The central rental decision in 34787 is whether a specific lease fits the ZIP’s relatively high current asking-rent baseline once bedroom count, utilities, fees and concessions are made comparable. Zillow’s June 2026 ZORI is $2,337 per month, with year-over-year movement of 0.2%. ZORI is a typical observed asking-rent index blended across rental types; it is not a quote for every available home, a signed-lease average or a bedroom-specific measure. The five-digit label serves both as Zillow’s ZIP market identifier and as the matched Census ZCTA. A ZCTA is a statistical area constructed for Census tabulation and is not identical to a USPS delivery ZIP, so an address near a boundary requires geographic verification.
The income evidence creates a useful distinction between an arithmetic screen and renters’ observed experience. Annual income of $93,480 would place the annualized Zillow index at 30% of gross income. That calculation is not financial advice, an applicant qualification rule or evidence that a household can absorb other housing costs. Relative to the ACS median household income of $120,365, the annualized asking index equals 23.3%; that median covers households generally and is not specifically renter income. The ACS identifies 10,465 renter-occupied homes, representing 31.6% of occupied housing. Among that renter universe, 5,417 were estimated to spend at least 30% of income on gross rent, a 51.8% burden share. Survey uncertainty matters: the renter estimate carries a margin of ±1,036 homes and the burden count ±970.
The rent measures answer different questions and should not be averaged together. The ACS 2024 five-year median gross rent is $2,276, with a reported margin of ±$141. It describes occupied renter homes over a multi-year survey window and includes selected utilities, unlike Zillow’s current typical observed asking-rent index. The Zillow figure is 2.7% above that ACS median, a modest gap that may reflect timing, coverage and rent-definition differences without proving a market change for any property. The FY2026 HUD two-bedroom FMR/SAFMR standard is $2,350. HUD’s figure is a bedroom-specific administrative standard, not observed asking rent, so its proximity to Zillow does not validate a listing price or turn either series into a measured contract rent.
Bedroom-level planning is possible only through a modelled ladder. Scaling ZIP ZORI by the relative steps in the local HUD ladder produces modelled monthly estimates of $1,959 for a studio, $2,049 for one bedroom, $2,337 for two bedrooms, $2,934 for three bedrooms and $3,461 for four bedrooms. These are modelled estimates, never measured bedroom rents; the two-bedroom result repeats the ZIP anchor by construction. For comparison of method rather than market observation, the corresponding HUD administrative ladder runs from $1,970 for a studio to $3,480 for four bedrooms. The sequence is useful for normalizing a search across sizes, but it does not incorporate a home’s exact bathrooms, condition, furnishing, utility arrangement, lease term, mandatory charges or concessions.
The stock profile helps frame what the aggregate vacancy rate can and cannot mean. The ACS counts 35,901 housing units and reports an overall vacancy rate of 7.7%. Single-family structures account for 28,234 units, while large multifamily structures account for 3,325, making the ZIP-wide rent index a blend across a stock base weighted toward single-family housing rather than a pure apartment measure. Vacancy composition also matters: 936 units were classified as vacant for rent and 896 as seasonal, while no vacant-for-sale units were reported. These survey categories are not a live listing feed. Seasonal vacancies may be unavailable to a conventional renter, and vacant-for-rent counts do not establish the price, condition, bedroom mix or current availability of any particular home.
Wider areas provide benchmarks, not substitutes for the ZIP. Winter Garden city has a rent context of $2,396 and an ACS median gross rent of $1,963, placing the ZIP below the city asking context but above the city occupied-renter survey measure. Orange County has a rent context of $1,955 and a renter share of 43.2%, so the ZIP’s asking baseline is higher while renting is less prevalent among occupied homes. The Orlando-Kissimmee-Sanford, FL metro has a rent context of $1,972, a rent-to-income context of 30.1% and an apartment vacancy measure of 7.0%. The metro vacancy figure is specifically an apartment-market measure and is not directly interchangeable with the ACS vacancy rate for all ZIP housing. None of these geographic comparisons identifies why the differences exist or predicts their direction.
The report is therefore best used as a disciplined comparison framework rather than a property valuation or forecast. Before comparing a listing with the ZIP index, confirm that the address falls within the intended Zillow market and matched ZCTA, then verify the advertised base rent, effective rent after concessions, lease duration, move-in timing and whether renewal pricing differs. Record mandatory fees, deposits, parking, pet charges and the tenant’s utility responsibilities so the listing can be compared consistently with ACS gross-rent concepts. Confirm the exact bedroom and bathroom count, property type, furnishing and availability rather than substituting the modelled ladder. If a HUD standard matters for an administrative program, verify the applicable geography and rule with the administering authority. Separately obtain the owner’s actual screening criteria; the income calculation in this report does not determine eligibility.
","findings":[{"body":"The June 2026 ZIP ZORI is $2,337, up 0.2% year over year. It sits below Winter Garden city’s $2,396 rent context but above the Orange County and Orlando-Kissimmee-Sanford metro rent contexts of $1,955 and $1,972. Those comparisons describe wider geographic benchmarks and do not establish the appropriate rent for a particular property.","title":"Asking rent is stable but elevated against wider rent contexts"},{"body":"Annualizing ZORI against the ZIP median household income produces a 23.3% ratio, while $93,480 is the arithmetic income associated with a 30% screen. Yet the ACS estimates that 51.8% of occupied renter homes spend at least 30% of income on gross rent. The measures use different populations, and the burden estimate carries meaningful survey uncertainty.","title":"Observed burden is stronger than the median-income screen suggests"},{"body":"The modelled ladder ranges from $1,959 for a studio to $3,461 for four bedrooms, using the relative spacing of the local HUD ladder around ZIP ZORI. These figures are not observed bedroom rents or listing quotations. Their practical use is to normalize broad size comparisons before property-specific fees, utilities, concessions, bathrooms, condition and lease terms are checked.","title":"Bedroom figures are model outputs"},{"body":"The ACS overall housing vacancy rate is 7.7%, but the underlying classifications include 936 units vacant for rent and 896 seasonal units. Seasonal units are not necessarily available to ordinary renters, and the vacant-for-rent estimate is not a live inventory count. The ZIP’s predominantly single-family structure also makes apartment-only vacancy comparisons imperfect.","title":"Vacancy includes materially different categories"}],"risks":["Treating Zillow ZORI, ACS median gross rent and HUD FMR/SAFMR as interchangeable would mix current asking observations, occupied-home survey results and administrative standards with different definitions and time frames.","The bedroom ladder may create false precision if applied as a property quote; it is modelled from HUD ratios and does not observe the listed home’s characteristics, charges or concessions.","ACS renter, burden and vacancy figures are survey estimates with sampling uncertainty, while vacancy classifications do not prove that a suitable unit is currently offered or accessible.","The 30% required-income calculation can be mistaken for an approval threshold, even though owners and administrators may apply separate income definitions, documentation standards and screening rules."],"qa":[{"a":"Use the $2,337 June 2026 Zillow ZORI as the ZIP’s typical observed asking-rent baseline, then normalize the listing for bedroom count, property type, lease term, concessions, fees and utilities. ZORI is blended across rental types, so it is a comparison anchor rather than a property appraisal or guaranteed available rent.","q":"What is the best ZIP-level starting point for comparing a current listing?"},{"a":"The annualized ZORI equals 23.3% of the $120,365 median household income, and $93,480 is the income associated with a 30% arithmetic screen. Those calculations do not describe every renter household. ACS separately estimates that 51.8% of occupied renter homes face gross-rent burden at or above 30%, subject to survey uncertainty.","q":"Does the ZIP median income indicate that the typical asking rent is affordable?"},{"a":"No. The studio-through-four-bedroom figures scale ZIP ZORI using the local HUD bedroom ladder. They are modelled estimates, not observed bedroom rents. A listing still requires checks of its exact size, bathrooms, structure type, condition, utilities, mandatory fees, concessions, furnishing, availability and lease duration.","q":"Can the modelled bedroom estimates be used as measured market rents?"},{"a":"The 7.7% ACS rate covers all vacant housing categories, not just market-ready rentals. The survey reports 936 units vacant for rent and 896 seasonal units, but neither category supplies live information about price, bedroom count, condition or present availability. The metro’s 7.0% figure is apartment-specific and belongs to a different evidence universe.","q":"What does the reported vacancy rate reveal about current availability?"}],"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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