For the ZIP/ZCTA match 60647, the useful decision question is whether today’s broad asking-rent signal supports a household-budget and unit-size comparison without being mistaken for a quote on a specific home. Zillow’s ZIP-level ZORI in 2026-06 is $2,412 per month, 6.9% higher than a year earlier. ZORI is a typical observed asking-rent index blended across rental types, not a record of signed leases or a bedroom-specific asking-rent survey. The same five-digit label is used by Zillow as a ZIP market identifier and is matched to Census ZCTA. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP, so Census estimates describe the matched area rather than every address served by the delivery ZIP.
Household capacity is best read before equating any rent series. In the ACS 2024 5-year survey for the matched ZCTA, median household income is $107,060 and renter households account for 61.2% of occupied homes. The survey reports that 34.5% of renter households have gross-rent burdens at or above 30% of income. That is an observed area-level condition, not proof that a particular property, household, or applicant has that burden. Applying this screen mechanically to the monthly ZORI yields $96,480 in annual required income. The screen is arithmetic, not advice and not an applicant qualification rule; it does not account for the household’s actual income, recurring obligations, or a listing’s terms.
Physical stock and vacancy categories further constrain what an area-wide indicator can say. The ACS estimates 42,740 housing units in the matched ZCTA, including 3,891 vacant units, for a 9.1% all-housing vacancy rate. Within vacant homes, 956 are for rent, 239 are for sale, and 355 are seasonal; remaining vacancies have other reported statuses. The housing stock includes 7,522 single-family units and 7,195 units in large multifamily structures. These categories describe area composition rather than a common live inventory. In particular, a for-rent vacancy count cannot establish a specific home’s availability, physical condition, asking price, move-in date, or lease terms.
Unit-size comparison requires a model rather than treating the index as a set of observed bedroom rents. The FY2026 local HUD FMR/SAFMR ladder is $1,840 for a studio, $1,970 for one bedroom, $2,220 for two, $2,860 for three, and $3,310 for four. Scaling ZIP ZORI by that local HUD ladder gives corresponding modelled monthly estimates of $1,999, $2,140, $2,412, $3,107, and $3,596. These are modelled estimates, never measured bedroom rents. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent, so the progression is a transparent sizing device and not evidence of what an advertised unit will command.
The headline ZORI, ACS gross rent, and HUD standard must remain in their separate evidence universes. The ACS median gross rent is $1,774, which is 36.0% below ZORI; it is a five-year survey measure of occupied renter homes and includes selected utilities. It is neither a current asking-rent index nor necessarily comparable to a listing that excludes utilities. ZORI is 8.6% above the two-bedroom HUD standard, but HUD is an administrative standard, not asking rent. The gaps are therefore comparison signals about different constructions and time frames, not a reconciliation into one “true” ZIP rent.
Broader comparison does not change the ZIP evidence. The city-scope Chicago context rent is about $2,409, the county-scope Cook County context rent is $2,336, and the metro-scope Chicago-Naperville-Elgin, IL-IN-WI context rent is $2,275; each is wider context only. The ZIP index is slightly above all three of these aggregates. Those values locate the current index among broader market aggregates, but their city, county, and metro populations, housing mixes, and source coverage are not substitutes for ZIP/ZCTA measurements. No conclusion about a specific unit follows from these comparisons.
Several limits should govern any property-level use. ZORI, HUD’s ladder, and ACS matched-ZCTA evidence have different coverage dates and populations, so their values should not be merged. The ZIP/ZCTA match is geographic rather than a promise of delivery-ZIP identity. For a candidate property, the concrete checks are the current advertised monthly asking amount, bedroom count, whether and which utilities are included, the actual availability date, lease length and renewal terms, deposits and fees, and any stated income or screening policy. Compare those listing facts to the appropriate index or standard only after preserving their definitions; do not infer condition, affordability, vacancy, or eligibility from area-level statistics. They also cannot show how a property manager applies a stated policy.
","findings":[{"body":"The current ZIP ZORI is $2,412 monthly, and its 6.9% annual change describes the index rather than a specific listing. At a mechanical 30% rent-to-income screen, that monthly figure corresponds to $96,480 annual income. This calculation does not measure a household’s expenses or set an owner’s or landlord’s qualification standard. It simply makes the budget comparison visible.","title":"Budget screen, not qualification"},{"body":"ACS median gross rent of $1,774 comes from a five-year survey of occupied renter homes and includes selected utilities. It sits below ZORI, but that difference does not make either source wrong or interchangeable. ZORI is a typical observed asking-rent index, while the HUD bedroom ladder is an administrative standard. Each is useful only when its population, timing, and construction are retained.","title":"Do not collapse rent measures"},{"body":"The studio-through-four-bedroom figures of $1,999 to $3,596 are modelled monthly ZIP estimates created by scaling ZORI with the local HUD ladder. They are not observed asking rents by bedroom and should not be presented as measured area averages. The modelled two-bedroom result equals the headline index because the scaling uses that rung as its reference, not because every two-bedroom unit asks that amount.","title":"Bedroom estimates are modelled"},{"body":"Matched-ZCTA vacancy measures identify 3,891 vacant homes across categories, including units for rent, sale, seasonal use, and other statuses. The area-wide rate cannot tell whether a given apartment is currently being marketed, what it costs, or when it can be occupied. Housing-type counts similarly describe composition, not maintenance, availability, lease conditions, or an individual property’s suitability.","title":"Vacancy composition requires listing checks"}],"risks":["The USPS delivery ZIP and Census ZCTA can differ at their edges, so applying matched-ZCTA ACS estimates to an address solely from its mailing ZIP can create geographic mismatch.","The modelled bedroom values inherit the HUD ladder’s relative spacing. They can be inappropriate for a listing with an unusual layout, utility package, furnishing level, or lease structure, because they are not measured bedroom rents.","ACS gross rent includes selected utilities while an advertised asking amount may not. Comparing the two without confirming utility treatment can overstate or understate the practical dollar difference.","An all-housing vacancy rate includes several vacancy statuses and cannot verify live availability. A particular unit may be unavailable, differently priced, or subject to terms not visible in area-level data."],"qa":[{"a":"The June 2026 figure is Zillow’s ZIP-level ZORI, a typical observed asking-rent index blended across rental types. It summarizes a market signal at the ZIP identifier, rather than signed rents, a guarantee of a currently available unit, or an observed asking-rent sample for a particular bedroom count.","q":"What does the current Zillow figure measure?"},{"a":"ACS median gross rent is drawn from the matched ZCTA’s five-year survey of occupied renter homes and includes selected utilities. ZORI is a current asking-rent index. Different populations, timing, and utility treatment mean that their dollar gap should be interpreted as a methodological comparison, not a single market rent.","q":"Why is ACS gross rent not directly interchangeable with ZORI?"},{"a":"No. The bedroom figures are modelled monthly estimates created by scaling the ZIP ZORI using the local HUD FMR/SAFMR ladder. HUD’s ladder is an administrative, bedroom-specific standard, not asking rent. The outputs support a standardized size comparison but do not measure actual advertised or executed rents for any unit size.","q":"Are the bedroom figures observed rents?"},{"a":"Before applying an area statistic to a property, verify the live advertised asking amount, bedroom count, utility inclusions, availability date, lease duration, renewal language, deposits, fees, and stated screening terms. Vacancy and burden figures are area-level observations; they do not establish that this property is available, affordable, or offered under particular terms.","q":"What property checks 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 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":"2015-01-01","rent":1498.645667},{"period":"2015-02-01","rent":1500.217809},{"period":"2015-03-01","rent":1506.120956},{"period":"2015-04-01","rent":1515.898363},{"period":"2015-05-01","rent":1526.22282},{"period":"2015-06-01","rent":1533.097602},{"period":"2015-07-01","rent":1544.323968},{"period":"2015-08-01","rent":1545.881251},{"period":"2015-09-01","rent":1555.952155},{"period":"2015-10-01","rent":1556.968607},{"period":"2015-11-01","rent":1565.538738},{"period":"2015-12-01","rent":1569.842724},{"period":"2016-01-01","rent":1589.961941},{"period":"2016-02-01","rent":1596.815454},{"period":"2016-03-01","rent":1597.501875},{"period":"2016-04-01","rent":1589.806028},{"period":"2016-05-01","rent":1591.421493},{"period":"2016-06-01","rent":1596.538032},{"period":"2016-07-01","rent":1600.499207},{"period":"2016-08-01","rent":1598.695055},{"period":"2016-09-01","rent":1605.120437},{"period":"2016-10-01","rent":1603.730122},{"period":"2016-11-01","rent":1611.093975},{"period":"2016-12-01","rent":1597.347661},{"period":"2017-01-01","rent":1603.020805},{"period":"2017-02-01","rent":1604.052909},{"period":"2017-03-01","rent":1622.607366},{"period":"2017-04-01","rent":1626.770557},{"period":"2017-05-01","rent":1638.800184},{"period":"2017-06-01","rent":1643.953982},{"period":"2017-07-01","rent":1646.441683},{"period":"2017-08-01","rent":1644.427353},{"period":"2017-09-01","rent":1649.175028},{"period":"2017-10-01","rent":1661.849045},{"period":"2017-11-01","rent":1670.988949},{"period":"2017-12-01","rent":1669.917466},{"period":"2018-01-01","rent":1652.11138},{"period":"2018-02-01","rent":1659.258194},{"period":"2018-03-01","rent":1669.145572},{"period":"2018-04-01","rent":1683.218466},{"period":"2018-05-01","rent":1684.848389},{"period":"2018-06-01","rent":1689.384777},{"period":"2018-07-01","rent":1700.018793},{"period":"2018-08-01","rent":1707.736821},{"period":"2018-09-01","rent":1697.635785},{"period":"2018-10-01","rent":1690.221815},{"period":"2018-11-01","rent":1687.364786},{"period":"2018-12-01","rent":1709.606496},{"period":"2019-01-01","rent":1728.576698},{"period":"2019-02-01","rent":1735.237253},{"period":"2019-03-01","rent":1728.838874},{"period":"2019-04-01","rent":1728.077771},{"period":"2019-05-01","rent":1731.347449},{"period":"2019-06-01","rent":1735.232585},{"period":"2019-07-01","rent":1736.057733},{"period":"2019-08-01","rent":1743.076378},{"period":"2019-09-01","rent":1758.528125},{"period":"2019-10-01","rent":1770.10594},{"period":"2019-11-01","rent":1777.780063},{"period":"2019-12-01","rent":1775.127785},{"period":"2020-01-01","rent":1778.87818},{"period":"2020-02-01","rent":1781.376869},{"period":"2020-03-01","rent":1762.975038},{"period":"2020-04-01","rent":1748.631939},{"period":"2020-05-01","rent":1745.091987},{"period":"2020-06-01","rent":1738.369251},{"period":"2020-07-01","rent":1743.948498},{"period":"2020-08-01","rent":1734.434294},{"period":"2020-09-01","rent":1719.875344},{"period":"2020-10-01","rent":1698.172},{"period":"2020-11-01","rent":1680.862448},{"period":"2020-12-01","rent":1687.837682},{"period":"2021-01-01","rent":1702.546842},{"period":"2021-02-01","rent":1723.517419},{"period":"2021-03-01","rent":1732.929508},{"period":"2021-04-01","rent":1738.279551},{"period":"2021-05-01","rent":1743.423764},{"period":"2021-06-01","rent":1748.048033},{"period":"2021-07-01","rent":1750.543426},{"period":"2021-08-01","rent":1756.439918},{"period":"2021-09-01","rent":1768.181751},{"period":"2021-10-01","rent":1793.665499},{"period":"2021-11-01","rent":1819.337775},{"period":"2021-12-01","rent":1833.944558},{"period":"2022-01-01","rent":1833.078591},{"period":"2022-02-01","rent":1839.476857},{"period":"2022-03-01","rent":1849.637542},{"period":"2022-04-01","rent":1872.284257},{"period":"2022-05-01","rent":1886.326488},{"period":"2022-06-01","rent":1897.397621},{"period":"2022-07-01","rent":1907.959216},{"period":"2022-08-01","rent":1920.485376},{"period":"2022-09-01","rent":1942.14536},{"period":"2022-10-01","rent":1955.324042},{"period":"2022-11-01","rent":1974.14815},{"period":"2022-12-01","rent":1978.464227},{"period":"2023-01-01","rent":1983.60154},{"period":"2023-02-01","rent":1983.371934},{"period":"2023-03-01","rent":1990.617999},{"period":"2023-04-01","rent":2001.257826},{"period":"2023-05-01","rent":2010.076273},{"period":"2023-06-01","rent":2023.865192},{"period":"2023-07-01","rent":2036.46518},{"period":"2023-08-01","rent":2058.268199},{"period":"2023-09-01","rent":2068.150998},{"period":"2023-10-01","rent":2078.074592},{"period":"2023-11-01","rent":2068.131994},{"period":"2023-12-01","rent":2079.494308},{"period":"2024-01-01","rent":2095.441396},{"period":"2024-02-01","rent":2109.173186},{"period":"2024-03-01","rent":2112.136576},{"period":"2024-04-01","rent":2113.306123},{"period":"2024-05-01","rent":2124.289832},{"period":"2024-06-01","rent":2136.317233},{"period":"2024-07-01","rent":2141.146264},{"period":"2024-08-01","rent":2146.40864},{"period":"2024-09-01","rent":2154.142622},{"period":"2024-10-01","rent":2159.892749},{"period":"2024-11-01","rent":2181.994256},{"period":"2024-12-01","rent":2194.152244},{"period":"2025-01-01","rent":2209.023165},{"period":"2025-02-01","rent":2217.704829},{"period":"2025-03-01","rent":2229.098691},{"period":"2025-04-01","rent":2240.920987},{"period":"2025-05-01","rent":2249.904323},{"period":"2025-06-01","rent":2255.700599},{"period":"2025-07-01","rent":2268.958736},{"period":"2025-08-01","rent":2276.972276},{"period":"2025-09-01","rent":2287.436686},{"period":"2025-10-01","rent":2301.351462},{"period":"2025-11-01","rent":2311.651376},{"period":"2025-12-01","rent":2323.079002},{"period":"2026-01-01","rent":2330.674709},{"period":"2026-02-01","rent":2345.694358},{"period":"2026-03-01","rent":2362.685987},{"period":"2026-04-01","rent":2379.655929},{"period":"2026-05-01","rent":2394.993499},{"period":"2026-06-01","rent":2411.948241}],"historySummary":{"pointCount":138,"firstPeriod":"2015-01-01","latestPeriod":"2026-06-01","coverageMonths":138,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":2255.700599,"endRent":2411.948241,"change":0.06926789932549915,"cagr":0.06926789932549915},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2023.865192,"endRent":2411.948241,"change":0.19175340854421896,"cagr":0.060218718526632076},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1748.048033,"endRent":2411.948241,"change":0.37979517465582147,"cagr":0.06650507001320483}},"maxDrawdown":-0.05642512976853964,"annualizedVolatility":0.017252345244905425,"consecutiveReturnCount":137}}