The central tension in 47714 is a rising asking-rent index alongside a softer ZIP resale price signal. In June 2026, Zillow’s ZIP ZORI—a typical observed asking-rent index blended across rental types—was $1,052 per month. Its exact same-month change was 10.15% over one year, 6.91% annualized over three years, and 7.98% annualized over five years. The latest move therefore confirms, rather than reverses, the longer upward rent path, but it is faster than either multi-year pace. This is neither a measured rent for a particular dwelling nor a forecast. The five-digit label is both a Zillow ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP.
That acceleration warrants less confidence in any single current rent snapshot than a smooth history would. The backward-looking Zillow history has complete coverage through its stated endpoint, annualized monthly-return variability of 4.75%, and a maximum drawdown of 5.25%. Its transparent national discovery ranks among history-eligible ZIPs are 44 for momentum, 2,799 for stability, and 900 for the balanced measure, where a lower rank is higher. The rank spread captures the core pattern: strong past direction paired with weak consistency. These measurements are not forecasts or investment recommendations, and the variability means that the current index is a useful broad benchmark but a less precise stand-in for an individual asking rent.
The rent sources answer different questions. In the matched ACS 2024 five-year ZCTA survey, median gross rent was $970 with a $38 margin of error; it represents occupied renter homes and includes selected utilities. The current ZORI is 8.45% higher, but it is an asking-rent index rather than a survey median, so that spread is not a matched-unit premium. HUD’s local FMR/SAFMR ladder is instead an administrative, bedroom-specific standard, not asking rent; its two-bedroom standard is $1,113, or 5.48% above ZORI. Scaling the ZIP ZORI by that ladder produces modelled monthly estimates of $806 for a studio, $813 for one bedroom, $1,052 for two, $1,295 for three, and $1,455 for four. These are modelled estimates, never measured bedroom rents.
Income and burden place the rent readings in a separate household-survey frame. The ZCTA’s ACS median household income is $55,910, with a $4,329 margin of error. Annualizing the current index produces a required income of $42,080 under a 30% rent-to-income screen, while annualized asking rent equals 22.58% of the reported median income. That screen is arithmetic, not advice and not an applicant qualification rule. ACS also estimates that 2,755 of 5,546 renter households, or 49.68%, were rent burdened at or above that threshold; it does not establish burden for any particular tenant or unit. For wider rent context only, the City of Evansville context rent is $1,038, the Vanderburgh County context rent is $1,041, and the Evansville, IN-KY metro context rent is $1,077.
Survey housing stock adds scale but not a live availability count. The ACS ZCTA contains 15,945 housing units, with a 12.62% vacancy rate and 482 units recorded as vacant for rent. Renter households account for 39.81% of occupied homes. The structure mix is 72.47% single-family units and 4.05% units in large multifamily structures, leaving other structure types in the remainder. These are five-year survey classifications rather than a current leasing roster or property inventory. In particular, the vacancy figure cannot prove that a specific home is available, affordable, rentable at the ZORI level, or suitable for a particular household. It is a broad condition that should remain separate from the direct resale inventory.
The direct rolling-three-month Redfin ZIP resale observation presents a different tension. Its median sold price was $154,965, down 5.13% from a year earlier, while 124 homes sold and median marketing time was 10 days. Inventory stood at 78 homes after a 45.34% year-over-year increase, and months of supply was 1.9. Average sale-to-list was 98.76%, with 27.30% of sales above list. Those are direct ZIP for-sale and resale indicators, not rental transactions or rental comps. Turnover and short marketing time show resale activity, yet the lower median price and larger inventory challenge any simple reading that the strong rent history alone describes a uniformly strengthening housing market. The conflict is evidence of cross-market divergence, not proof that one series causes the other.
Annualized ZIP ZORI divided by the Redfin median sold price is 8.15%, but that is only a cross-source screening ratio. It joins an asking-rent index, which blends rental types, to a rolling resale median that can reflect a different set of homes; it is not a cap rate, net return, expected return, or property yield. The ratio therefore cannot resolve the tension between faster historical asking-rent growth, the survey’s burden signal, and resale price slippage. It omits operating costs, financing, taxes, insurance, maintenance, vacancies at any specific property, and the unit-level match between a listing and a sold home. It should not be treated as property economics.
Several limits should govern interpretation. ZORI is a ZIP-level blended asking-rent index; ACS is a sampled five-year description of occupied renter households with published margins of error; HUD is an administrative bedroom standard; and Redfin is direct ZIP resale evidence. Their periods, property mixes, and inclusion rules differ. Concrete property-level checks are still needed: verify the current advertised rent, bedroom count, utility responsibility, lease term, availability, and whether the unit’s characteristics align with the modelled bedroom proxy rather than treating it as a comp. For a resale candidate, confirm its list and sale details instead of transferring a ZIP median to that property. Once those facts are known, does the actual unit still fit the rent, burden, and resale screens?
","findings":[{"body":"Zillow ZORI reached $1,052 in June 2026 after a 10.15% same-month annual increase, compared with annualized gains of 6.91% over three years and 7.98% over five years. The direction is consistently upward, but the latest pace is faster. Complete historical coverage does not remove the volatility concern: the series recorded 4.75% annualized monthly-return variability and a 5.25% maximum drawdown.","title":"Asking-rent momentum outpaces its own longer trend"},{"body":"ACS gross rent is a five-year survey result for occupied renter homes and includes selected utilities, while HUD FMR/SAFMR is an administrative bedroom standard. The studio through four-bedroom figures in this report are produced by scaling ZIP ZORI using the local HUD ladder. They are modelled estimates rather than observed listing or lease rents, so they should not be used as measured bedroom comps.","title":"Bedroom estimates are a HUD-scaled proxy"},{"body":"The ACS estimate that 49.68% of renter households are burdened at the stated threshold describes surveyed existing renter households, not the finances of a future applicant. Similarly, the ZCTA vacancy rate and vacant-for-rent count describe area-wide survey classifications rather than availability in a named building. Published margins of error and the difference between a ZCTA and a delivery ZIP further constrain precision.","title":"Burden and vacancy are area-level signals"},{"body":"The rolling-three-month Redfin ZIP observation combines fast marketing and meaningful transactions with a year-over-year decline in median sold price and a substantial rise in inventory. This confirms resale activity but challenges a simple conclusion that rent momentum means uniformly stronger resale pricing. The annualized-rent-to-price figure remains only a cross-source screen because asking-rent and sold-price samples, property mixes, and timing are not matched.","title":"Resale evidence challenges a one-way rent reading"}],"risks":["ZORI, ACS gross rent, HUD standards, and Redfin sales do not observe the same homes, contracts, utility treatment, or time windows; direct comparisons can overstate precision.","Historical rent growth is backward-looking and high variability means a single current ZORI reading can move materially without identifying the achievable rent of any specific unit.","Survey burden and vacancy estimates contain sampling uncertainty and describe households or housing units in the ZCTA; they cannot demonstrate applicant affordability or unit-level occupancy.","Redfin resale liquidity and sale-to-list signals concern for-sale transactions only; applying the ZIP median sold price or inventory to a particular property requires record-level confirmation."],"qa":[{"a":"ZORI is best read here as a ZIP-wide typical observed asking-rent index blended across rental types. It is not a signed-lease series and not a quoted rent for an identified apartment or house. The historical changes indicate prior index movement, while the 4.75% variability and 5.25% drawdown require caution when translating one current reading to a unit.","q":"How should Zillow ZORI be used for 47714?"},{"a":"ACS median gross rent summarizes occupied renter households in a matched ZCTA over a five-year survey and includes selected utilities. HUD FMR/SAFMR is a bedroom-specific administrative standard. Zillow ZORI is a current asking-rent index. Their differing universes make the differences informative context, not evidence that any one source is incorrect or a direct unit-for-unit price comparison.","q":"Why do ACS, HUD, and Zillow rent figures differ?"},{"a":"By arithmetic, current annualized ZORI requires $42,080 of income at a 30% screen, compared with a ZCTA median household income of $55,910. ACS separately estimates that 49.68% of renter households are burdened. Neither figure decides whether a particular applicant qualifies, nor does either prove the affordability, condition, or utility cost of a specific rental.","q":"What do the required-income and burden figures establish?"},{"a":"It is annualized ZIP ZORI divided by the rolling three-month median sold price, so it compares unlike source universes. It excludes ownership costs and does not match a rented unit to a sold one. Consequently, it is only a screening ratio, never a cap rate, net return, expected return, or property yield.","q":"Does the 8.15% rent-to-price screen measure an investment return?"}],"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":"2021-05-01","rent":700.328449},{"period":"2021-06-01","rent":716.450031},{"period":"2021-07-01","rent":744.486579},{"period":"2021-08-01","rent":767.126632},{"period":"2021-09-01","rent":796.118863},{"period":"2021-10-01","rent":787.204695},{"period":"2021-11-01","rent":797.675129},{"period":"2021-12-01","rent":782.959384},{"period":"2022-01-01","rent":790.526977},{"period":"2022-02-01","rent":784.717477},{"period":"2022-03-01","rent":793.361746},{"period":"2022-04-01","rent":788.300223},{"period":"2022-05-01","rent":787.178894},{"period":"2022-06-01","rent":792.051673},{"period":"2022-07-01","rent":798.995881},{"period":"2022-08-01","rent":802.597674},{"period":"2022-09-01","rent":804.555227},{"period":"2022-10-01","rent":799.56889},{"period":"2022-11-01","rent":807.525397},{"period":"2022-12-01","rent":813.599688},{"period":"2023-01-01","rent":833.505152},{"period":"2023-02-01","rent":835.236925},{"period":"2023-03-01","rent":842.435193},{"period":"2023-04-01","rent":843.737218},{"period":"2023-05-01","rent":854.613679},{"period":"2023-06-01","rent":860.600533},{"period":"2023-07-01","rent":861.704521},{"period":"2023-08-01","rent":861.123981},{"period":"2023-09-01","rent":856.894586},{"period":"2023-10-01","rent":864.853382},{"period":"2023-11-01","rent":864.167055},{"period":"2023-12-01","rent":881.974323},{"period":"2024-01-01","rent":884.090467},{"period":"2024-02-01","rent":908.124433},{"period":"2024-03-01","rent":914.641172},{"period":"2024-04-01","rent":937.311246},{"period":"2024-05-01","rent":933.909214},{"period":"2024-06-01","rent":944.892985},{"period":"2024-07-01","rent":935.471041},{"period":"2024-08-01","rent":905.89014},{"period":"2024-09-01","rent":895.269651},{"period":"2024-10-01","rent":901.124341},{"period":"2024-11-01","rent":929.268041},{"period":"2024-12-01","rent":932.017868},{"period":"2025-01-01","rent":934.988043},{"period":"2025-02-01","rent":947.783678},{"period":"2025-03-01","rent":949.540588},{"period":"2025-04-01","rent":951.871707},{"period":"2025-05-01","rent":956.07675},{"period":"2025-06-01","rent":954.859687},{"period":"2025-07-01","rent":974.313259},{"period":"2025-08-01","rent":1011.06525},{"period":"2025-09-01","rent":1035.750786},{"period":"2025-10-01","rent":1042.501816},{"period":"2025-11-01","rent":1030.510248},{"period":"2025-12-01","rent":1031.313786},{"period":"2026-01-01","rent":1036.565385},{"period":"2026-02-01","rent":1026.809303},{"period":"2026-03-01","rent":1034.134275},{"period":"2026-04-01","rent":1034.571913},{"period":"2026-05-01","rent":1044.495832},{"period":"2026-06-01","rent":1051.745014}],"historySummary":{"pointCount":62,"firstPeriod":"2021-05-01","latestPeriod":"2026-06-01","coverageMonths":62,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":954.859687,"endRent":1051.745014,"change":0.10146551196898534,"cagr":0.10146551196898534},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":860.600533,"endRent":1051.745014,"change":0.22210592913960014,"cagr":0.06914419855441789},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":716.450031,"endRent":1051.745014,"change":0.4679949312473408,"cagr":0.07980394847890815}},"maxDrawdown":-0.05251741179981351,"annualizedVolatility":0.04754175766286734,"consecutiveReturnCount":61}}