The decision question for this ZIP is whether a current, blended asking-rent benchmark is an appropriate starting point for the bedroom type and household situation being evaluated. In 2026-06, Zillow ZORI is $1,654 per month, up 0.68% year over year. ZORI is a typical observed asking-rent index blended across rental types, rather than a quoted rent for a specified available home. This five-digit label 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, so an address-level check remains necessary before applying this area evidence.
Bedroom sizing is best handled as a model, not as a record of observed bedroom-specific rents. Scaling the ZIP ZORI with the supplied local HUD ladder produces modelled monthly estimates of $1,252 for a studio, $1,420 for one bedroom, $1,654 for two bedrooms, $2,140 for three bedrooms, and $2,626 for four bedrooms. The corresponding FY2026 HUD ladder is $1,340, $1,520, $1,770, $2,290, and $2,810. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent. The two-bedroom model equals ZORI by construction; none of these estimates measures a bedroom’s actual advertised or leased rent.
Household-income and burden evidence adds a separate screen. The ACS ZCTA reports median household income of $91,496, a measure that covers households rather than renter income alone. Applying the arithmetic 30% screen to $1,654 monthly yields $66,160 in annual required income. This calculation is not advice and not an applicant qualification rule. Renter-occupied homes number 7,411, or 31.8% of occupied homes. ACS also records 3,182 renter households, with a margin of error of 593, spending 30% or more of income on gross rent: 42.9% of the reported renter total. This observed burden does not establish the payment position of any particular household or unit.
The ACS housing stock contains 24,340 units: 23,329 occupied and 1,011 vacant, for a 4.2% vacancy rate. Of the vacancies, 296 are designated for rent, 109 for sale, and 194 for seasonal use. These labelled categories do not exhaust the vacant total and should not be treated as a count of current rentable listings or as evidence about a particular property’s availability. Structure counts further show 19,286 single-family units and 1,250 units in large multifamily structures. They describe the area’s stock classification, not the quality, condition, turnover, price, or vacancy of any individual rental.
Zillow, ACS, and HUD should not be merged into one rent series. In the ACS 2024 five-year ZCTA survey, median gross rent is $1,462 with a $78 margin of error; it represents occupied renter homes and includes selected utilities. The $1,654 Zillow ZORI is 13.1% above that ACS median, but the difference joins unlike periods, populations, and rent concepts. Against the supplied $1,770 HUD two-bedroom standard, ZORI is 6.6% lower. That second comparison is to an administrative standard, not a measured two-bedroom asking rent, and it does not establish what any specific unit should cost.
In wider comparisons, the Greenwood city context rent is $1,609.40, the Johnson County context rent is $1,641, and the Indianapolis-Carmel-Anderson, IN metro context rent is $1,558; each is context rather than a substitute for the ZIP index. The ZIP index is above all three context rents. The metro context also reports a 7.6% apartment vacancy rate. That apartment-only measure differs from the ZIP’s all-housing vacancy measure, and the city, county, and metro figures have different geographic scopes. They can frame relative scale, but cannot identify the bedroom, utility treatment, occupancy status, or availability of a property in this ZIP.
Limits are material at the property level. Zillow is an index, ACS is a survey estimate, and HUD is an administrative standard; their timing, populations, and definitions are not interchangeable. The ZCTA-versus-USPS distinction, ACS sampling uncertainty, the use of all-household rather than renter-only income, and stock-category definitions constrain address-level inferences. Concrete checks for a specific property are its street address and postal ZIP, advertised bedroom designation, current monthly asking rent, lease term, utility inclusions, recurring fees, concessions, deposits, availability date, and actual unit condition. Documentation should distinguish an advertised amount from the final executed rent and identify which recurring charges and utilities are included. Area aggregates cannot provide those lease-specific facts or establish the condition, timing, or availability of a named home. Neither the area vacancy calculation nor the burden share proves that a particular unit is available or affordable.
","findings":[{"body":"Zillow ZORI supplies the current ZIP benchmark, but it is a blended typical observed asking-rent index rather than an advertised quote for an identified home. The matching Census ZCTA supports a separate survey comparison, not a statement that every USPS-delivered address shares the same boundary. Address and listing details remain the unit-level evidence.","title":"The ZIP benchmark is not a unit quote"},{"body":"The bedroom figures are modelled monthly estimates, obtained by scaling the ZIP ZORI with the supplied HUD bedroom ladder. They preserve the ladder’s relative spacing, and the two-bedroom estimate is the ZORI anchor by construction. HUD FMR/SAFMR serves as an administrative bedroom-specific standard in this exercise; it does not measure market asking rents.","title":"Bedroom amounts are modelled estimates"},{"body":"Median household income and ACS renter burden answer different questions. The income screen translates the area index into an arithmetic annual amount at the stated share of income, while the burden statistic reports survey observations among renter households. Neither measure identifies an applicant’s income, expenses, eligibility, lease terms, or ability to pay for a particular unit.","title":"Income and burden describe separate screens"},{"body":"Vacancy is distributed across classifications, including units marked for rent, sale, and seasonal use, while other vacant categories remain outside those labels. The all-housing vacancy rate and the metro apartment vacancy rate use different universes. Stock counts describe classified structures, not active listings, unit condition, turnover, or a property’s current availability.","title":"Vacancy needs category-level interpretation"}],"risks":["The Zillow, ACS, and HUD figures differ in observation period, target population, and rent definition. Treating them as a single time series could overstate precision and misstate what is being compared.","The census ZCTA is statistical geography rather than an exact USPS delivery geography. A property may require address verification before the ZIP-level index, ZCTA survey evidence, or local HUD ladder is applied.","Bedroom amounts are derived by a HUD-based scaling rule, so changes in actual unit size, layout, lease term, included utilities, or advertised condition may produce rents that do not match the modelled estimate.","Area vacancy and rent-burden results are aggregates. Neither can verify a particular home’s availability, final contractual rent, tenant income, monthly obligations, or affordability after utilities, fees, deposits, and concessions."],"qa":[{"a":"The figure is Zillow ZORI, a typical observed asking-rent index for the ZIP market and a blend across rental types. It is useful as an area benchmark, but it is not a quote for a particular available address, bedroom count, lease, or utility package.","q":"What does the ZIP rent figure represent?"},{"a":"They describe separate universes. ZORI tracks typical observed asking rents, while the ACS five-year ZCTA median gross rent describes occupied renter homes and includes selected utilities. They also have different timing and populations. The numerical comparison indicates a gap, but it cannot be interpreted as a unit-level pricing rule.","q":"Why do the Zillow and ACS figures differ?"},{"a":"The studio through four-bedroom figures are modelled estimates created by scaling ZIP ZORI with the supplied HUD ladder. HUD supplies an administrative bedroom-specific standard, not measured asking rent. Consequently, the estimates aid consistent comparison across bedroom categories but cannot substitute for a property’s advertised rent or executed lease.","q":"How were the bedroom estimates produced?"},{"a":"An address-level review needs the postal ZIP, exact advertised bedroom designation, current asking rent, lease term, utility treatment, recurring fees, concessions, deposits, availability date, and unit condition. Those facts test whether the area benchmark is relevant to the listing; aggregate vacancy and burden statistics cannot supply them.","q":"What property-level details remain necessary?"}],"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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