At the June 2026 endpoint, Zillow’s ZIP-level ZORI is $1,669 per month, putting the immediate signal in tension with its longer path. The exact same-month one-year change is -1.06%, while the three-year and five-year annualized changes are 2.93% and 5.13%. Thus, the latest decline breaks from, rather than confirms, the longer positive record. Zillow ZORI is a typical observed asking-rent index blended across rental types, so it is an asking-market benchmark rather than a lease-specific quote. These are backward-looking measurements, not a forecast, investment recommendation, or evidence that every available listing changed by the stated amount.
The five-digit label 43068 is both a Zillow ZIP market identifier and a Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. That distinction matters because the ACS 2024 five-year median gross rent is $1,262, or 32.3% below ZORI. ACS is a five-year survey of occupied renter homes and its gross-rent measure includes selected utilities, not a current ask. The local FY2026 two-bedroom HUD FMR/SAFMR standard is $1,470, 13.5% below the ZIP index, but it is an administrative bedroom-specific standard, not asking rent. Each figure answers a different question, so their gap should not be read as a contradiction or a measured discount.
Size comparisons add a second caution: the bedroom view is intentionally modelled, not a set of measured bedroom rents. Scaling ZIP ZORI through the local HUD ladder produces modelled monthly estimates running from $1,294 for a studio to $2,248 for four bedrooms, with $1,669 at two bedrooms. The two-bedroom estimate matches the all-types ZORI because it is the scaling anchor, not because it establishes a prevailing two-bedroom asking rent. This proportional tool keeps the size comparison internally consistent, but the index is blended across rental types and the HUD ladder is a standard; a unit’s actual quote can differ.
An arithmetic 30% required-income screen places the index’s annualized rent at $66,760, compared with the ACS ZCTA median household income of $70,477. The resulting asking-rent-to-income ratio is 28.4%; it compares an asking index with median income across all households and is not a statement about renter income, advice, a recommendation, or an applicant qualification rule. The ACS burden evidence is a separate measure: 46.0% of its renter burden universe paid 30% or more of income toward gross rent. Because that survey applies to occupied renter homes and gross rent includes selected utilities, it cannot prove the burden or affordability of a particular unit.
Supply-side counts describe the matched ZCTA, not a live inventory feed. The matched ZCTA reports 25,651 housing units and a 3.9% vacancy rate in the ACS estimate; vacancy spans categories rather than proving a rental is available, habitable, or priced near the index. Renters occupied a 42.4% share of occupied homes. The reported stock spans single-family and large-multifamily structure categories, documenting a mix of structure types without telling which configurations are currently offered for rent. Vacancy, burden, and stock are aggregate conditions. None establishes concessions, utility responsibility, screening, or effective rent at an individual property.
Broader geographies frame, but do not replace, this ZIP reading. In the Reynoldsburg city context, the rent measure is $1,725.87; in the Franklin County context, it is $1,510; and in the Columbus, OH metro context, it is $1,528. The ZIP index therefore falls below the named city context and above the county and metro contexts. These city, county, and metro values are wider-context comparisons, not evidence about an address within this ZIP, and their scope should remain distinct from ZIP ZORI and matched-ZCTA ACS measures. Differences may reflect the coverage and aggregation of each geography, so the comparison is descriptive rather than causal.
Confidence in the historical calculation is helped by 69 observations and 100% reported coverage through the stated endpoint, but that does not create certainty about a present listing. Annualized monthly-return variability was 2.76%, and maximum drawdown was -2.36%, showing that the index moved even within a fully covered record; this movement means confidence in one current rent snapshot should be bounded. The transparent national discovery ranks among history-eligible ZIPs are 2,025 for momentum, 1,181 for stability, and 1,868 for the balanced measure, where a lower rank is higher. Those ranks and all history statistics are backward-looking descriptions, not forecasts or investment recommendations. Property-level checks can confirm the current asking amount, bedroom count, utility responsibility, fees or concessions, availability date, and lease term. The practical closing question is whether those unit-specific terms match the benchmark’s scope.
","findings":[{"body":"At June 2026, the ZIP ZORI is $1,669. Its same-month 1-year change is -1.06%, while annualized changes are 2.93% over 3 years and 5.13% over 5 years. The immediate reading therefore breaks from the longer upward history. These observed historical index movements are descriptive only and do not predict a listing or future rent.","title":"Cooling current window, positive longer record"},{"body":"ZORI is a typical observed asking-rent index across rental types. ACS 2024 5-year median gross rent of $1,262 surveys occupied renter homes and includes selected utilities. The local FY2026 HUD two-bedroom FMR/SAFMR standard is $1,470 and is administrative. Neither ACS nor HUD is a current asking-rent substitute, so the observed gaps do not measure a discount at a property.","title":"ZORI, ACS, and HUD should not be merged"},{"body":"HUD ladder scaling translates the all-types ZIP index into modelled, rather than measured, bedroom estimates ranging from $1,294 through $2,248 from studio through four bedrooms. At the 30% arithmetic screen, current index rent implies $66,760 annual income. This compares with $70,477 ACS ZCTA median household income, but it is not applicant qualification guidance or evidence of an individual household’s capacity.","title":"Modelled size ladder and arithmetic screen"},{"body":"The matched ZCTA reports 25,651 housing units, a 3.9% vacancy rate, and a 42.4% renter share. These survey aggregates describe the area’s counted stock and occupancy mix, not a current availability list. Complete historical coverage strengthens the index calculation, yet variability, drawdown, and broader geography comparisons still leave unit price, utilities, fees, concessions, and lease terms to property-level confirmation.","title":"Aggregate stock does not establish unit availability"}],"risks":["The index is a blended asking-rent benchmark, while ACS gross rent represents occupied renter homes with selected utilities and HUD is an administrative standard; a difference cannot establish a market discount.","Bedroom figures are modelled by scaling ZORI through the HUD ladder. They are not observed bedroom-specific listings, executed leases, or proof that a particular studio, two-bedroom, or four-bedroom will carry that monthly price.","ACS survey estimates carry reported margins of error, and ZCTA vacancy or burden categories do not identify availability, condition, concessions, utility billing, household income, or cost burden for an individual address.","Despite complete history coverage, monthly variability and drawdown show that an index snapshot moves over time. City, county, and metro context values remain broader geographic comparisons rather than substitutes for a property-level quote."],"qa":[{"a":"The -1.06% measure compares the June 2026 ZORI with June of the prior year, using the same month rather than an average of different seasonal periods. Because the 3-year and 5-year annualized measures remain positive, the latest cooling window breaks from the longer path. It is a backward-looking index observation, not a forecast.","q":"How should the 1-year decline be interpreted?"},{"a":"The $1,669 ZORI reflects typical observed asks blended across rental types. The ACS ZCTA $1,262 median gross rent is a five-year occupied-renter survey measure including selected utilities. The $1,470 HUD two-bedroom FMR/SAFMR is an administrative bedroom standard. Different population, timing, and purpose make a gap expected; it cannot show that any unit is priced below a benchmark.","q":"Why do the ZORI, ACS, and HUD rent figures differ?"},{"a":"They are modelled monthly estimates created by scaling the ZIP ZORI through the local HUD bedroom ladder. The range is $1,294 for a studio to $2,248 for four bedrooms, with $1,669 at two bedrooms. They are not measured bedroom rents, listing averages, or executed-lease results; a specific unit can differ from the model.","q":"How were the bedroom values created?"},{"a":"ZCTA vacancy, burden, and stock estimates cannot tell whether a particular unit is open, what utilities are landlord-paid, or whether fees and concessions change its effective monthly cost. The history cannot answer those unit-level questions either. Confirm the current asking amount, bedroom configuration, availability date, lease term, utility allocation, fees, and concessions directly for the property.","q":"What property-level facts remain unresolved?"}],"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":"2020-10-01","rent":1187.377668},{"period":"2020-11-01","rent":1197.213448},{"period":"2020-12-01","rent":1203.730709},{"period":"2021-01-01","rent":1232.273045},{"period":"2021-02-01","rent":1237.695065},{"period":"2021-03-01","rent":1269.498483},{"period":"2021-04-01","rent":1277.382786},{"period":"2021-05-01","rent":1289.784744},{"period":"2021-06-01","rent":1299.173906},{"period":"2021-07-01","rent":1330.89651},{"period":"2021-08-01","rent":1361.827457},{"period":"2021-09-01","rent":1387.097039},{"period":"2021-10-01","rent":1401.158485},{"period":"2021-11-01","rent":1401.998317},{"period":"2021-12-01","rent":1410.507302},{"period":"2022-01-01","rent":1394.320264},{"period":"2022-02-01","rent":1410.055926},{"period":"2022-03-01","rent":1401.925327},{"period":"2022-04-01","rent":1412.6815},{"period":"2022-05-01","rent":1423.4493},{"period":"2022-06-01","rent":1444.746719},{"period":"2022-07-01","rent":1456.436987},{"period":"2022-08-01","rent":1452.974206},{"period":"2022-09-01","rent":1458.82552},{"period":"2022-10-01","rent":1458.726568},{"period":"2022-11-01","rent":1485.225194},{"period":"2022-12-01","rent":1484.20723},{"period":"2023-01-01","rent":1492.356685},{"period":"2023-02-01","rent":1492.722987},{"period":"2023-03-01","rent":1513.060664},{"period":"2023-04-01","rent":1533.111233},{"period":"2023-05-01","rent":1536.531059},{"period":"2023-06-01","rent":1529.998436},{"period":"2023-07-01","rent":1520.967485},{"period":"2023-08-01","rent":1522.08637},{"period":"2023-09-01","rent":1526.522927},{"period":"2023-10-01","rent":1543.091634},{"period":"2023-11-01","rent":1539.905513},{"period":"2023-12-01","rent":1557.182301},{"period":"2024-01-01","rent":1565.606218},{"period":"2024-02-01","rent":1578.677933},{"period":"2024-03-01","rent":1584.233016},{"period":"2024-04-01","rent":1592.196666},{"period":"2024-05-01","rent":1597.227438},{"period":"2024-06-01","rent":1605.943768},{"period":"2024-07-01","rent":1620.147721},{"period":"2024-08-01","rent":1633.679068},{"period":"2024-09-01","rent":1626.988344},{"period":"2024-10-01","rent":1628.061481},{"period":"2024-11-01","rent":1648.388068},{"period":"2024-12-01","rent":1669.522377},{"period":"2025-01-01","rent":1674.322602},{"period":"2025-02-01","rent":1664.224801},{"period":"2025-03-01","rent":1660.098069},{"period":"2025-04-01","rent":1668.931296},{"period":"2025-05-01","rent":1680.771135},{"period":"2025-06-01","rent":1686.429802},{"period":"2025-07-01","rent":1691.017692},{"period":"2025-08-01","rent":1693.47965},{"period":"2025-09-01","rent":1707.032764},{"period":"2025-10-01","rent":1708.931568},{"period":"2025-11-01","rent":1699.373816},{"period":"2025-12-01","rent":1683.623233},{"period":"2026-01-01","rent":1682.951679},{"period":"2026-02-01","rent":1690.760747},{"period":"2026-03-01","rent":1693.41804},{"period":"2026-04-01","rent":1683.182062},{"period":"2026-05-01","rent":1674.317605},{"period":"2026-06-01","rent":1668.596137}],"historySummary":{"pointCount":69,"firstPeriod":"2020-10-01","latestPeriod":"2026-06-01","coverageMonths":69,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1686.429802,"endRent":1668.596137,"change":-0.010574804227754142,"cagr":-0.010574804227754142},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1529.998436,"endRent":1668.596137,"change":0.09058682527960427,"cagr":0.029327120537574913},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1299.173906,"endRent":1668.596137,"change":0.284351640141393,"cagr":0.05132450878302741}},"maxDrawdown":-0.023602718654911037,"annualizedVolatility":0.027642694265491048,"consecutiveReturnCount":68}}