June 2026 places ZIP 33433's Zillow Observed Rent Index at $2,636 per month, up 4.1% from the same month a year earlier. Zillow ZORI is a ZIP-level typical observed asking-rent index blended across rental types, so it is a current market indicator rather than a lease ledger for one unit. For wider context only, Boca Raton city context has a $2,940 rent index, Palm Beach County context has a $2,662 rent index, and the Miami-Fort Lauderdale-Pompano Beach, FL metro context has a $2,695 rent index. The ZIP reading is therefore below each named wider-area benchmark, while its positive recent change still establishes a rising current asking-rent direction.
Looking backward, the exact same-month one-year ZORI change was 4.1%, the three-year annualized change was 2.2%, and the five-year annualized change was 6.3%. The one-year increase confirms that rent direction remains positive, but its pace is below the stronger five-year path and above the three-year pace; it extends growth without fully matching the longer-run rate. Monthly changes produced 3.7% annualized variability, a high-variability classification that makes a single current rent snapshot less definitive than a stable series would. The largest recorded peak-to-trough pullback was 2.2%, showing that the historical series did experience reversals. The record covers all 138 available monthly observations and 137 consecutive returns. Among history-eligible ZIPs nationally, where lower discovery ranks are stronger, momentum ranked 952, stability ranked 2,378, and the balanced rank was 1,690. These are backward-looking measurements, not forecasts or investment recommendations.
Source differences matter before comparing rents. The ACS 2024 five-year estimate reports median gross rent of $2,521, with a $162 margin of error; that is a survey measure for occupied renter homes and includes selected utilities. The current Zillow asking-rent index is 4.6% above that ACS median, a difference that can reflect both universe and timing rather than a contradiction. The Census ZCTA matched to this label is a statistical area and is not identical to a USPS delivery ZIP. Separately, the supplied HUD FMR/SAFMR two-bedroom standard is $2,333, placing Zillow ZORI 13.0% higher. HUD is an administrative, bedroom-specific standard, not asking rent, so it should not be read as a competing observed lease or listing measure.
There is no direct bedroom-rent observation in this packet. Instead, the bedroom figures are modelled estimates that scale the ZIP ZORI using the local HUD ladder; they are never measured bedroom rents. That method produces a studio estimate of $2,020, a one-bedroom estimate of $2,148, a two-bedroom estimate of $2,636, a three-bedroom estimate of $3,533, and a four-bedroom estimate of $4,082. The ladder is useful for consistently translating the all-rental-type ZORI into bedroom-specific screens, but it does not establish what any particular floor plan, building, lease term, utility package, or available listing will command.
The 30% required-income screen is arithmetic, not advice and not an applicant qualification rule. Supporting the current $2,636 monthly ZORI at that threshold implies $105,440 in annual income, compared with an ACS median household income of $84,091. On that simple comparison, the asking-rent-to-income calculation is 37.6%, above the screen. The ACS burden measure adds a separate resident-based signal: 4,177 of 6,217 surveyed renter households, or 67.2%, were paying at least 30% of income toward rent. That burden statistic concerns occupied renter households in the survey universe; it cannot prove that a particular prospective renter, current tenant, or individual unit is burdened.
Housing stock and vacancy create a second constraint on interpretation. The matched ZCTA contains 22,813 housing units across single-family and large-multifamily structures. Its 11.3% vacancy rate corresponds to 2,585 vacant units, but the composition is important: 735 were identified as vacant for rent and 1,253 as seasonal vacancies. Those counts describe a survey classification of the area’s housing stock, not a real-time inventory feed. Neither the overall vacancy measure nor the for-rent vacancy count demonstrates availability, pricing flexibility, condition, lease concessions, or vacancy at a specific property.
Redfin supplies a different, direct rolling-three-month ZIP resale observation, describing the for-sale market rather than rental transactions. Its median sold price was $481,391, up 5.8% year over year, across 232 homes sold. Marketing time was 76 days, with 363 homes of inventory and 4.7 months of supply. The average sale-to-list result was 95.5%, indicating that the reported resale transactions typically closed below list. This creates a useful tension: resale prices rose faster than the current one-year asking-rent index, yet marketing time, supply, and below-list closings challenge an unqualified tightness reading. Annualized ZIP ZORI divided by the Redfin median sold price equals a 6.57% screening ratio only; it is cross-source arithmetic, not a cap rate, net return, expected return, or property yield.
Several limits should bracket any use of these figures. Zillow is an asking-rent index, ACS is a multi-year survey of occupied homes, HUD is an administrative standard, and Redfin measures completed ZIP resale activity; none substitutes for property-level rent or transaction evidence. A property-specific review should check the advertised rent, bedroom count, included utilities, lease duration, concessions, actual unit availability, condition, and comparable recent sale records against the appropriate source universe. The practical question is whether a specific listing’s terms and condition align with the modelled rent ladder and the separate resale evidence, rather than whether one area-wide snapshot answers that question on its own.
","findings":[{"body":"ZIP 33433's Zillow ZORI rose year over year, indicating a positive current asking-rent direction. Its level remains below the named Boca Raton city, Palm Beach County, and Miami-Fort Lauderdale-Pompano Beach metro context indices. Those wider values are comparison context only and should not replace the direct ZIP-level asking-rent index.","title":"Current asking-rent signal is positive but below wider rent context"},{"body":"The one-year ZORI increase confirms positive recent direction, while the three-year annualized pace is slower and the five-year annualized pace is faster. High historical variability reduces confidence in treating one monthly index observation as a settled rent level. Full historical coverage improves measurement completeness, but it does not transform the history into a forecast.","title":"Recent rent growth continues, but the path is not uniformly strong"},{"body":"The arithmetic income required to support current ZORI at a 30% rent share exceeds the reported ACS median household income. The ACS renter burden share is also substantial. These are population-level screens based on different measures of rent and income, not evidence that any particular renter, household, or apartment is unaffordable or burdened.","title":"Affordability and burden measures point to a meaningful screen"},{"body":"Redfin's direct ZIP resale data show year-over-year sold-price growth, but also extended marketing time, several months of supply, and average sales below list price. That combination challenges a simple tight-market interpretation. The annualized-rent-to-sold-price figure remains only a cross-source screening ratio and does not measure a property's operating economics.","title":"Resale evidence is mixed relative to the rent signal"}],"risks":["Zillow ZORI measures a blended typical asking-rent index across rental types, while ACS measures occupied renter homes and HUD provides an administrative standard, so direct source-to-source comparisons require careful scope discipline.","The required-income screen and renter-burden share are broad arithmetic and survey indicators. They do not establish an applicant's income, a tenant's housing costs, qualification outcome, or the affordability of a particular unit.","Full historical coverage does not eliminate uncertainty because the series is classified as high variability and has experienced a recorded drawdown. Current rent direction is backward-looking evidence, not a projection of future asking rents.","Redfin's ZIP resale figures describe completed for-sale transactions rather than rental transactions. Price, marketing, inventory, and sale-to-list signals should not be converted into rental comparables, property cash flow, or expected investment performance."],"qa":[{"a":"The Zillow figure is ZIP-level ZORI, a typical observed asking-rent index blended across rental types. It is useful for tracking the current asking-rent market and its history, but it is not a signed-lease database, a utility-inclusive household budget, or a measured rent for a specific bedroom count.","q":"What does the Zillow rent figure represent?"},{"a":"They should be treated as modelled estimates, never measured bedroom rents. Each estimate scales the current ZIP ZORI through the supplied local HUD bedroom ladder. They provide a consistent screening framework, but actual rents can differ with property type, condition, utilities, lease structure, availability, and concessions.","q":"How should the bedroom estimates be used?"},{"a":"ACS median gross rent is a five-year survey estimate for occupied renter homes and includes selected utilities, while Zillow ZORI is a current asking-rent index. The ACS geography is a Census ZCTA, which is statistical and not identical to a USPS delivery ZIP. Timing, geography, occupancy status, and rent definitions differ.","q":"Why can ACS median gross rent differ from Zillow ZORI?"},{"a":"Redfin adds direct ZIP for-sale evidence on sold prices, transaction count, marketing time, inventory, supply, and sale-to-list outcomes. It can frame whether resale signals align with or challenge rent screens, but it does not measure rental transactions. Its annualized-rent-to-price calculation is only a cross-source screening ratio.","q":"What does the Redfin resale block add to the rental analysis?"}],"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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2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2015-01-01","rent":1315.141025},{"period":"2015-02-01","rent":1338.764501},{"period":"2015-03-01","rent":1371.842738},{"period":"2015-04-01","rent":1375.138324},{"period":"2015-05-01","rent":1369.76128},{"period":"2015-06-01","rent":1358.738669},{"period":"2015-07-01","rent":1389.190156},{"period":"2015-08-01","rent":1400.243751},{"period":"2015-09-01","rent":1412.22358},{"period":"2015-10-01","rent":1400.014489},{"period":"2015-11-01","rent":1410.701593},{"period":"2015-12-01","rent":1408.369598},{"period":"2016-01-01","rent":1410.587602},{"period":"2016-02-01","rent":1405.009307},{"period":"2016-03-01","rent":1386.025721},{"period":"2016-04-01","rent":1384.005324},{"period":"2016-05-01","rent":1410.744817},{"period":"2016-06-01","rent":1428.577808},{"period":"2016-07-01","rent":1415.563246},{"period":"2016-08-01","rent":1396.965328},{"period":"2016-09-01","rent":1400.856997},{"period":"2016-10-01","rent":1418.47983},{"period":"2016-11-01","rent":1429.711353},{"period":"2016-12-01","rent":1433.032618},{"period":"2017-01-01","rent":1447.622081},{"period":"2017-02-01","rent":1451.848492},{"period":"2017-03-01","rent":1480.124429},{"period":"2017-04-01","rent":1486.016796},{"period":"2017-05-01","rent":1485.792262},{"period":"2017-06-01","rent":1471.167887},{"period":"2017-07-01","rent":1467.122468},{"period":"2017-08-01","rent":1487.91674},{"period":"2017-09-01","rent":1494.16951},{"period":"2017-10-01","rent":1507.019185},{"period":"2017-11-01","rent":1488.452646},{"period":"2017-12-01","rent":1509.128892},{"period":"2018-01-01","rent":1486.827048},{"period":"2018-02-01","rent":1505.771729},{"period":"2018-03-01","rent":1502.512422},{"period":"2018-04-01","rent":1529.922868},{"period":"2018-05-01","rent":1523.456914},{"period":"2018-06-01","rent":1515.161413},{"period":"2018-07-01","rent":1520.233079},{"period":"2018-08-01","rent":1522.355416},{"period":"2018-09-01","rent":1526.851193},{"period":"2018-10-01","rent":1534.288319},{"period":"2018-11-01","rent":1555.535063},{"period":"2018-12-01","rent":1563.116356},{"period":"2019-01-01","rent":1564.280223},{"period":"2019-02-01","rent":1557.607992},{"period":"2019-03-01","rent":1561.424672},{"period":"2019-04-01","rent":1550.367802},{"period":"2019-05-01","rent":1562.943575},{"period":"2019-06-01","rent":1586.58632},{"period":"2019-07-01","rent":1600.475699},{"period":"2019-08-01","rent":1606.398633},{"period":"2019-09-01","rent":1613.512195},{"period":"2019-10-01","rent":1613.08413},{"period":"2019-11-01","rent":1618.71144},{"period":"2019-12-01","rent":1618.314317},{"period":"2020-01-01","rent":1642.862373},{"period":"2020-02-01","rent":1656.367024},{"period":"2020-03-01","rent":1674.169249},{"period":"2020-04-01","rent":1662.315501},{"period":"2020-05-01","rent":1665.663275},{"period":"2020-06-01","rent":1668.448114},{"period":"2020-07-01","rent":1674.891501},{"period":"2020-08-01","rent":1671.320235},{"period":"2020-09-01","rent":1678.113018},{"period":"2020-10-01","rent":1666.277557},{"period":"2020-11-01","rent":1677.937278},{"period":"2020-12-01","rent":1680.781044},{"period":"2021-01-01","rent":1730.894463},{"period":"2021-02-01","rent":1773.026143},{"period":"2021-03-01","rent":1798.267318},{"period":"2021-04-01","rent":1831.287184},{"period":"2021-05-01","rent":1876.08585},{"period":"2021-06-01","rent":1944.859049},{"period":"2021-07-01","rent":2006.671779},{"period":"2021-08-01","rent":2096.568129},{"period":"2021-09-01","rent":2150.290168},{"period":"2021-10-01","rent":2223.134299},{"period":"2021-11-01","rent":2249.277821},{"period":"2021-12-01","rent":2318.335405},{"period":"2022-01-01","rent":2317.565446},{"period":"2022-02-01","rent":2343.339448},{"period":"2022-03-01","rent":2370.571671},{"period":"2022-04-01","rent":2419.813139},{"period":"2022-05-01","rent":2452.747386},{"period":"2022-06-01","rent":2463.34127},{"period":"2022-07-01","rent":2474.753807},{"period":"2022-08-01","rent":2440.70997},{"period":"2022-09-01","rent":2438.240342},{"period":"2022-10-01","rent":2445.146735},{"period":"2022-11-01","rent":2454.142521},{"period":"2022-12-01","rent":2451.16488},{"period":"2023-01-01","rent":2440.855568},{"period":"2023-02-01","rent":2456.59166},{"period":"2023-03-01","rent":2484.255306},{"period":"2023-04-01","rent":2491.305365},{"period":"2023-05-01","rent":2484.403838},{"period":"2023-06-01","rent":2468.737946},{"period":"2023-07-01","rent":2468.750895},{"period":"2023-08-01","rent":2477.386483},{"period":"2023-09-01","rent":2505.962075},{"period":"2023-10-01","rent":2503.944575},{"period":"2023-11-01","rent":2538.375496},{"period":"2023-12-01","rent":2523.660007},{"period":"2024-01-01","rent":2547.309332},{"period":"2024-02-01","rent":2525.95788},{"period":"2024-03-01","rent":2506.056864},{"period":"2024-04-01","rent":2503.56264},{"period":"2024-05-01","rent":2510.616457},{"period":"2024-06-01","rent":2522.352768},{"period":"2024-07-01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