ZIP 68164 is both a Zillow ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area, not the same thing as a USPS delivery ZIP. The latest Zillow ZORI is $1,336 per month, a typical observed asking-rent index blended across rental types. Its clearest current tension is with the direct ZIP resale record: Redfin’s rolling three-month for-sale observation reports a $305,551 median sold price, up 6.1% year over year. Annualized ZIP ZORI divided by that sale price is 5.25%, but that is only a cross-source screening ratio, not a cap rate, net return, expected return, or property yield. The contrast is modest asking-rent movement alongside a firmer reported resale-price change.
Resale liquidity appears tight within Redfin’s for-sale universe, not the rental market. The direct rolling three-month ZIP observation recorded 97 homes sold and a median 12 days on market. Inventory stood at 26 homes and months of supply at 0.8, while the average sale-to-list ratio was 102.5% and 66.0% of sales closed above list. These measures describe sold homes, listings, and buyer-seller conditions rather than lease transactions or rental comparables. They reinforce the resale side of the tension: the sale market signals quick turnover and above-list outcomes even as the current asking-rent index and its recent history show comparatively measured movement.
The Zillow ZIP rent history supports a stable-growth rather than acceleration reading. Exact same-month changes annualize to 1.49% over one year, 1.45% over three years, and 4.59% over five years. Thus, the recent path continues the longer upward direction, but it runs materially slower than the five-year pace and therefore breaks from that earlier rate of growth. A 2.89% annualized monthly-return variability reading suggests the observed index has moved within a relatively contained range; the maximum drawdown of -3.21% still shows that a current snapshot can reverse. Complete historical coverage underlies the record. National discovery ranks are 1,771 for momentum, 1,427 for stability, and 1,807 for the balanced score; these are transparent comparison ranks, not forecasts or investment recommendations.
Source differences matter before treating any rent figure as interchangeable. Zillow’s $1,336 ZORI is an asking-rent index, whereas the matched Census ZCTA reports a $1,288 median gross rent from its five-year survey of occupied renter homes; ACS gross rent includes selected utilities and is not a current advertised-rent measure. For wider context only, Omaha city’s asking-rent context is $1,453.48, Douglas County’s is $1,448, and the Omaha-Council Bluffs, NE-IA metro context is $1,444. The ZIP therefore sits below each named broader-scope asking-rent comparator, but those city, county, and metro figures should not be substituted for conditions inside the ZIP.
The bedroom series is a set of modelled monthly ZIP estimates, not measured bedroom rents. It scales ZIP ZORI by the supplied local HUD bedroom ladder, producing estimates of $1,062 for a studio, $1,122 for a one-bedroom, $1,336 for a two-bedroom, $1,773 for a three-bedroom, and $1,995 for a four-bedroom. HUD’s two-bedroom FMR/SAFMR standard is $1,560. That HUD value is an administrative, bedroom-specific standard rather than an asking-rent observation, so it should not be read as a lease quote or a rent comp. The ladder is useful for sizing a ZIP-level index across bedroom categories, with uncertainty around any individual property remaining substantial.
Income and burden data give the rent screen an important household context. The ZCTA’s median household income is $88,927 with a $3,761 margin of error. At a 30% rent-to-income screen, $1,336 monthly rent arithmetically corresponds to $53,440 in annual income, and current asking rent equals 18.0% of the reported median household income. This is arithmetic only, not advice and not an applicant qualification rule. ACS nonetheless reports 1,987 renter households spending 30% or more of income on gross rent, equal to 49.5% of renter households. That burden share should not be used to infer any household’s circumstances. For broader context only, Omaha city’s burden share is 50.0%, while the metro asking-rent-to-income context is 20.42%.
The matched ZCTA contains 12,694 housing units, with a 5.8% overall vacancy rate and 352 vacant units classified as for rent. Renters occupy 33.6% of occupied homes. Single-family homes outnumber large multifamily structures in the housing stock, which is relevant to the mix represented by a blended rent index but does not identify the type of a particular listing. The vacant-for-rent count and overall vacancy rate are area-level ACS measures, not evidence that a specific unit is available, competitively priced, or likely to lease. Likewise, household burden data cannot prove affordability for an individual renter or unit.
The evidence is useful as a bounded ZIP screen, but its windows and definitions differ. Zillow measures a blended asking-rent index; ACS describes occupied renter households over a survey period; HUD supplies administrative bedroom standards; and Redfin reports direct for-sale activity. None establishes property condition, exact bedroom configuration, lease concessions, utility treatment, or a unit-level sale-rent relationship. Property-level review should verify the advertised rent, included utilities, bedroom count, lease term, concessions, and the relevant sold-home record’s date, list price, and property characteristics. The central check is whether those unit-specific facts align with the ZIP’s measured rent history, modelled bedroom ladder, household screen, and separate resale evidence.
","findings":[{"body":"The current Zillow ZORI is modestly above the ACS median gross-rent figure, but the two statistics describe different populations and periods. ZORI is a blended asking-rent index across rental types. ACS is a five-year survey of occupied renter homes and includes selected utilities. Their proximity is informative, yet it does not convert either figure into a current unit-specific lease quote.","title":"Measured rent and survey rent are close but not equivalent"},{"body":"Same-month rent changes remain positive at the one-, three-, and five-year horizons, supporting the supplied stable-growth classification. However, the recent annualized pace is far below the five-year pace. Historical variability and drawdown were limited but not absent, so a single current Zillow reading deserves more confidence as a broad ZIP indicator than as a precise measure of an individual property.","title":"The longer rent path is positive, while recent growth is slower"},{"body":"Redfin’s direct rolling resale record shows quick marketing time, scarce months of supply, an above-list average sale-to-list result, and a substantial share of sales above list. Those are for-sale conditions only. They challenge any assumption that modest recent rent growth must coincide with equally modest resale movement, while offering no evidence about rental transaction prices or property-level operating economics.","title":"Resale activity is stronger than the rent-growth signal"},{"body":"The arithmetic income screen places current ZIP asking rent below the ZCTA median-household-income benchmark, yet nearly half of surveyed renter households report gross-rent burdens at or above thirty percent of income. This does not identify who can afford a particular unit. It shows why median-income comparisons and renter-burden statistics should be read together rather than treated as interchangeable affordability tests.","title":"Area-level affordability has a split signal"}],"risks":["The current Zillow index is a blended typical asking-rent measure rather than a unit-specific quote. A property may differ by bedroom count, lease term, included utilities, condition, concessions, and timing, none of which are established here.","ACS renter burden, vacancy, income, and gross-rent statistics are area-level survey evidence with margins of error. They cannot establish the finances, availability, rent, or utility arrangement of a particular renter household or dwelling.","The modelled bedroom estimates inherit the ZIP ZORI and HUD ladder assumptions. They are not observed bedroom rents, and HUD FMR/SAFMR is an administrative standard rather than a market asking-rent quote.","Redfin sale evidence covers the for-sale market through a rolling observation window. Its price, marketing, inventory, and sale-to-list signals cannot be treated as rental comps, property operating results, or forecasts."],"qa":[{"a":"They use different evidence universes. Zillow ZORI is a ZIP-level, blended typical observed asking-rent index across rental types. ACS median gross rent is a five-year survey statistic for occupied renter homes and includes selected utilities. A difference between them may reflect timing, population, utilities, and methodology rather than a change in the rent of a comparable unit.","q":"Why can’t the Zillow rent index be compared directly with ACS median gross rent?"},{"a":"They are modelled monthly ZIP estimates derived by scaling the ZIP ZORI using the supplied local HUD bedroom ladder. They provide a consistent way to distribute one ZIP-level asking-rent index across bedroom sizes. They are not measured studio, one-bedroom, two-bedroom, three-bedroom, or four-bedroom lease rents, and should not replace current unit-level listings.","q":"What are the bedroom rent figures intended to show?"},{"a":"No. It simply divides annualized ZIP ZORI by Redfin’s median ZIP sold price, joining two separate sources for a high-level screening comparison. It excludes expenses, financing, taxes, insurance, maintenance, vacancy, operating income, property type, and unit-level rent. It is not a cap rate, property yield, net return, or expected return.","q":"Does the rent-price screening ratio describe an investment return?"},{"a":"The record still needs the specific advertised rent, bedroom count, lease duration, included utilities, concessions, unit condition, and timing of the listing. For a sale comparison, verify the property’s sale date, sold price, list price, characteristics, and whether it is reasonably comparable. These checks prevent area-level indexes, survey statistics, HUD standards, and resale aggregates from being mistaken for unit facts.","q":"Which property-level facts remain necessary after reviewing this ZIP report?"}],"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":1018.637888},{"period":"2021-02-01","rent":1030.278759},{"period":"2021-03-01","rent":1027.460927},{"period":"2021-04-01","rent":1046.858297},{"period":"2021-05-01","rent":1059.24048},{"period":"2021-06-01","rent":1067.518448},{"period":"2021-07-01","rent":1063.488374},{"period":"2021-08-01","rent":1073.183698},{"period":"2021-09-01","rent":1079.522802},{"period":"2021-10-01","rent":1108.945259},{"period":"2021-11-01","rent":1119.938065},{"period":"2021-12-01","rent":1138.196085},{"period":"2022-01-01","rent":1138.043644},{"period":"2022-02-01","rent":1145.819576},{"period":"2022-03-01","rent":1154.888351},{"period":"2022-04-01","rent":1159.760201},{"period":"2022-05-01","rent":1157.232223},{"period":"2022-06-01","rent":1162.948574},{"period":"2022-07-01","rent":1168.434333},{"period":"2022-08-01","rent":1176.688274},{"period":"2022-09-01","rent":1171.681189},{"period":"2022-10-01","rent":1168.417536},{"period":"2022-11-01","rent":1185.365048},{"period":"2022-12-01","rent":1210.467022},{"period":"2023-01-01","rent":1238.503724},{"period":"2023-02-01","rent":1241.373425},{"period":"2023-03-01","rent":1251.78449},{"period":"2023-04-01","rent":1257.284004},{"period":"2023-05-01","rent":1274.410934},{"period":"2023-06-01","rent":1279.436805},{"period":"2023-07-01","rent":1283.222522},{"period":"2023-08-01","rent":1285.423484},{"period":"2023-09-01","rent":1286.687821},{"period":"2023-10-01","rent":1283.015398},{"period":"2023-11-01","rent":1270.530764},{"period":"2023-12-01","rent":1261.017923},{"period":"2024-01-01","rent":1251.367054},{"period":"2024-02-01","rent":1253.458035},{"period":"2024-03-01","rent":1249.243834},{"period":"2024-04-01","rent":1255.570316},{"period":"2024-05-01","rent":1263.121153},{"period":"2024-06-01","rent":1273.874823},{"period":"2024-07-01","rent":1286.345834},{"period":"2024-08-01","rent":1295.234594},{"period":"2024-09-01","rent":1297.917826},{"period":"2024-10-01","rent":1299.396522},{"period":"2024-11-01","rent":1285.324155},{"period":"2024-12-01","rent":1279.227658},{"period":"2025-01-01","rent":1266.540997},{"period":"2025-02-01","rent":1278.318008},{"period":"2025-03-01","rent":1285.680605},{"period":"2025-04-01","rent":1305.065418},{"period":"2025-05-01","rent":1310.772565},{"period":"2025-06-01","rent":1316.358414},{"period":"2025-07-01","rent":1315.464114},{"period":"2025-08-01","rent":1316.323307},{"period":"2025-09-01","rent":1324.321259},{"period":"2025-10-01","rent":1333.644985},{"period":"2025-11-01","rent":1354.446145},{"period":"2025-12-01","rent":1365.160962},{"period":"2026-01-01","rent":1380.283727},{"period":"2026-02-01","rent":1373.881126},{"period":"2026-03-01","rent":1371.601235},{"period":"2026-04-01","rent":1354.785622},{"period":"2026-05-01","rent":1345.411986},{"period":"2026-06-01","rent":1335.929268}],"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":1316.358414,"endRent":1335.929268,"change":0.014867420447087998,"cagr":0.014867420447087998},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1279.436805,"endRent":1335.929268,"change":0.044154164378599425,"cagr":0.014506595873288841},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1067.518448,"endRent":1335.929268,"change":0.25143436209731895,"cagr":0.04587941463950673}},"maxDrawdown":-0.0321343055289095,"annualizedVolatility":0.02893073174786073,"consecutiveReturnCount":65}}