ZIP 48307’s June 2026 Zillow Observed Rent Index (ZORI) is $1,723, a ZIP-level typical observed asking-rent index blended across rental types rather than the asking price of every available home. The exact same-month change was 4.73% over one year, versus annualized changes of 3.76% over three years and 4.22% over five years. Thus, the recent direction confirms the longer upward path and has run faster than both longer lookbacks; it does not establish a future path. The series has 100% coverage through the stated endpoint. Annualized monthly-return variability of 3.16% and a maximum drawdown, or peak-to-trough decline, of 4.98% mean the current index reading is well-covered historical evidence but remains a single blended snapshot, not a precise quote for a particular unit.
The five-digit label used here 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. In the ACS 2024 five-year survey, occupied renter homes in the matched ZCTA had a median gross rent of $1,562, with an $80 margin of error; gross rent includes selected utilities. The Zillow index is 10.3% above that survey median. This is not an apples-to-apples price gap: ZORI is a typical observed asking-rent index across rental types, while ACS reports a survey-based median among occupied renter homes. The different populations, timing, and rent concepts preclude treating either result as a correction to the other.
HUD’s FY2026 Fair Market Rent, or FMR, ladder is an administrative, bedroom-specific standard, not asking rent. The local two-bedroom HUD standard is $1,810. Scaling the ZIP ZORI by the relative steps in that local HUD ladder produces modelled—not measured—monthly ZIP estimates of $1,228 for a studio, $1,371 for one bedroom, $1,723 for two bedrooms, $2,104 for three bedrooms, and $2,285 for four bedrooms. The two-bedroom model is the ZORI anchor, while the other values preserve HUD’s relative bedroom steps. This construction is useful for comparing a listing’s stated bedroom count to a consistent ZIP-wide model, but it does not demonstrate observed bedroom-specific asking rents, and it does not convert the HUD standard into a market quote.
An arithmetic 30% required-income screen applied to the current monthly ZORI yields $68,920 per year. It is not advice, an applicant qualification rule, or evidence of what any household can pay. The ACS median household income is $106,576; comparing annualized ZORI with that area-wide household median gives an asking-rent-to-income ratio of 19.4%. That aggregate comparison does not pair a renter household with a specific dwelling. Separately, ACS counts 6,159 renter-occupied homes, with 2,273 households spending at or above that threshold on rent, a 36.9% share. Burden is a survey measure of occupied renters, not proof that a particular available unit is affordable or burdensome. It also does not identify the distribution of incomes, utility bills, or rents within the area.
The ACS ZCTA inventory contains 19,601 housing units and has a 4.8% vacancy rate. Of the vacant stock, 497 units are classified for rent; this aggregate classification does not establish that a specific home is advertised, available on a reader’s date, or offered at the index rent. Renters account for 33.0% of occupied units. The structure counts include 12,692 single-family units and 1,166 large-multifamily units. These data describe the survey stock across the ACS multiyear period, not the current listings behind ZORI. They do not identify unit condition, rental type, lease terms, concessions, utilities, or the exact structure mix of Zillow’s blended asking-rent index. Vacancy and stock counts therefore should not be used as proof about any particular unit.
Against wider geographies, the City of Rochester Hills context rent is about $1,800, Oakland County context rent is $1,733, and the Detroit–Warren–Dearborn, MI metro context rent is $1,518; all three are context values rather than replacements for the ZIP index. The ZIP reading sits slightly below the city and county context values and higher than the metro context value. Those relationships give scale to the current asking-rent measure, but they do not turn city, county, or metro aggregates into ZIP statistics. They also cannot indicate why the geographies differ or whether a given listing follows the broad comparison. The city, county, and metro values should remain named wider-scope context alongside the direct ZIP observation, rather than being blended into one local-rent conclusion.
For transparent national discovery context, the backward-looking history assigns a momentum rank of 538, a stability rank of 1,864, and a balanced rank of 823 among history-eligible ZIPs; lower ranks are higher. These discovery ranks summarize past series characteristics and are not forecasts or investment recommendations. Even a fully covered history cannot resolve property-level variation. A reader comparing a specific offering should verify the advertised monthly rent, rental type, bedroom count, utility responsibilities, fees, concessions, lease length, unit condition, and listed availability date. The relevant closing question is whether those documented listing terms match the rental concept being compared: a blended asking-rent index, an occupied-home gross-rent survey median, or a bedroom-specific administrative standard?
","findings":[{"body":"At the stated endpoint, the direct ZIP asking-rent index has increased faster over the recent same-month year than over its three-year or five-year annualized horizons. The full history provides a complete measurement record, but the measured variability and maximum drawdown show that it should be read as a historical index path. This is evidence of prior movement, not a projection or investment signal.","title":"Recent rent history outpaced its longer path"},{"body":"ZORI, ACS, and HUD answer different questions. ZORI summarizes typical observed asking rents at the ZIP level and blends rental types. ACS is a five-year survey of occupied renter homes using gross rent that includes selected utilities. HUD is a bedroom-specific administrative standard. The observed gap between ZORI and ACS should therefore be interpreted as a scope and concept difference before it is used in a listing comparison.","title":"ZORI, ACS, and HUD are separate rent universes"},{"body":"Bedroom figures in this report are modelled ZIP estimates created by applying local HUD bedroom proportions to the ZIP-wide ZORI anchor. They preserve a standardized ladder from studio through four-bedroom homes, but they are not observed rents for each bedroom type. A unit with a stated bedroom count can be compared with the relevant modelled point only after verifying the listing’s rental type, utilities, fees, and terms.","title":"Bedroom figures are modelled comparison points"},{"body":"ACS reports a renter share, vacancy measures, structure counts, and the share of occupied renter households spending at least the burden threshold on rent. These are aggregate survey conditions across the matched ZCTA, not a current inventory feed. They cannot show that a specific unit is vacant, fairly priced, utility-inclusive, affordable to a particular household, or representative of the broader stock.","title":"Stock and burden measures are aggregate evidence"}],"risks":["The ZIP index is blended across rental types and summarizes observed asking rents, so its current value may not match a unit’s exact type, condition, monthly charge, or availability date.","The ACS ZCTA is a statistical approximation rather than a USPS delivery ZIP, uses a multiyear survey period, and reports median gross rent for occupied homes with sampling uncertainty.","HUD bedroom standards drive the modelled ladder but are administrative benchmarks rather than market observations; bedroom estimates can diverge from advertised rents, especially when utility treatment and lease terms differ.","Vacancy, renter burden, and wider geographic context are aggregate measures. They cannot establish facts about a particular property, and backward-looking ranks and rent history cannot forecast later performance."],"qa":[{"a":"ZORI is a ZIP-level typical observed asking-rent index blended across rental types at the stated endpoint. ACS is a five-year survey for the matched ZCTA, where the median is calculated among occupied renter homes and gross rent includes selected utilities. Their timing, sampled population, geographic construct, and rent concepts differ, so the gap is descriptive rather than a correction between sources.","q":"Why are the ZIP ZORI and ACS median gross rent not interchangeable?"},{"a":"They are modelled monthly ZIP estimates, not measured bedroom rents. The calculation takes the direct ZIP ZORI as its anchor and scales it with the relative studio-through-four-bedroom steps in the supplied local HUD ladder. HUD is an administrative bedroom-specific standard, not asking rent. Compare only against a listing whose bedroom count and terms, including utilities and fees, have been verified.","q":"How should the bedroom estimates be used?"},{"a":"It is simple arithmetic: the annual income shown is the amount that places the ZIP-wide monthly ZORI at thirty percent of income. It is not advice, a landlord standard, an application rule, or an affordability finding for a household. The separate ACS burden statistic describes surveyed occupied renter homes and cannot establish affordability, utility costs, or burden for a particular unit.","q":"What does the required-income screen say?"},{"a":"City of Rochester Hills, Oakland County, and Detroit–Warren–Dearborn metro figures are wider-scope context, not substitutes for the direct ZIP index or ZCTA survey. For a property, confirm the advertised monthly rent, rental type, bedroom count, included utilities, recurring fees, concessions, lease length, condition, and availability date. Those records determine whether the aggregate comparison matches the actual offering.","q":"How should the wider geographic figures and listing checks be handled?"}],"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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