The sharpest tension is between rent momentum and a softer resale price reading. In Redfin’s direct rolling-three-month ZIP resale observation, the median sold price was $509,885, down 4.9% from a year earlier. Yet 81 homes sold, the median marketing time was 3 days, inventory was 28 homes, and months of supply was 1.0. The average sale-to-list ratio of 102.3% signals sales above list on average. Those are for-sale market observations, not rental transactions or rental comparables: they indicate brisk resale liquidity alongside a declining median sold-price measure, which challenges any simple reading that rising asking rents and resale prices are moving together.
The 66223 label is both a Zillow ZIP market identifier and a Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Zillow’s current ZIP ZORI is $2,080 per month, with a 6.9% year-over-year increase. ZORI is a typical observed asking-rent index blended across rental types, rather than a survey median or the asking price of a particular available home. For wider context only, the Overland Park city context rent is about $1,800, the Johnson County context rent is $1,815, and the Kansas City, MO-KS metro context rent is $1,545. The ZIP index therefore sits above each named broader-geography context measure, but those comparisons do not turn city, county, or metro figures into ZIP rental evidence.
Backward-looking Zillow history supports a stable-growth description, while also showing why a single current reading needs context. The exact same-month one-year rent-history change was 6.9%, compared with a three-year annualized change of 5.2% and a five-year annualized change of 6.5%. Recent direction therefore accelerates above the longer three-year pace and broadly confirms, rather than breaks from, the longer growth path. History coverage was 100%. Annualized monthly-return variability was 2.8%, a relatively contained movement measure that supports more confidence in the current snapshot than a highly erratic series would. The maximum drawdown was 2.7%, showing a limited historical peak-to-trough retreat rather than uninterrupted gains. Among national history-eligible ZIPs, the transparent discovery ranks were 161 for momentum, 1,196 for stability, and 192 for the balanced measure; lower ranks are stronger. These are descriptive history measures, not forecasts or investment recommendations.
The rent sources answer different questions and should not be blended into one presumed market rent. The ACS 2024 five-year survey reports a $1,718 median gross rent for occupied renter homes in the matched ZCTA; gross rent includes selected utilities, unlike a pure asking-rent measure. Current ZORI is 21.1% above that survey median, a gap consistent with different universes, timing, occupancy status, and rent definitions rather than proof of a particular unit premium. HUD’s FY2026 fair-market-rent or small-area ladder is an administrative bedroom-specific standard, not asking rent; its two-bedroom standard is $1,810, and ZORI is 14.9% higher. Scaling ZIP ZORI by that local HUD ladder produces modelled—not measured—monthly bedroom estimates of $1,678 for a studio, $1,839 for one bedroom, $2,080 for two bedrooms, $2,712 for three bedrooms, and $3,218 for four bedrooms.
The income and burden screen adds a separate affordability lens. At the current ZIP ZORI, the arithmetic income required for rent to equal 30% of gross income is $83,200 annually. This is a calculation, not advice, an applicant qualification rule, or a statement that any household can obtain a lease. The matched ACS ZCTA median household income is $114,855, with a $8,406 margin of error, and the asking-rent-to-income screen equals 21.7%. That broad household comparison is not renter-specific and cannot establish affordability for an individual household. In the ACS occupied-renter universe, 1,750 of 4,505 renter households reported paying at least 30% of income toward gross rent, or 38.8%. The burden share describes surveyed occupied renter households and cannot prove the payment burden, rent, utilities, or lease terms of any one home.
Housing stock and vacancy provide scale, not a direct vacancy reading for a specific listing. The matched ACS ZCTA contains 10,638 housing units, including 452 vacant units, for a 4.2% overall vacancy rate. Its renter share is 44.2%, while the structure mix is led by single-family units rather than large multifamily buildings. Of the vacant housing stock, 75 units were classified as vacant for rent. These counts are useful for framing the occupied and vacant housing base behind the survey measures, but they do not identify current apartment availability, leasing concessions, turnover, unit condition, or vacancy at a particular property. The city, county, and metro context values remain broader benchmarks rather than replacements for this ZIP and ZCTA evidence.
Cross-source screening sharpens the resale-versus-rent tension without creating a return estimate. Annualized ZIP ZORI divided by Redfin’s median sold price produces a 4.9% screening ratio. It is only a cross-source screen, not a cap rate, property yield, net return, expected return, or estimate of property economics; it excludes expenses, financing, taxes, insurance, maintenance, vacancy experience, and property-specific rent. Rising ZORI history and a contained drawdown support the view that asking-rent index movement has been positive, while the median sold-price decline challenges a simple parallel-price narrative. Conversely, short marketing time, limited supply, and above-list average sales confirm that the direct ZIP resale market was liquid during Redfin’s observation window. Neither side demonstrates causation between the rental and for-sale series.
The appropriate confidence level is therefore conditional rather than absolute. Zillow supplies an asking-rent index, ACS supplies a five-year survey of occupied homes, HUD supplies standards, and Redfin supplies direct ZIP resale evidence; each has a distinct date, population, and definition. Before applying these figures to a property, verify the address’s ZIP assignment, current advertised rent, bedroom count, included utilities, lease duration, concessions, availability date, and whether the listing is comparable to the rental-type blend represented by ZORI. For a purchase-side check, confirm the actual property’s sale history, list price, condition, costs, and contract terms rather than inferring them from a ZIP median. The decision-critical question is whether those property-level facts remain consistent with the separate rent, burden, housing-stock, and resale screens presented here.
","findings":[{"body":"The ZIP’s exact same-month asking-rent history rose 6.9% over one year, 5.2% annualized over three years, and 6.5% annualized over five years. The recent pace exceeds the three-year rate and is close to the five-year rate, so it extends the broader positive history. Modest variability and a limited drawdown support measured confidence in the snapshot, not a forecast.","title":"Rent history remains positive, with modest movement"},{"body":"Current Zillow ZORI is above the ACS median gross rent and above the HUD two-bedroom standard, but those gaps should not be read as a unit-level premium. ACS covers occupied renter homes and selected utilities, HUD is an administrative bedroom-specific standard, and ZORI is a blended observed asking-rent index. The bedroom figures are HUD-scaled modelled estimates, not measured bedroom rents.","title":"Current asking rent exceeds survey and HUD reference measures"},{"body":"The arithmetic screen places current ZORI below 30% of matched-ZCTA median household income, but nearly two-fifths of surveyed renter households report gross-rent burdens of at least 30% of income. This difference matters because median household income is a broad all-household measure, while the burden statistic concerns occupied renter households. Neither statistic establishes affordability for a specific applicant or property.","title":"Broad income screen is less strained than renter burden evidence"},{"body":"Redfin’s direct ZIP resale evidence shows a lower year-over-year median sold price alongside short marketing time, limited supply, and above-list average sales. That combination creates a useful tension with rising asking-rent history: resale activity appeared liquid, but the price statistic did not move in the same direction as ZORI. The annualized-rent-to-price figure is only a cross-source screening ratio.","title":"Resale liquidity was brisk despite lower median sold price"}],"risks":["Zillow ZORI is a blended ZIP asking-rent index across rental types, so it cannot confirm the rent, utility treatment, concessions, condition, or availability of an individual property.","The ACS result is a five-year survey for a matched statistical ZCTA, not a current USPS delivery ZIP census or a direct observation of newly marketed rental units.","HUD fair-market-rent and small-area standards are administrative bedroom-specific benchmarks; using them to scale ZORI creates modelled bedroom estimates that should not be treated as measured rents.","Redfin resale data describe rolling ZIP for-sale transactions and listing conditions. Median price, sale-to-list performance, and the rent-price screen do not establish rental economics or property returns."],"qa":[{"a":"The measures use different universes and definitions. Zillow ZORI is a current typical observed asking-rent index blended across rental types, while ACS median gross rent is a five-year survey measure for occupied renter homes and includes selected utilities. The difference does not prove that any listed unit commands a premium over an occupied home.","q":"Why is Zillow ZORI higher than the ACS median gross rent?"},{"a":"No. The studio through four-bedroom figures are modelled monthly estimates generated by scaling ZIP ZORI with the local HUD bedroom ladder. HUD standards are administrative benchmarks, not asking-rent observations. The estimates provide a consistent proportional screen, but they do not substitute for current bedroom-specific listings, lease terms, or utility information.","q":"Are the bedroom rent figures actual observed rents for this ZIP?"},{"a":"They should remain separate evidence streams. Zillow history shows asking-rent index growth, whereas Redfin reports direct ZIP resale activity and a lower year-over-year median sold price. Fast marketing time, limited supply, and above-list average sales indicate resale liquidity, but they do not erase the price decline or demonstrate a causal relationship with rent movement.","q":"How should the rent increase and lower median sold price be read together?"},{"a":"Confirm the property’s ZIP assignment, bedroom count, current asking rent, included utilities, concessions, lease duration, and availability date. For a sale comparison, verify the actual list price, sale history, condition, costs, financing assumptions, and contract terms. These checks matter because ZIP indexes, ZCTA surveys, HUD standards, and resale medians do not describe one specific property.","q":"What property-level checks matter before using these ZIP screens?"}],"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":"2020-12-01","rent":1451.554253},{"period":"2021-01-01","rent":1456.730015},{"period":"2021-02-01","rent":1444.725888},{"period":"2021-03-01","rent":1422.166857},{"period":"2021-04-01","rent":1440.179835},{"period":"2021-05-01","rent":1480.380053},{"period":"2021-06-01","rent":1521.888044},{"period":"2021-07-01","rent":1539.362908},{"period":"2021-08-01","rent":1553.666127},{"period":"2021-09-01","rent":1559.955537},{"period":"2021-10-01","rent":1577.974247},{"period":"2021-11-01","rent":1592.737056},{"period":"2021-12-01","rent":1603.434468},{"period":"2022-01-01","rent":1601.684351},{"period":"2022-02-01","rent":1609.578968},{"period":"2022-03-01","rent":1637.981334},{"period":"2022-04-01","rent":1654.165479},{"period":"2022-05-01","rent":1681.024197},{"period":"2022-06-01","rent":1688.504293},{"period":"2022-07-01","rent":1695.105649},{"period":"2022-08-01","rent":1691.897953},{"period":"2022-09-01","rent":1698.366956},{"period":"2022-10-01","rent":1703.338186},{"period":"2022-11-01","rent":1717.384225},{"period":"2022-12-01","rent":1718.278683},{"period":"2023-01-01","rent":1738.331188},{"period":"2023-02-01","rent":1746.516378},{"period":"2023-03-01","rent":1753.789254},{"period":"2023-04-01","rent":1776.293749},{"period":"2023-05-01","rent":1781.527168},{"period":"2023-06-01","rent":1789.21534},{"period":"2023-07-01","rent":1790.61197},{"period":"2023-08-01","rent":1791.500808},{"period":"2023-09-01","rent":1815.070534},{"period":"2023-10-01","rent":1811.399761},{"period":"2023-11-01","rent":1824.878035},{"period":"2023-12-01","rent":1816.257373},{"period":"2024-01-01","rent":1829.897369},{"period":"2024-02-01","rent":1826.412134},{"period":"2024-03-01","rent":1848.908817},{"period":"2024-04-01","rent":1852.031545},{"period":"2024-05-01","rent":1872.06087},{"period":"2024-06-01","rent":1895.64137},{"period":"2024-07-01","rent":1913.083712},{"period":"2024-08-01","rent":1936.015107},{"period":"2024-09-01","rent":1927.620546},{"period":"2024-10-01","rent":1938.261445},{"period":"2024-11-01","rent":1934.454174},{"period":"2024-12-01","rent":1954.062509},{"period":"2025-01-01","rent":1972.291417},{"period":"2025-02-01","rent":1991.005902},{"period":"2025-03-01","rent":1981.317541},{"period":"2025-04-01","rent":1948.14138},{"period":"2025-05-01","rent":1938.164614},{"period":"2025-06-01","rent":1946.815022},{"period":"2025-07-01","rent":1948.123945},{"period":"2025-08-01","rent":1948.704299},{"period":"2025-09-01","rent":1960.304846},{"period":"2025-10-01","rent":1971.608966},{"period":"2025-11-01","rent":1983.730615},{"period":"2025-12-01","rent":1992.501389},{"period":"2026-01-01","rent":1987.73985},{"period":"2026-02-01","rent":1994.314698},{"period":"2026-03-01","rent":2009.848446},{"period":"2026-04-01","rent":2051.989192},{"period":"2026-05-01","rent":2073.618643},{"period":"2026-06-01","rent":2080.465686}],"historySummary":{"pointCount":67,"firstPeriod":"2020-12-01","latestPeriod":"2026-06-01","coverageMonths":67,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1946.815022,"endRent":2080.465686,"change":0.06865093113093934,"cagr":0.06865093113093934},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1789.21534,"endRent":2080.465686,"change":0.1627810468023374,"cagr":0.051556586757199874},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1521.888044,"endRent":2080.465686,"change":0.3670293910266109,"cagr":0.06452427750631595}},"maxDrawdown":-0.026539995660947113,"annualizedVolatility":0.027756132609520152,"consecutiveReturnCount":66}}