277593},{"period":"2023-09-01","rent":1043.22712},{"period":"2023-10-01","rent":1071.32891},{"period":"2023-11-01","rent":1079.921015},{"period":"2023-12-01","rent":1100.819216},{"period":"2024-01-01","rent":1100.283019},{"period":"2024-02-01","rent":1106.709397},{"period":"2024-03-01","rent":1093.516195},{"period":"2024-04-01","rent":1097.904543},{"period":"2024-05-01","rent":1088.124242},{"period":"2024-06-01","rent":1096.297034},{"period":"2024-07-01","rent":1104.207496},{"period":"2024-08-01","rent":1108.804737},{"period":"2024-09-01","rent":1103.910052},{"period":"2024-10-01","rent":1113.509609},{"period":"2024-11-01","rent":1123.601751},{"period":"2024-12-01","rent":1140.092908},{"period":"2025-01-01","rent":1129.334706},{"period":"2025-02-01","rent":1145.774571},{"period":"2025-03-01","rent":1132.20684},{"period":"2025-04-01","rent":1143.461953},{"period":"2025-05-01","rent":1137.677447},{"period":"2025-06-01","rent":1147.965847},{"period":"2025-07-01","rent":1150.90343},{"period":"2025-08-01","rent":1146.351736},{"period":"2025-09-01","rent":1152.874727},{"period":"2025-10-01","rent":1138.000175},{"period":"2025-11-01","rent":1135.19635},{"period":"2025-12-01","rent":1120.932521},{"period":"2026-01-01","rent":1138.956205},{"period":"2026-02-01","rent":1134.087615},{"period":"2026-03-01","rent":1160.327105},{"period":"2026-04-01","rent":1163.135176},{"period":"2026-05-01","rent":1182.478037},{"period":"2026-06-01","rent":1181.61859}],"historySummary":{"pointCount":122,"firstPeriod":"2016-05-01","latestPeriod":"2026-06-01","coverageMonths":122,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1147.965847,"endRent":1181.61859,"change":0.029315108187186523,"cagr":0.029315108187186523},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1018.011145,"endRent":1181.61859,"change":0.16071282304085188,"cagr":0.05093275332991376},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":903.652606,"endRent":1181.61859,"change":0.30760270280236446,"cagr":0.05510373865450702}},"maxDrawdown":-0.032701048312533065,"annualizedVolatility":0.035776632138616614,"consecutiveReturnCount":121}}