ZIP 32208 presents a measured cross-market tension: Zillow’s June 2026 ZORI was $1,334 per month and rose 2.6% from a year earlier, while Redfin’s direct ZIP resale observation placed median sold price at $143,867, down 14.4% year over year. Annualized ZIP ZORI divided by that sold-price figure produces an 11.1% screening ratio. It is only a cross-source screen, not a cap rate, net return, expected return, or property yield. The contrast matters because steady asking-rent movement does not automatically align with a weakening resale-price measurement, and neither series establishes economics for any individual home.
The backward-looking Zillow rent history supports a stable but slower recent path. Exact same-month one-year growth was 2.6%, three-year annualized growth was 2.8%, and five-year annualized growth was 5.8%. Recent direction therefore continues upward rather than breaking from the longer path, but it is meaningfully cooler than the five-year pace. Monthly-return variability annualized to 2.7%, indicating limited observed month-to-month movement and supporting moderate confidence in the current rent snapshot. The deepest measured peak-to-trough decline was 1.4%, a relatively small historical setback. Coverage was 100%, and transparent national discovery ranks were 1,135 for momentum, 979 for stability, and 803 for balanced performance, where lower ranks are higher. These are descriptive history measures, not forecasts or investment recommendations.
The evidence sources answer different questions. This five-digit 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. The ACS 2024 five-year survey reports a $1,214 median gross rent for occupied renter homes, including selected utilities, with a $56 margin of error. That survey median sits 9.9% below the current ZORI, which is a typical observed asking-rent index blended across rental types. For wider context, the City of Jacksonville asking-rent measure was about $1,600, the Duval County context measure was $1,616, and the Jacksonville, FL metro context measure was $1,708. Those city, county, and metro figures are broader-geography context, not ZIP substitutes.
Bedroom figures should be read as modelled estimates rather than measured ZIP bedroom rents. Scaling the $1,334 ZIP ZORI with the local HUD bedroom ladder produces estimates of $1,086 for a studio, $1,113 for one bedroom, $1,334 for two bedrooms, $1,647 for three bedrooms, and $2,061 for four bedrooms. The local two-bedroom HUD standard is $1,450. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent, so the comparison does not prove that a listed two-bedroom rents at either figure. The ladder is useful for preserving local bedroom relationships, but it cannot identify a property’s condition, lease terms, utilities, concessions, or actual market asking price.
The income screen flags another tension between the current asking-rent index and area-wide household resources. Applying the mechanical 30% rent-to-income calculation to the ZORI produces required annual income of $53,360, compared with a ZCTA median household income of $41,324; the resulting asking-rent-to-income proxy is 38.7%. This is arithmetic only, not affordability advice or an applicant qualification rule. In the ACS renter survey, 3,356 of 5,763 renter households, or 58.2%, reported spending at least 30% of income on gross rent. That burden measure describes surveyed occupied renter households and cannot prove that a particular unit, renter, or lease is burdened.
Housing and vacancy data show a sizable but not unit-specific inventory base. The matched ZCTA had 32,699 residents, 15,027 housing units, 13,328 occupied units, and 1,699 vacant units, for an 11.3% vacancy rate. Of vacant units, 357 were classified for rent and 270 for sale. The housing stock is concentrated in single-family units, with a much smaller large-multifamily component. Renter occupancy represented 43.2% of occupied homes, compared with 42.4% in the City of Jacksonville context and 41.8% in Duval County context. These comparisons frame tenure and vacancy conditions at different geographies; vacancy categories do not establish availability, quality, pricing, or leaseability of any particular dwelling.
Redfin’s direct rolling-three-month ZIP resale evidence describes for-sale transactions, not rental transactions. It recorded 102 homes sold, a median 66 days on market, 331 active listings, and inventory of 178 homes. Months of supply stood at 5.3. Sale-to-list behavior was restrained: average sale-to-list was 93%, only 10.1% of sales closed above list, and 24.1% went off market within two weeks. Together with the lower median sold price, these resale signals challenge a simple reading of the positive rent history and elevated screening ratio. They suggest that the rent and resale observations should remain separate rather than being converted into a claim about current property return or tenant demand.
Several limits remain central. ZORI does not replace property-specific rental comparables, ACS is a five-year survey rather than a current asking-rent census, HUD standards are administrative benchmarks, and Redfin reflects resale activity only. A property-level review should verify the exact address and market boundary, bedroom count, current asking rent, included utilities, lease duration, availability date, concessions, and listing status. For a purchase or sale review, confirm the home’s actual sale record, list-price history, physical condition, and whether the observed Redfin market signals match the relevant property type. The key unresolved question is whether a specific property’s documented rent and resale facts align with these ZIP-level screens.
","findings":[{"body":"Current ZIP asking-rent evidence moved modestly higher, while the direct ZIP median sold-price observation moved lower. The resulting annualized-rent-to-sold-price screening ratio is mechanically high, but it combines separate source universes. It should be interpreted as a prompt for further property-level review, not as a property income measure or investment-return conclusion.","title":"Rent and resale signals diverge"},{"body":"Same-month Zillow history shows positive one-year, three-year, and five-year rent changes. The latest annual pace is below the longer five-year pace, indicating continued growth with reduced recent acceleration. Low measured variability and a shallow historical drawdown increase confidence that the current index is not an isolated monthly spike, while remaining entirely backward-looking.","title":"History is upward but less accelerated"},{"body":"The mechanical income needed to place current ZORI at a 30% rent share exceeds the reported ZCTA median household income. ACS also reports that a majority of renter households spend at least 30% of income on gross rent. These figures describe area-level arithmetic and survey responses, not qualification standards or proof of hardship for any specific renter.","title":"Income and burden measures are a cautionary context"},{"body":"Redfin’s ZIP resale record includes substantial recent sales activity but also a relatively lengthy marketing period, more than five months of supply, and average sales below list price. Those conditions are direct resale evidence only. They complicate any effort to infer rental demand, landlord economics, or future sale outcomes from the asking-rent index.","title":"Resale liquidity appears measured rather than rapid"}],"risks":["Zillow ZORI is a blended asking-rent index across rental types, so it cannot confirm the achievable rent, concessions, included utilities, or lease terms for a particular address.","ACS median gross rent and renter-burden results are five-year survey measures of occupied renter households, including selected utilities, and may differ materially from current advertised asking rents.","HUD FMR or SAFMR values are administrative bedroom standards rather than observed market rents, so the modelled bedroom ladder should not be treated as direct rental comparable evidence.","Redfin’s rolling-three-month ZIP resale data describe for-sale outcomes, not rental transactions; price, supply, and sale-to-list signals cannot establish a property’s rental performance."],"qa":[{"a":"They measure different universes. Zillow ZORI is a current typical observed asking-rent index blended across rental types, while ACS median gross rent is a five-year survey estimate for occupied renter homes and includes selected utilities. Timing, included costs, rental mix, and survey versus listing methodology can all create a difference.","q":"Why does the Zillow rent figure differ from the ACS median gross rent?"},{"a":"No. The studio through four-bedroom figures are modelled estimates created by scaling ZIP ZORI with the local HUD bedroom ladder. They preserve a local administrative bedroom relationship, but they are not measured bedroom rents, lease transactions, listing averages, or guarantees of the price for a specific unit.","q":"Are the bedroom rent figures direct observations for ZIP 32208?"},{"a":"No. The figure is a simple arithmetic screen that divides annualized asking rent by a 30% income share. It is not financial advice, an underwriting standard, a tenant-screening rule, or an applicant qualification decision. Actual affordability depends on household-specific income, debts, utilities, subsidies, and lease terms.","q":"Does the 30% required-income figure determine whether a renter can afford a home?"},{"a":"It does not measure investment performance. The ratio divides annualized ZIP ZORI by the ZIP median sold price from Redfin’s direct resale data. It excludes operating costs, taxes, insurance, financing, vacancy, maintenance, property condition, and transaction details. It is therefore a cross-source screening ratio, not a cap rate or return estimate.","q":"What does the Redfin screening ratio say about investment performance?"}],"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 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