At June 2026, Zillow’s ZIP-level ZORI for 46168 was $1,738 per month, up 2.28% from the same month a year earlier. This is the strongest current rent read, but it is a typical observed asking-rent index blended across rental types, rather than the asking price of every available home. The five-digit label is both Zillow’s ZIP market identifier and the matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. That matching convention supports comparison but does not turn one source into another. The initial signal is a still-rising broad asking-rent benchmark, with the depth and limits of that signal tested below.
The historical record adds restraint to that current increase. Exact same-month ZORI changes annualized at 2.28% over 1 year, 3.56% over 3 years, and 5.54% over 5 years through the stated endpoint. Annualized monthly-return variability was 2.27%, maximum drawdown was 1.07%, and coverage was 100%. The transparent national discovery ranks were 1,052 for momentum, 374 for stability, and 387 for the balanced measure; lower ranks are stronger. These are backward-looking measurements, not forecasts or investment recommendations. Recent direction is still positive and therefore confirms the longer upward direction, but its one-year pace is below both longer horizons, so it breaks from their faster rate. Low variability and shallow drawdown support more confidence in a current index snapshot than a choppy series would, though they do not remove source or unit-level uncertainty.
Rent levels differ because their evidence universes differ. In the ACS 2024 five-year survey for the matched ZCTA, median gross rent was $1,491; this survey describes occupied renter homes and includes selected utilities, rather than today’s listings. The Zillow asking-rent index therefore sits 16.6% above that median. The supplied HUD FY2026 FMR/SAFMR local ladder is an administrative bedroom-specific standard, not asking rent; its two-bedroom standard is $1,610. Scaling the ZIP ZORI by that local HUD ladder produces modelled monthly ZIP estimates of $1,317 for a studio, $1,490 for one bedroom, $1,738 for two bedrooms, $2,245 for three bedrooms, and $2,764 for four bedrooms. These are modelled estimates, never measured bedroom rents.
The affordability picture carries a separate tension. The ZCTA’s ACS median household income was $90,000, while the arithmetic income needed to keep the current monthly asking-rent index at 30% of gross income is $69,520 annually. On that simple comparison, the index equals 23.2% of median income. Yet 1,901 of 4,621 occupied renter households, or 41.1%, reported spending at least 30% of income on rent in the ACS burden measure. The screen is arithmetic, not advice or an applicant qualification rule, and the burden result is not evidence about any particular unit or household. It instead marks a meaningful difference between a ZIP-wide median-income comparison and the survey’s occupied-renter experience, which use distinct populations and rent concepts.
Supply and stock describe the survey geography rather than a live availability count. The matched ZCTA had 14,413 housing units, with a stock dominated by single-family structures, and 591 were vacant, a 4.1% vacancy rate. Of all vacant units, 205 were classified for rent. This does not establish vacancy, condition, price, or concession terms for a particular listing. The renter base is materially smaller than the owner base, and the stock mix reinforces that aggregate asking-rent and survey measures can reflect a mixture of housing forms. Use the vacancy data as a broad stock indicator only; it neither verifies present leasing options nor proves whether a prospective unit will fit the ZORI or bedroom model.
For wider-scope context, the Plainfield city-context rent value is higher than the ZIP’s index, the Hendricks County-context rent value is $1,869, and the Indianapolis-Carmel-Anderson, IN metro-context rent value is $1,558; each is a context value rather than a ZIP rental comp. The ZIP’s index sits below the city and county context values but above the metro context value. That placement provides scale for the broad benchmark without implying that tenants, stock, or listings are interchangeable across the city, county, metro, ZCTA, and Zillow market definitions. It also does not reconcile the ACS median gross-rent measure with Zillow’s current asking-rent index.
The direct ZIP resale picture introduces the clearest counterweight. Redfin’s direct rolling-three-month ZIP resale observation reports a $354,920 median sold price, down 1.14% year over year, with 182 homes sold and a 26-day median marketing time. It shows 106 homes of inventory and 1.8 months of supply. The average sale-to-list ratio was 98.76%, and 11.88% of homes sold above list. These are resale-market liquidity and pricing signals, not rental transactions, rental comps, or property economics. The combination of positive current ZORI and a lower median resale price, alongside sales occurring modestly below list on average, challenges a simple reading of uniformly strengthening conditions. It is a cross-market tension, not proof that rent changes caused resale outcomes or that either series predicts the other.
The decision limit is that none of these sources measures the rent, expenses, terms, or resale result of a specific home. Annualized ZIP ZORI divided by Redfin median sold price is only a cross-source screening ratio, not a property-level income result. Before relying on the benchmark, check the subject’s actual advertised rent and effective rent after concessions, bedroom count and housing form, included and tenant-paid utilities, lease term, listing date, availability, and whether the address falls within the intended market label rather than merely a USPS delivery ZIP. For a resale comparison, confirm closed-sale status, list and contract chronology, condition, and whether the observed inventory and marketing figures describe comparable homes. Does the subject’s property-level evidence preserve or overturn the broad tension between positive asking-rent history, burden evidence, and softer resale pricing?
","findings":[{"body":"At $1,738 in June 2026, the ZIP ZORI rose 2.28% over the latest same-month period. The one-, three-, and five-year annualized changes show a slower recent pace than the broader historical horizons. Low annualized variability, a shallow maximum drawdown, complete coverage, and a strong stability-oriented discovery rank make the historical index comparatively consistent, but they remain backward-looking evidence rather than a projection.","title":"Current asking-rent growth has cooled versus its longer history"},{"body":"Zillow ZORI is a current asking-rent index blended across rental types, ACS gross rent is a five-year survey of occupied renter homes with selected utilities, and HUD FMR/SAFMR is a bedroom-specific administrative standard. The observed gaps are therefore definitional as well as numeric. The bedroom ladder scales the ZIP index using HUD relationships; it is useful for structured comparison but does not measure rents actually asked for individual bedroom categories.","title":"Zillow, ACS, and HUD answer different rent questions"},{"body":"The median-income calculation places the current ZIP asking-rent index below the thirty-percent threshold for the reported median household income, while the ACS burden measure records a substantial share of occupied renter households at or above that threshold. These are not interchangeable household tests. Vacancy and structure counts describe broad ZCTA stock, and neither the burden share nor vacant-for-rent count proves the affordability, availability, or condition of a particular home.","title":"Median-income math and renter burden point to different populations"},{"body":"Redfin’s direct rolling-three-month ZIP resale series showed a lower median sold price than a year earlier even as the current Zillow index was rising. Sales volume, marketing time, supply, and sale-to-list figures are for-sale evidence only. That contrast challenges a uniform strengthening narrative, while the annualized ZORI-to-price calculation remains a cross-source screen instead of a transaction-level measure of rental or property economics.","title":"Resale evidence challenges a uniform strengthening narrative"}],"risks":["ZORI is a ZIP-wide blended asking-rent index, so an individual property’s advertised rent may differ because of bedroom count, housing form, utility treatment, condition, timing, and concessions.","ACS burden, income, vacancy, and gross-rent results are survey estimates for the matched ZCTA’s occupied or total housing universe; they cannot establish the circumstances of a specific current listing.","HUD-derived bedroom figures preserve the local bedroom-standard ladder but remain modelled estimates. They may not match current observed bedroom rents, lease terms, or the utilities included at a subject property.","Redfin’s resale observations concern closed for-sale activity over a rolling period. Median sale price and the ZORI-to-price screen do not show rental transactions, expenses, or an outcome for any particular property."],"qa":[{"a":"The sources measure different universes. Zillow ZORI is a current typical asking-rent index across rental types, while ACS median gross rent is a five-year survey result for occupied renter homes and includes selected utilities. The gap does not establish that a particular available listing is overpriced, discounted, or otherwise atypical.","q":"Why is the current Zillow index higher than the ACS median gross-rent figure?"},{"a":"No. The studio-through-four-bedroom figures are modelled monthly ZIP estimates created by scaling the ZIP ZORI with the local HUD FMR/SAFMR bedroom ladder. HUD is an administrative standard rather than a listing database, so the resulting figures should not be interpreted as measured asking rents for each bedroom category.","q":"Are the bedroom estimates observed rents for available units?"},{"a":"No. The screen simply annualizes the ZIP asking-rent index and divides it by thirty percent to show the gross income associated with that arithmetic threshold. It is not advice and not an applicant qualification rule. The ACS burden statistic is a separate survey measure for occupied renter households, not a test for an individual applicant.","q":"Does the 30% income screen determine whether a household can rent a home?"},{"a":"It provides direct ZIP evidence on the for-sale market, including closed-sale price direction, sales activity, marketing time, inventory, supply, and sale-to-list signals. It does not provide rental transactions or rental property economics. Its softer price signal creates a useful tension with the positive ZORI history, but neither source establishes causation or forecasts the other.","q":"What does the Redfin resale section add to the rental analysis?"}],"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":"2021-01-01","rent":1248.994072},{"period":"2021-02-01","rent":1269.04755},{"period":"2021-03-01","rent":1281.296269},{"period":"2021-04-01","rent":1298.637422},{"period":"2021-05-01","rent":1316.252592},{"period":"2021-06-01","rent":1327.245988},{"period":"2021-07-01","rent":1347.132191},{"period":"2021-08-01","rent":1357.15048},{"period":"2021-09-01","rent":1372.98599},{"period":"2021-10-01","rent":1391.374453},{"period":"2021-11-01","rent":1417.546419},{"period":"2021-12-01","rent":1440.431003},{"period":"2022-01-01","rent":1434.222728},{"period":"2022-02-01","rent":1430.90697},{"period":"2022-03-01","rent":1438.124441},{"period":"2022-04-01","rent":1462.672276},{"period":"2022-05-01","rent":1482.879683},{"period":"2022-06-01","rent":1499.718021},{"period":"2022-07-01","rent":1497.609129},{"period":"2022-08-01","rent":1512.852285},{"period":"2022-09-01","rent":1527.127756},{"period":"2022-10-01","rent":1535.372338},{"period":"2022-11-01","rent":1530.868045},{"period":"2022-12-01","rent":1528.628939},{"period":"2023-01-01","rent":1557.233439},{"period":"2023-02-01","rent":1572.399029},{"period":"2023-03-01","rent":1575.402453},{"period":"2023-04-01","rent":1561.169833},{"period":"2023-05-01","rent":1562.678221},{"period":"2023-06-01","rent":1565.042933},{"period":"2023-07-01","rent":1580.3176},{"period":"2023-08-01","rent":1578.574535},{"period":"2023-09-01","rent":1585.464397},{"period":"2023-10-01","rent":1588.371438},{"period":"2023-11-01","rent":1605.744175},{"period":"2023-12-01","rent":1609.380382},{"period":"2024-01-01","rent":1602.683654},{"period":"2024-02-01","rent":1609.923292},{"period":"2024-03-01","rent":1615.991158},{"period":"2024-04-01","rent":1636.271648},{"period":"2024-05-01","rent":1637.142391},{"period":"2024-06-01","rent":1646.944822},{"period":"2024-07-01","rent":1643.90807},{"period":"2024-08-01","rent":1650.051114},{"period":"2024-09-01","rent":1653.279771},{"period":"2024-10-01","rent":1672.70578},{"period":"2024-11-01","rent":1682.504398},{"period":"2024-12-01","rent":1691.426159},{"period":"2025-01-01","rent":1684.403055},{"period":"2025-02-01","rent":1673.325515},{"period":"2025-03-01","rent":1682.717241},{"period":"2025-04-01","rent":1688.13653},{"period":"2025-05-01","rent":1691.740565},{"period":"2025-06-01","rent":1699.412944},{"period":"2025-07-01","rent":1707.069472},{"period":"2025-08-01","rent":1712.542972},{"period":"2025-09-01","rent":1715.786319},{"period":"2025-10-01","rent":1709.343281},{"period":"2025-11-01","rent":1705.357649},{"period":"2025-12-01","rent":1708.252359},{"period":"2026-01-01","rent":1722.460698},{"period":"2026-02-01","rent":1735.57123},{"period":"2026-03-01","rent":1735.377368},{"period":"2026-04-01","rent":1733.974769},{"period":"2026-05-01","rent":1740.107319},{"period":"2026-06-01","rent":1738.23323}],"historySummary":{"pointCount":66,"firstPeriod":"2021-01-01","latestPeriod":"2026-06-01","coverageMonths":66,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1699.412944,"endRent":1738.23323,"change":0.02284335078007982,"cagr":0.02284335078007982},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1565.042933,"endRent":1738.23323,"change":0.11066169071030862,"cagr":0.03560450445138996},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1327.245988,"endRent":1738.23323,"change":0.3096541603559928,"cagr":0.055434595034637546}},"maxDrawdown":-0.010701409519822902,"annualizedVolatility":0.022745359712765582,"consecutiveReturnCount":65}}