Current pricing sits above city and metro context yet below county context. In June 2026, Zillow’s ZORI for 46062 is $1,783, a 3.4% same-month increase. ZORI is a typical observed asking-rent index blended across rental types, so it records a ZIP-level market signal rather than the contract rent or availability of a specific home. The five-digit label is both the Zillow ZIP market identifier and a Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. For wider context only, the Noblesville city-scope rent reading is $1,716, the Hamilton County county-scope reading is $1,837, and the Indianapolis-Carmel-Anderson, IN metro-scope reading is $1,558. Those named broader areas are context, not replacements for the ZIP reading.
The packet labels the historical record mixed. The direct Zillow ZIP history has 67 observations and 66 consecutive monthly returns with 100% stated coverage. Exact same-month annualized change was 3.4% across 1 year, 4.2% across 3 years, and 5.6% across 5 years. Thus, the latest direction still confirms a positive longer path, but its pace breaks from that path by slowing markedly. Annualized monthly-return variability was 3.0%, and maximum drawdown was -1.6%, evidence from the observed index history rather than a forward view. It supports more confidence in the persistence of the current index snapshot than a series with large observed swings, but cannot establish a rent for a particular listing. On transparent national discovery rankings among history-eligible ZIPs, momentum scored 74.8 and ranked 669, stability 43.8 and 1,632, and balanced 62.4 and 804; lower rank is higher. These backward-looking measures are neither forecasts nor investment recommendations.
The largest current level difference arises from source design, not necessarily a mismatch in the same property. The matched Census ZCTA’s ACS 2024 five-year median gross rent is $1,509, placing the current Zillow index 18.2% higher. ACS is a survey of occupied renter homes and its median gross-rent measure includes selected utilities; it is not an asking-rent series. Its source margin of error also means the estimate is a survey result rather than a precise current quote. The HUD FY2026 FMR/SAFMR two-bedroom standard is $1,730. Whether supplied as ZIP SAFMR or a county-derived ladder, HUD is an administrative, bedroom-specific standard, not asking rent. Comparisons among these source universes inform scale only; they do not prove a utility-adjusted gap, unit quality difference, or change in lease price.
The bedroom ladder is designed for sizing, not for claiming observed submarket rents. The local HUD ladder’s relative spacing scales ZIP ZORI into monthly modelled estimates: $1,350 for a studio, $1,536 for one-bedroom, $1,783 for two-bedroom, $2,309 for three-bedroom, and $2,834 for four-bedroom. These are modelled estimates, never measured bedroom rents. The exercise preserves the local administrative bedroom relationship while anchoring total level to the observed ZIP asking-rent index; it does not say that listings in each size were sampled or that a unit with a given bedroom count should ask that amount. Utility treatment, floor plan, property type, lease terms, and listing status can all prevent an individual home from matching its modelled rung.
A 30% required-income screen applied to the current index produces $71,320 in annual household income. That calculation is arithmetic, not advice and not an applicant qualification rule. The ACS ZCTA median household income is $120,100, with a reported survey margin of error, but it describes all households and cannot be assumed to be the income of renter households or of a specific applicant. Separately, ACS records 1,226 of 3,190 renter households as spending at least that threshold share on gross rent, a 38.4% burden share. Because gross rent includes selected utilities and the renter counts are survey estimates, this burden result describes a population-level distribution; it does not establish that any particular available home is affordable or burdensome.
The matched ZCTA contains 15,745 housing units in the ACS estimate, with its reported stock primarily in single-family units. Vacancy is 5.5% across that stock, a broad housing-status measure rather than a direct rental-listing inventory. The renter-occupied count cited above is therefore only one portion of local occupied housing, and the vacant-for-rent classification is only a census category. Neither the vacancy rate nor that category shows whether a named unit is actively marketed, habitable, priced at a level comparable to the ZIP index, free of an existing application, or offered on comparable terms. The stock and vacancy data help frame the scale of the housing base, but do not identify turnover, concessions, or a specific unit’s availability.
Several limits should keep the comparisons grounded. Zillow reflects a blended asking-rent index, ACS is a retrospective multi-year survey for the matched statistical ZCTA, and HUD is a program standard; none substitutes for property evidence. City, county, and metro readings have wider boundaries, while the ZCTA match is not the same thing as the delivery geography used for every address. History describes measured prior index movements only and cannot forecast renewal, move-in, or market outcomes. Before applying the report to a property, verify the address’s ZIP, listing date and asking price, bedroom count, property type, utility inclusions, lease length, deposits and fees, concessions, condition, occupancy date, and actual availability. Does the specific listing’s verified information fit the source universe and modelled bedroom comparison being used?
","findings":[{"body":"Zillow’s current ZIP index rose 3.4% from the same month a year earlier, while the exact same-month annualized three- and five-year changes were 4.2% and 5.6%. That sequence indicates continuing historical growth with a slower recent pace. The history is complete across the supplied observations, but it remains an index history, not evidence that every available property followed the same path.","title":"Growth is positive, but the pace has cooled"},{"body":"The ZORI reading is a typical observed asking-rent index blended across rental types. The ACS gross-rent median instead surveys occupied renter homes over five years and includes selected utilities. HUD’s bedroom standards serve administrative purposes. The difference between the current index, the ACS median, and the HUD standard therefore identifies distinct measurement universes, not a verified price difference for a common unit.","title":"Three rent concepts require separate interpretation"},{"body":"The studio-through-four-bedroom figures are generated by scaling the ZIP index with the local HUD bedroom ladder. They retain the local relative bedroom pattern, but they are modelled estimates, never measured bedroom rents. A property’s bedroom count alone cannot reconcile differences in utility terms, property type, floor plan, condition, lease structure, fees, concessions, or actual listing status.","title":"Bedroom ladder is a modelling tool"},{"body":"Applying the 30% screen to the ZIP index yields an arithmetic income benchmark, not leasing advice or an applicant test. The ACS burden share instead summarizes surveyed renter households reporting gross-rent burdens at or above that threshold. Median household income covers all households, not only renters. Neither statistic determines affordability, approval, or rent burden for a particular unit or household.","title":"Affordability and burden are separate screens"}],"risks":["ZORI blends rental types and reflects a typical observed asking-rent index. It cannot identify a particular property’s final rent, utilities, lease structure, condition, availability, or concessions.","The matched ZCTA is a Census statistical area rather than an identical USPS delivery ZIP, and ACS estimates are survey measures. Geographic matching and sampling uncertainty can limit address-level interpretation.","HUD FMR/SAFMR values are administrative, bedroom-specific standards that may be ZIP SAFMR or county-derived in the supplied ladder. They should not be read as listings, signed rents, or utility-inclusive market quotes.","Vacancy and rent-burden figures describe broad categories and surveyed households, respectively. They do not establish that a particular unit is vacant, market-ready, affordable to an applicant, or burdening its occupant."],"qa":[{"a":"Zillow ZORI is a ZIP-level typical observed asking-rent index blended across rental types. ACS is a five-year survey of occupied renter homes in the matched ZCTA and its gross-rent measure includes selected utilities. Different populations, timing, utility treatment, and summary methods mean their values should be compared for context, not treated as same-unit prices.","q":"Why does the ACS median gross rent not equal Zillow ZORI?"},{"a":"The bedroom outputs begin with the ZIP ZORI level and use the local HUD ladder to set relative studio-through-four-bedroom spacing. They are modelled estimates rather than a bedroom-level rent survey. The method does not know the condition, utility package, lease, floor plan, property type, or availability of any individual home.","q":"How should the bedroom estimates be used?"},{"a":"The screen divides annualized ZIP asking-rent index cost by the stated thirty-percent share to form a simple annual-income reference. It is not advice, an underwriting policy, a legal standard, or an applicant qualification rule. The ACS burden statistic is separate: it reports a survey-based share of renter households rather than evaluating an individual household’s ability to pay.","q":"Does the required-income screen determine whether someone qualifies for a rental?"},{"a":"The history metrics summarize observed Zillow index movement through the specified endpoint. Same-month changes, annualized variability, drawdown, coverage, and discovery ranks describe what occurred in the recorded series. They cannot forecast rents, renewal outcomes, availability, or investment results, and they do not replace checking an individual listing’s live terms.","q":"What do the historical metrics and discovery ranks tell a reader?"}],"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":"2020-12-01","rent":1262.279753},{"period":"2021-01-01","rent":1272.100986},{"period":"2021-02-01","rent":1314.811851},{"period":"2021-03-01","rent":1317.126868},{"period":"2021-04-01","rent":1341.467926},{"period":"2021-05-01","rent":1339.051923},{"period":"2021-06-01","rent":1360.391557},{"period":"2021-07-01","rent":1363.074194},{"period":"2021-08-01","rent":1377.698556},{"period":"2021-09-01","rent":1360.742908},{"period":"2021-10-01","rent":1365.284715},{"period":"2021-11-01","rent":1383.187724},{"period":"2021-12-01","rent":1431.605184},{"period":"2022-01-01","rent":1435.825621},{"period":"2022-02-01","rent":1434.744637},{"period":"2022-03-01","rent":1445.299713},{"period":"2022-04-01","rent":1460.464784},{"period":"2022-05-01","rent":1474.990376},{"period":"2022-06-01","rent":1491.158882},{"period":"2022-07-01","rent":1518.654265},{"period":"2022-08-01","rent":1518.252904},{"period":"2022-09-01","rent":1537.221183},{"period":"2022-10-01","rent":1534.525835},{"period":"2022-11-01","rent":1544.299954},{"period":"2022-12-01","rent":1519.702298},{"period":"2023-01-01","rent":1546.823612},{"period":"2023-02-01","rent":1541.227386},{"period":"2023-03-01","rent":1561.667378},{"period":"2023-04-01","rent":1555.413808},{"period":"2023-05-01","rent":1579.133262},{"period":"2023-06-01","rent":1576.233217},{"period":"2023-07-01","rent":1585.158545},{"period":"2023-08-01","rent":1597.742333},{"period":"2023-09-01","rent":1609.885857},{"period":"2023-10-01","rent":1612.066568},{"period":"2023-11-01","rent":1621.990398},{"period":"2023-12-01","rent":1639.02973},{"period":"2024-01-01","rent":1649.873154},{"period":"2024-02-01","rent":1656.24638},{"period":"2024-03-01","rent":1671.204233},{"period":"2024-04-01","rent":1690.449381},{"period":"2024-05-01","rent":1699.248028},{"period":"2024-06-01","rent":1699.616496},{"period":"2024-07-01","rent":1698.23895},{"period":"2024-08-01","rent":1690.210453},{"period":"2024-09-01","rent":1705.483303},{"period":"2024-10-01","rent":1714.350848},{"period":"2024-11-01","rent":1735.235883},{"period":"2024-12-01","rent":1726.272079},{"period":"2025-01-01","rent":1723.353186},{"period":"2025-02-01","rent":1724.102836},{"period":"2025-03-01","rent":1714.109909},{"period":"2025-04-01","rent":1718.125965},{"period":"2025-05-01","rent":1712.814969},{"period":"2025-06-01","rent":1723.93092},{"period":"2025-07-01","rent":1728.223789},{"period":"2025-08-01","rent":1741.458947},{"period":"2025-09-01","rent":1733.613919},{"period":"2025-10-01","rent":1739.539358},{"period":"2025-11-01","rent":1729.134398},{"period":"2025-12-01","rent":1743.923527},{"period":"2026-01-01","rent":1747.823995},{"period":"2026-02-01","rent":1758.621672},{"period":"2026-03-01","rent":1767.508902},{"period":"2026-04-01","rent":1769.527652},{"period":"2026-05-01","rent":1777.564202},{"period":"2026-06-01","rent":1782.885913}],"historySummary":{"pointCount":67,"firstPeriod":"2020-12-01","latestPeriod":"2026-06-01","coverageMonths":67,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1723.93092,"endRent":1782.885913,"change":0.03419800197098399,"cagr":0.03419800197098399},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1576.233217,"endRent":1782.885913,"change":0.13110540608534849,"cagr":0.04191996359590999},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1360.391557,"endRent":1782.885913,"change":0.31056819915267986,"cagr":0.05558187650665225}},"maxDrawdown":-0.01592803000238907,"annualizedVolatility":0.03001929749928999,"consecutiveReturnCount":66}}