Cooling, rather than an uninterrupted ascent, is the central recent signal for the 60056 rental market. In June 2026, Zillow’s ZIP-level typical observed asking-rent index was $1,717, down 0.8% from the same month a year earlier. That one-year move breaks from the longer backward-looking path: exact same-month annualized change was 3.6% across three years and 6.2% across five years. The direct Zillow history has 100% coverage through this endpoint. Annualized monthly-return variability was 2.7%, and the maximum drawdown was -1.0%. Those limited fluctuations give somewhat more confidence in this single current index snapshot than a highly erratic series would, while still not establishing an asking rent for a specific home. These are measurements of past index movement, not a forecast or an investment recommendation.
Location context reinforces that the ZIP’s current asking-rent level sits near its city benchmark but below wider-area benchmarks. At the Mount Prospect city scope, the context asking rent is essentially level with the ZIP index; at the Cook County scope it is $2,336; and at the Chicago-Naperville-Elgin, IL-IN-WI metro scope it is $2,275. These city, county, and metro values are wider-context comparisons, not substitutes for the ZIP observation. The ZIP’s renter share is lower than the county-context share, while its vacancy rate sits closer to the city-context rate than to the county-context rate. The metro context provides an apartment vacancy measure rather than an all-housing measure. Geographic scope and rental definition differ across these comparisons, so they frame scale rather than prove a local price relationship.
Source definitions explain an important level gap. The 60056 label is both Zillow’s ZIP market identifier and the matched Census ZCTA; a ZCTA is a statistical area, not identical to a USPS delivery ZIP. Zillow ZORI is a typical observed asking-rent index blended across rental types. In contrast, the ACS 2024 five-year survey reports a $1,505 median gross rent for occupied renter homes and includes selected utilities; the current asking-rent index is 14.1% higher. The applicable HUD FY 2026 two-bedroom fair-market-rent standard is $1,910, placing the ZIP index 10.1% below it. HUD fair-market rent is an administrative, bedroom-specific standard rather than asking rent. None of these measures is interchangeable, and their difference does not itself identify a rent change, tenant bill, or unit-level bargain.
The bedroom view is deliberately modelled, not measured. It scales the ZIP Zillow ZORI by the local HUD bedroom ladder, yielding modelled monthly estimates of $1,429 for a studio, $1,528 for one bedroom, $1,717 for two bedrooms, $2,211 for three bedrooms, and $2,562 for four bedrooms. The construction preserves the local HUD size pattern while anchoring the ladder to the ZIP-wide asking-rent index; it does not observe bedroom-specific listings or closed leases. A property can therefore differ from these estimates because its lease terms, included utilities, condition, furnishing, availability date, or other listing attributes may differ. Use the ladder as a transparent size-adjusted reference, never as a measured bedroom rent.
The income screen should be read as arithmetic, not advice or an applicant-qualification rule. Applying a 30% share of income to the current monthly index produces a required annual income of $68,680. The matched ZCTA’s ACS median household income is $101,922, and that comparison supplies broad context rather than a household budget. Separately, the ACS reports that 47.6% of renter households spend at least that share of income on gross rent. Gross rent’s selected-utility treatment and the ACS five-year survey design matter here. The burden share describes surveyed renter households in aggregate and cannot prove that any current listing is affordable, unaffordable, or burdened for a particular applicant.
Supply counts offer a different, non-listing lens. The matched ZCTA has 22,676 housing units, of which 949 are vacant, for a 4.2% vacancy rate. Of the vacant units, 321 are designated for rent. The stock includes substantially more single-family units than large-multifamily units. These ACS counts are area-level classifications, not an advertised-inventory feed, and they do not reveal unit condition, payment terms, or listing timing. A for-rent vacant tally neither states a current asking price nor demonstrates that a particular home will be available. It also cannot be used as proof that a prospective tenant will or will not face rent burden.
History rankings add a comparative but limited cross-ZIP lens. Among history-eligible ZIPs, the transparent national discovery ranks are 1,827 for momentum, 1,135 for stability, and 1,663 for the balanced measure; lower rank is higher. The ranks summarize past index behavior only, not future returns, property characteristics, or investment merit. Before applying any area-level figure to a listing, verify the advertised price, actual bedroom count, lease term, included utilities, all recurring and upfront charges, availability date, concessions, unit condition, and whether the address is reported in the relevant ZIP. Those property-level facts determine the comparison that aggregate sources cannot supply.
","findings":[{"body":"The latest same-month reading declined, even though the three- and five-year annualized measures remained positive. Complete monthly coverage, modest variability, and a shallow maximum drawdown make the current index a useful description of recent ZIP-level conditions. The break in direction matters because it prevents the longer appreciation record from being presented as an active trend. All history is backward-looking and does not forecast subsequent rents.","title":"Cooling interrupts a positive multi-year record"},{"body":"The ZIP asking index, the ZCTA survey median gross rent, and HUD fair-market-rent ladder should be compared only after their universes are named. The index observes typical asking rents across rental types; the survey concerns occupied renter homes and selected utilities; HUD is an administrative bedroom standard. Their level gaps are context, not proof of change, quality, affordability, or a specific unit’s market price.","title":"Three rent measures answer different questions"},{"body":"The displayed studio-through-four-bedroom amounts are modelled estimates created by applying the local HUD size ladder to the ZIP-wide asking-rent index. They are not measured bedroom rents, listing averages, or signed-lease results. The method produces a consistent size reference, but lease length, utility treatment, timing, condition, furnishing, and charges can produce material differences for an individual property.","title":"Bedroom amounts are scaled estimates"},{"body":"The income threshold is a fixed arithmetic screen using the ZIP index, while the burden statistic summarizes ACS renter households paying a specified share of income toward gross rent. Neither result tests an applicant nor measures the cost of a currently advertised unit. Stock and vacancy counts likewise describe a ZCTA aggregate. Actual price, included charges, terms, and availability must be checked at the property level.","title":"Affordability aggregates require household-level verification"}],"risks":["The ZCTA match supports area-level comparison, but a Census ZCTA is statistical geography rather than a USPS delivery ZIP; addresses, property boundaries, and ZIP reporting can differ.","Zillow’s index blends rental types and measures typical observed asks, so it can diverge from a property’s advertised price, signed lease, utility package, or lease term without indicating an error.","Survey uncertainty applies to the income, rent, renter-household, and burden estimates. These aggregates should not be treated as precise counts for a current building, a particular household, or one lease.","Vacant-for-rent counts and historical discovery ranks cannot establish present availability, future rent movement, investment outcome, or the condition of a particular unit. Listing-level verification remains necessary before comparison."],"qa":[{"a":"The latest same-month decline is a short-horizon observation, whereas the multi-year annualized measures summarize longer intervals ending at the same endpoint. The series also has complete coverage, modest return variability, and a shallow drawdown. Together, these facts identify a recent break from the earlier path without supporting a prediction about subsequent asking rents.","q":"Why is the current decline not enough to characterize the entire rental history?"},{"a":"Zillow ZORI measures typical observed asking rents across rental types at the ZIP level. ACS median gross rent is a survey statistic for occupied renter homes and includes selected utilities. HUD fair-market rent is an administrative, bedroom-specific standard. Different timing, populations, and definitions can create gaps among all three without identifying a pricing error or trend.","q":"Why can the asking-rent index, ACS median, and HUD standard differ?"},{"a":"The figures begin with the ZIP-wide Zillow index and use the local HUD ladder to scale relative bedroom sizes. That method makes each amount a modelled estimate, not an observed listing average or signed rent. A property may differ because listing timing, lease length, utilities, furnishing, condition, or charges are specific to that property.","q":"How should the modelled bedroom estimates be used?"},{"a":"Confirm the advertised rent, address reporting, actual bedroom configuration, lease term, availability date, utility responsibility, recurring and upfront charges, concessions, furnishing, and unit condition. Then compare those facts with the relevant source universe rather than assuming that a ZIP index, survey median, vacant count, or HUD standard describes the same unit.","q":"What should be checked before comparing an actual listing with these area measures?"}],"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":1210.742189},{"period":"2021-02-01","rent":1239.370529},{"period":"2021-03-01","rent":1245.092082},{"period":"2021-04-01","rent":1264.966841},{"period":"2021-05-01","rent":1256.995398},{"period":"2021-06-01","rent":1268.826152},{"period":"2021-07-01","rent":1269.889329},{"period":"2021-08-01","rent":1292.016168},{"period":"2021-09-01","rent":1299.934661},{"period":"2021-10-01","rent":1323.707577},{"period":"2021-11-01","rent":1331.85691},{"period":"2021-12-01","rent":1335.274428},{"period":"2022-01-01","rent":1347.586459},{"period":"2022-02-01","rent":1342.617153},{"period":"2022-03-01","rent":1358.959947},{"period":"2022-04-01","rent":1357.748911},{"period":"2022-05-01","rent":1392.137383},{"period":"2022-06-01","rent":1416.702313},{"period":"2022-07-01","rent":1447.774618},{"period":"2022-08-01","rent":1449.405231},{"period":"2022-09-01","rent":1443.467645},{"period":"2022-10-01","rent":1443.899897},{"period":"2022-11-01","rent":1470.776038},{"period":"2022-12-01","rent":1499.11553},{"period":"2023-01-01","rent":1523.544445},{"period":"2023-02-01","rent":1534.722833},{"period":"2023-03-01","rent":1543.111421},{"period":"2023-04-01","rent":1550.348509},{"period":"2023-05-01","rent":1552.000578},{"period":"2023-06-01","rent":1545.864071},{"period":"2023-07-01","rent":1554.201512},{"period":"2023-08-01","rent":1555.288708},{"period":"2023-09-01","rent":1582.393971},{"period":"2023-10-01","rent":1579.820598},{"period":"2023-11-01","rent":1585.629239},{"period":"2023-12-01","rent":1583.469949},{"period":"2024-01-01","rent":1582.768784},{"period":"2024-02-01","rent":1586.148433},{"period":"2024-03-01","rent":1582.942804},{"period":"2024-04-01","rent":1588.745941},{"period":"2024-05-01","rent":1595.713151},{"period":"2024-06-01","rent":1610.323102},{"period":"2024-07-01","rent":1621.784785},{"period":"2024-08-01","rent":1634.950488},{"period":"2024-09-01","rent":1641.128274},{"period":"2024-10-01","rent":1668.351069},{"period":"2024-11-01","rent":1676.312751},{"period":"2024-12-01","rent":1697.415016},{"period":"2025-01-01","rent":1691.416622},{"period":"2025-02-01","rent":1702.292885},{"period":"2025-03-01","rent":1703.028097},{"period":"2025-04-01","rent":1723.253237},{"period":"2025-05-01","rent":1726.914166},{"period":"2025-06-01","rent":1730.836497},{"period":"2025-07-01","rent":1727.286042},{"period":"2025-08-01","rent":1731.663864},{"period":"2025-09-01","rent":1729.744371},{"period":"2025-10-01","rent":1723.881131},{"period":"2025-11-01","rent":1722.629928},{"period":"2025-12-01","rent":1714.467846},{"period":"2026-01-01","rent":1725.742087},{"period":"2026-02-01","rent":1724.598259},{"period":"2026-03-01","rent":1733.049781},{"period":"2026-04-01","rent":1721.708198},{"period":"2026-05-01","rent":1721.120072},{"period":"2026-06-01","rent":1717.359447}],"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":1730.836497,"endRent":1717.359447,"change":-0.007786437380630229,"cagr":-0.007786437380630229},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1545.864071,"endRent":1717.359447,"change":0.11093819904169311,"cagr":0.03569043806371308},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1268.826152,"endRent":1717.359447,"change":0.35350256163383365,"cagr":0.06240918426885833}},"maxDrawdown":-0.009930344079756126,"annualizedVolatility":0.02741561779734298,"consecutiveReturnCount":65}}