Cooling is the immediate signal in 80247. In June 2026, Zillow ZORI, a ZIP-level typical observed asking-rent index blended across rental types, was $1,778 per month, 5.9% below the same month a year earlier. That current decline is an asking-rent reading, not a signed-lease or unit-transaction measure. The five-digit 80247 label 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. The distinction matters because the rent index and survey households have separate geographies and populations.
Broader context presents a lower current ZIP index rather than an interchangeable local benchmark. In wider context, Denver city context rent is $1,877, Denver County context rent is $1,889, and the Denver-Aurora-Lakewood, CO metro context rent is $1,930; each is a wider-area comparison, not a ZIP observation. The matched ACS five-year survey puts median gross rent at $1,828. ACS is a survey of occupied renter homes and median gross rent includes selected utilities, so it should not be substituted for Zillow asking rent. HUD’s two-bedroom FMR/SAFMR standard is $2,089, an administrative bedroom-specific standard rather than an asking-rent quote.
Rather than reporting measured rents by bedroom, the ZIP uses modelled estimates that scale current ZORI by the local HUD ladder. The resulting monthly estimates are $1,398 for a studio, $1,493 for one bedroom, $1,778 for two bedrooms, $2,327 for three bedrooms, and $2,595 for four bedrooms. The two-bedroom point coincides with ZORI because it is the ladder’s scaling anchor, while the other points preserve the local HUD bedroom relationship. These are modelled estimates, never measured bedroom rents; they do not show asking-rent distributions, lease terms, or observed availability in any bedroom segment. The HUD input helps create comparable estimates but remains an administrative standard, not market asking rent.
Income and burden evidence raise a different tension. Applying the arithmetic 30% screen to the current monthly index produces required annual income of $71,120, above the ZCTA median household income of $64,498; the annual asking-rent-to-income calculation is 33.1%. This screen is arithmetic, not advice and not an applicant qualification rule. In the ACS renter-household universe, 5,032 of 8,866 renter households, or 56.8%, reported paying 30% or more of income toward rent. The Denver city context and Denver County context burden shares are each 47.6%, wider-area measures that are lower than the ZCTA share. Aggregate burden neither establishes a given household’s finances nor proves the cost of a particular unit.
Housing composition supplies useful scale, while still not showing what is vacant or rentable today. The matched ZCTA’s vacancy rate is 6.9%, with 604 units classified vacant for rent; neither figure proves that a specific advertised home is available, suitably priced, or comparable to the ZORI mix. Renter occupancy accounts for 59.4% of occupied homes and exceeds the corresponding Denver city context and Denver County context shares. The stock contains 6,069 large-multifamily units, outnumbering its single-family units. Those counts describe stock categories and aggregate tenure, not unit condition, landlord terms, turnover, or the quantity of choices at a given modelled bedroom price.
The rent record characterizes a cooling history, not a projection. The series has 100% coverage of its available record: exact same-month ZORI changes are -5.9% over one year and -2.0% annualized over three years, whereas the five-year annualized change is +1.2%. Recent direction therefore breaks from the longer path of cumulative gains rather than confirming it. Monthly-return variability annualized to 2.9% gives the current reading some consistency but does not make one rent snapshot precise. Separately, the maximum drawdown reached 8.1%, demonstrating that declines in the observed series have been material. Transparent national discovery ranks among history-eligible ZIPs are 2,889 for momentum, 1,424 for stability, and 2,676 for the balanced measure; they are descriptive ranks, not forecasts or investment recommendations.
Resale evidence adds a confirming, but separate, for-sale-market tension. Redfin’s direct rolling-three-month ZIP resale observation reports a $264,940 median sold price, down 2.1% from a year earlier, with 157 homes sold and a 44-day median marketing time. Inventory stood at 220 homes and 4.2 months of supply. The average sale-to-list ratio was 97.7%, while 9.2% sold above list; these are resale liquidity and pricing signals, not rental transactions or rental comparables. Annualized ZIP ZORI divided by the median sold price equals an 8.1% cross-source screening ratio only. The softer price and below-list signals align with the cooling rent history, yet neither series resolves the income-and-burden gap because resale observations and renter-household survey evidence answer different questions.
Scope limits control the conclusion. ZORI is an index across rental types, ACS uses occupied ZCTA renter homes with survey uncertainty and selected utilities, HUD sets an administrative ladder, and Redfin records ZIP resale activity; none is a property-level rent roll or a prediction. A property-specific file would need to verify the advertised asking rent, bedroom count, included utilities, lease duration, concessions or mandatory charges, availability date, and the unit’s physical condition. For a sale, the address-level list price, sale price, marketing history, financing terms, and condition would also require separate verification. These checks are especially important where aggregate vacancy, burden, modelled bedrooms, and resale signals could otherwise be mistaken for evidence about one dwelling. What differs when the specific listing record is placed beside these separate data universes?
","findings":[{"body":"Zillow ZORI at the June endpoint is $1,778, down 5.9% from the identical month a year earlier. The one-year and three-year same-month changes are negative, while the five-year annualized result remains positive. Thus, the most recent direction breaks from, rather than confirms, the longer historical path. This is a backward-looking index reading, not a forecast.","title":"Cooling index breaks the longer path"},{"body":"At the 30% arithmetic screen, the current index implies $71,120 of annual income, above the ZCTA median household income of $64,498. The 56.8% burden share also exceeds the 47.6% Denver city and county context shares. These results describe aggregate income and ACS renter households; they do not determine whether a particular household qualifies for or can afford a particular listing.","title":"Budget screen exceeds the local income midpoint"},{"body":"The studio-through-four-bedroom figures are modelled from ZORI and the local HUD ladder. They translate a blended ZIP asking-rent index into a consistent bedroom scale but do not measure advertised, leased, or available units by bedroom. The HUD FMR/SAFMR input is an administrative standard, whereas ACS gross rent records occupied renter homes and includes selected utilities. Each number answers a different question.","title":"Modelled bedroom ladder is not a comp set"},{"body":"Redfin’s rolling-three-month resale record shows a lower median sold price, a sub-list average sale-to-list relationship, and limited above-list sales. That evidence confirms cooling in a distinct for-sale universe, while the 8.1% rent-price calculation remains only a cross-source screen. It cannot supply a rent comp, a property-level income measure, or an explanation for the burden data.","title":"Resale softness corroborates but cannot price rentals"}],"risks":["Zillow ZORI blends rental types into an asking-rent index. It cannot establish the advertised price, incentives, included utilities, availability, lease term, or executed rent for a specific residence.","The matched Census ZCTA is only a statistical approximation of delivery geography, and ACS estimates occupied renter households over a survey period. Sampling uncertainty and utility inclusion limit direct comparison with Zillow.","HUD standards shape the modelled bedroom ladder, but administrative FMR/SAFMR amounts do not document market asking rents or completed leases. A modelled bedroom point can differ from individual listings for many unobserved reasons.","Redfin ZIP resale figures concern sales, not rentals. Median price and sale-to-list behavior cannot determine operating costs, unit condition, financing, rental income, or property-level economics for a dwelling."],"qa":[{"a":"Zillow ZORI is a ZIP-market asking-rent index blended across rental types. ACS median gross rent comes from a five-year survey of occupied renter homes and includes selected utilities. HUD FMR/SAFMR is a bedroom-specific administrative standard. Because scope, population, and construction differ, close or different values are not contradictions and should not be substituted.","q":"Why do the Zillow, ACS, and HUD rent figures differ?"},{"a":"No. The bedroom figures take current ZIP ZORI and apply the local HUD relative bedroom ladder. This makes the series internally consistent for screening, but it does not create observed studio, one-bedroom, or larger-unit rent samples. Listing-level verification remains necessary for actual bedrooms, included utilities, availability, concessions, and mandatory charges.","q":"Are the bedroom estimates observed rents for available units?"},{"a":"The required-income result divides annualized ZORI by the stated thirty-percent threshold. It is arithmetic and does not assess savings, debt, household composition, income documentation, program rules, or landlord policy. The ACS burden share is similarly an aggregate survey measure, so neither statistic establishes affordability, qualification, or burden for a named unit or applicant.","q":"How should the income screen and burden share be interpreted?"},{"a":"Redfin data in this packet are direct rolling-three-month ZIP resale observations. They report completed-sale price, sales count, marketing time, inventory, supply, and sale-to-list behavior, not lease listings or rental transactions. Dividing annualized ZORI by median sold price combines sources for a limited screen; it does not establish a property-level income measure.","q":"What does the Redfin block establish about the rental market?"}],"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 + 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