ZIP 40475 poses a narrow comparison question: how should a current blended asking-rent signal be read alongside survey and administrative benchmarks that measure different things? The five-digit label is both Zillow’s ZIP market identifier and the match used for the Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In June 2026, Zillow’s ZORI is $1,188 per month, up 2.87% year over year. ZORI is a typical observed asking-rent index blended across rental types, so it is a market-level benchmark rather than a quotation for an available home. The decision question is how to use that current index without recasting it as a lease offer, a property average, or a bedroom-specific observation.
The matched ZCTA’s ACS 2024 five-year median gross rent is $911, with a reported margin of error of $28. This survey describes occupied renter homes and its gross-rent concept includes selected utilities; it is not a current asking-rent series. ZORI is 30.4% above that ACS median, which highlights a difference in definition and timing rather than a premium that every household or property receives. Separately, the FY2026 local HUD two-bedroom FMR is $866. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent, and the ZORI is 37.2% above this standard. These series should remain parallel benchmarks, not inputs to a blended local rent.
Bedroom presentation is best used as a scaling device, not as a measurement claim. The modelled monthly ZIP estimates, created by scaling ZIP ZORI with the local HUD ladder, are $849 for a studio, $1,077 for one bedroom, $1,188 for two bedrooms, $1,545 for three bedrooms, and $1,727 for four bedrooms. The two-bedroom modelled value aligns with the ZORI anchor by construction, rather than from an observed two-bedroom sample. The underlying HUD two-bedroom standard is $866, and the ladder supplies the relative bedroom steps that generate the other values. Every amount in this series is a modelled estimate, never a measured bedroom rent; it cannot establish what a particular listing charges, includes, or has available.
Income and renter composition add a household-level screen without converting the index into a qualification test. The ZCTA’s median household income is $63,050, with a reported margin of error of $3,751. Annualizing the ZIP ZORI and comparing it with that median produces a 22.6% asking-rent-to-income ratio. At a 30% screen, the $1,188 monthly index corresponds arithmetically to $47,520 in required annual income. That required-income screen is arithmetic, not advice or an applicant qualification rule. Renter-occupied homes total 11,026, or 42.1% of occupied homes. The ACS burden estimate records 4,695 renter households at or above the threshold, equal to 42.6% of renter households. This describes the surveyed renter population and cannot establish a present or future payment burden for the tenant of any particular unit.
Housing-stock counts set useful boundaries on availability interpretations. The ZCTA has 26,169 occupied housing units and 2,235 vacant units, yielding a 7.9% vacancy rate. Within the reported vacant categories, 521 are for rent, 169 are for sale, and 87 are seasonal. These classifications describe the survey’s vacancy composition, not the number of units that can actually be leased at a stated rent or on a particular date. The physical stock includes 17,177 single-family units and 889 large multifamily units. Structure counts and vacant categories do not report condition, lease terms, utilities, or asking prices, and they should not be used to infer availability or rental performance for an individual property.
For broader context, the Richmond city context rent is $1,187.55, the Madison County context rent is $1,156, and the Richmond-Berea, KY metro context rent is $1,153; all three are wider-scope comparators, not revisions to ZIP ZORI. Across additional context measures, the Richmond city context renter share is 61.7%, while the Madison County context renter share is 38.0%. The city, county, and metro figures summarize different geographic scopes from the ZIP ZCTA and therefore offer orientation only. They should not be averaged with the ZIP index, ACS survey values, or HUD standard, even when the context rents appear close to the ZIP figure.
Important limits remain. ZORI does not provide a distribution of listings or a property-level rent; ACS is a multi-year survey of occupied homes; and HUD establishes administrative standards rather than observed asks. The stated Zillow, ACS, and HUD periods do not align perfectly, and the supplied ACS margins of error should remain visible when using survey estimates. At the property level, confirm the address’s ZIP and ZCTA mapping, the current advertised monthly asking rent, bedroom count, lease term, and which utilities are included. Check whether the unit is currently available and whether its stated terms match the comparison being made. No index, survey burden figure, vacancy category, or modelled bedroom estimate can substitute for those unit-specific facts.
","findings":[{"body":"ZORI is a ZIP-level, blended typical asking-rent index. It supplies a current market signal but does not identify a property, lease term, utility treatment, or an available unit. Its annual movement is an index change, not a statement that every listing moved similarly. Preserve that scope rather than treating the index as an advertised price or a guaranteed lease outcome.","title":"Current index is a benchmark, not a listing quote"},{"body":"The ACS median gross-rent figure describes occupied renter homes and includes selected utilities, while ZORI is an asking-rent index across rental types. HUD FMR/SAFMR is instead an administrative standard set by bedroom category. The reported gaps should flag definitions and timing, not be used to create a blended rent, a discount, or a claim about the terms of any particular listing.","title":"The three rent sources answer different questions"},{"body":"The bedroom series is explicitly modelled by applying the local HUD ladder to the ZIP ZORI. It is useful for a consistent internal comparison across supplied bedroom categories, including the anchor category. Because it is not a collection of advertised or executed bedroom rents, it cannot show actual bedroom premiums, quality differences, utilities, or property-specific availability.","title":"Bedroom figures are modelled rather than observed"},{"body":"Income and burden numbers summarize the matched ZCTA survey population. The required-income calculation simply converts monthly ZORI into an annual income amount at the stated share of income; it does not set eligibility. Vacancy and structure counts describe categories within the housing stock, but they do not identify vacant condition, rents, leasing terms, or availability at a particular address.","title":"Survey composition does not identify a specific property outcome"}],"risks":["Zillow, ACS, and HUD have different timing, populations, and purposes. Treating their values as interchangeable can create a misleading rent comparison, especially where utility treatment or bedroom coverage differs.","The bedroom amounts are ratio-scaled from one ZIP index with a HUD ladder. They do not measure current listings and may not match a specific unit’s configured bedroom count.","ACS renter share, income, burden, and vacancy figures are ZCTA five-year survey estimates with reported uncertainty where supplied. They summarize groups, not individual applicant finances or property performance.","Vacant-for-rent status does not establish that a listing is presently available, nor do burden counts establish a tenant’s payment outcome. Verify listing terms and availability directly at property level."],"qa":[{"a":"For ZIP 40475, ZORI is the current Zillow ZIP market identifier’s typical observed asking-rent index, blended across rental types. It is appropriate as a benchmark for the index period, but it is not a quoted rent for a specific address or a count of currently available homes.","q":"What does the current ZIP rent measure?"},{"a":"ACS surveys occupied renter households in the matched ZCTA and reports gross rent with selected utilities, whereas HUD publishes an administrative, bedroom-specific FMR or SAFMR standard. Zillow tracks a typical asking-rent index. Different coverage, definitions, and periods mean the values belong side by side, not in a single calculated rent.","q":"Why should Zillow, ACS, and HUD values remain separate?"},{"a":"The estimates use each supplied HUD bedroom standard relative to the ladder’s anchor and apply that relationship to ZIP ZORI. The resulting series is modelled, so it can organize a screen by bedroom category. It does not prove observed listing rents, lease rents, quality differences, or availability for that category.","q":"How should the bedroom amounts be used?"},{"a":"Check the address’s ZIP and ZCTA mapping, current advertised monthly rent, bedroom count, lease duration, utility inclusions, and whether the home is available when checked. Also establish whether the unit’s stated terms match the comparison source. Neither survey burden nor vacancy categories can confirm any of those property-level facts.","q":"What property-level facts still need checking?"}],"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":"2021-03-01","rent":850.539591},{"period":"2021-04-01","rent":858.785922},{"period":"2021-05-01","rent":872.352589},{"period":"2021-06-01","rent":864.436054},{"period":"2021-07-01","rent":879.397607},{"period":"2021-08-01","rent":900.476041},{"period":"2021-09-01","rent":912.730129},{"period":"2021-10-01","rent":912.267214},{"period":"2021-11-01","rent":911.5568},{"period":"2021-12-01","rent":917.543864},{"period":"2022-01-01","rent":922.097453},{"period":"2022-02-01","rent":941.769967},{"period":"2022-03-01","rent":947.780108},{"period":"2022-04-01","rent":963.172848},{"period":"2022-05-01","rent":964.991699},{"period":"2022-06-01","rent":986.566005},{"period":"2022-07-01","rent":982.222278},{"period":"2022-08-01","rent":979.715732},{"period":"2022-09-01","rent":980.38261},{"period":"2022-10-01","rent":999.414304},{"period":"2022-11-01","rent":1020.082381},{"period":"2022-12-01","rent":1028.204508},{"period":"2023-01-01","rent":1039.549116},{"period":"2023-02-01","rent":1039.25709},{"period":"2023-03-01","rent":1044.466131},{"period":"2023-04-01","rent":1041.565233},{"period":"2023-05-01","rent":1055.719585},{"period":"2023-06-01","rent":1058.266066},{"period":"2023-07-01","rent":1060.404017},{"period":"2023-08-01","rent":1057.103073},{"period":"2023-09-01","rent":1069.617898},{"period":"2023-10-01","rent":1075.30847},{"period":"2023-11-01","rent":1081.854839},{"period":"2023-12-01","rent":1081.310405},{"period":"2024-01-01","rent":1083.064635},{"period":"2024-02-01","rent":1087.61878},{"period":"2024-03-01","rent":1097.269595},{"period":"2024-04-01","rent":1106.025402},{"period":"2024-05-01","rent":1106.110576},{"period":"2024-06-01","rent":1108.292705},{"period":"2024-07-01","rent":1118.130402},{"period":"2024-08-01","rent":1127.50173},{"period":"2024-09-01","rent":1125.816447},{"period":"2024-10-01","rent":1129.441801},{"period":"2024-11-01","rent":1137.441434},{"period":"2024-12-01","rent":1154.404463},{"period":"2025-01-01","rent":1154.958091},{"period":"2025-02-01","rent":1150.018484},{"period":"2025-03-01","rent":1146.027984},{"period":"2025-04-01","rent":1146.892907},{"period":"2025-05-01","rent":1150.52037},{"period":"2025-06-01","rent":1154.431143},{"period":"2025-07-01","rent":1156.101699},{"period":"2025-08-01","rent":1160.227971},{"period":"2025-09-01","rent":1164.35929},{"period":"2025-10-01","rent":1164.105212},{"period":"2025-11-01","rent":1159.611145},{"period":"2025-12-01","rent":1154.382352},{"period":"2026-01-01","rent":1159.816143},{"period":"2026-02-01","rent":1169.909739},{"period":"2026-03-01","rent":1176.182416},{"period":"2026-04-01","rent":1180.536555},{"period":"2026-05-01","rent":1183.829659},{"period":"2026-06-01","rent":1187.553908}],"historySummary":{"pointCount":64,"firstPeriod":"2021-03-01","latestPeriod":"2026-06-01","coverageMonths":64,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1154.431143,"endRent":1187.553908,"change":0.028691849835170258,"cagr":0.028691849835170258},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1058.266066,"endRent":1187.553908,"change":0.12216950552773387,"cagr":0.03916893219915529},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":864.436054,"endRent":1187.553908,"change":0.373790348638096,"cagr":0.06557517041325256}},"maxDrawdown":-0.009074925780956145,"annualizedVolatility":0.025481238883244862,"consecutiveReturnCount":63}}