The central tension in this ZIP is that the current asking-rent index lies close to a median-income arithmetic screen while the renter survey records broad burden. The five-digit label 80524 is both Zillow's ZIP market identifier and a Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. At the June 2026 endpoint, Zillow ZORI is $2,052 per month, a typical observed asking-rent index blended across rental types, and it is 3.18% above the same month a year earlier. Applying the 30% screen mechanically produces $82,080 of annual income. That is near the ZCTA median household income of $85,035, placing the index at 29.0% of median income. This is arithmetic, not advice or an applicant qualification rule.
Different source universes explain why the asking-rent index should not be collapsed into a single rent series with survey or administrative figures. For the matched ZCTA, the ACS 2024 five-year survey reports median gross rent of $1,697 among occupied renter homes and includes selected utilities; it is not a current asking-rent measure. Zillow ZORI is therefore 20.9% above that survey median, but the gap does not establish the utility treatment, lease terms, or rent of any particular listing. The FY 2026 local HUD FMR/SAFMR two-bedroom standard is $1,732. HUD's figure is an administrative, bedroom-specific standard rather than asking rent, so it serves a separate comparison purpose from both ACS and ZORI.
Backward-looking ZORI history remains positive but has slowed from its longer path. Exact same-month change was 3.18% over one year, 3.72% annualized over three years, and 5.15% annualized over five years. Recent direction therefore confirms the longer positive path rather than breaking from it, although the latest pace is below the longer annualized measurements. Coverage is 100% across 114 observations. Monthly ZORI returns carried 2.33% annualized variability, which tempers confidence in treating one current index reading as a precise ongoing pattern. The worst peak-to-trough drawdown was 1.67%, a relatively contained historical decline. Transparent national discovery ranks among history-eligible ZIPs were 791 for momentum, 443 for stability, and 269 for the balanced measure; lower ranks are higher placements. These are historical discovery measures, not forecasts or investment recommendations.
Bedroom figures provide a structured scaling tool, not observed bedroom-rent comps. Applying the local HUD ladder to the ZIP ZORI produces modelled monthly estimates of $1,788 for a studio, $1,821 for one bedroom, $2,052 for two bedrooms, $2,826 for three bedrooms, and $3,009 for four bedrooms. They are modelled estimates, never measured bedroom rents. The relatively larger step in the ladder beyond the two-bedroom point reflects the local HUD bedroom relationship used in the calculation, not confirmed asking-price behavior for available larger units. These figures cannot establish unit condition, included utilities, concessions, or active supply within any bedroom category.
Survey burden adds an important distributional check to the median-income arithmetic. ACS reports 6,203 renter-occupied homes in the ZCTA, with 3,113 spending at least 30% of household income on rent, equal to 50.2%. That does not conflict with the median-income screen: a median comparison and a household burden distribution answer different questions. Nor does the burden statistic prove that a specific unit is unaffordable to a particular household. Housing stock totals 18,180 units, of which 781 were vacant, producing a 4.3% all-unit vacancy rate; 145 units were classified as vacant for rent. That category does not confirm immediate availability or leaseability. The reported stock also includes 12,414 single-family units and 1,225 units in large multifamily structures.
Wider-area figures put the ZIP reading in scale without replacing it. For asking-rent-index context, Fort Collins city scope is $1,938, Larimer County scope is $1,950, and Fort Collins, CO metro scope is $1,950; all are wider-context values rather than direct ZIP estimates. The Fort Collins city context has a higher renter share and a higher rent-burden share than the ZCTA. Larimer County context has higher overall vacancy. The metro context reports apartment vacancy, higher median household income, and a lower asking-rent-to-income ratio, but its apartment measure is not the same universe as this ZIP's all-unit vacancy. These city, county, and metro comparisons are context only, not substitutes for the ZIP-level rent, ZCTA survey, or property-level evidence.
Redfin's direct rolling-three-month ZIP resale observation describes the for-sale market, not rental transactions. Median sold price was $585,368, up 2.18% from a year earlier. Liquidity indicators recorded 193 homes sold, a median 61 days on market, inventory of 249 homes, and 3.9 months of supply. The average sale-to-list ratio was 98.81%, while 18.1% of sales closed above list price. Annualized ZIP ZORI divided by median sold price equals 4.21%, but that is only a cross-source screening ratio, not a cap rate, net return, expected return, or property yield. The resale evidence creates a useful tension: rent history remains positive, yet the resale record includes average sales below list and substantial marketing time, challenging any reading that every market signal carries equal strength or describes the same transaction universe.
Every source has a geographic and conceptual limit. ZORI cannot confirm the rent obtainable for a particular address; ACS describes surveyed occupied renter homes in the matched ZCTA; HUD is a standard; and Redfin resale metrics do not become rental comps. A property-level review would need current comparable listings matched for bedroom count, size, building type, lease duration, utility inclusion, concessions, and stated availability. It would also need direct verification of physical condition, actual occupancy, recurring property costs, and comparable completed sales with similar characteristics. The decisive analytical question is whether those address-level facts align with the ZIP's measured rent, burden, stock, and resale signals rather than being inferred from any single aggregate series.
","findings":[{"body":"ZORI at $2,052 produces a $82,080 annual income figure under the stated 30% arithmetic screen, close to the ZCTA median household income of $85,035. At the same time, ACS indicates that just over half of renter households are rent burdened at the threshold. This is a median-versus-distribution tension, not a conclusion about any individual household, lease, or unit.","title":"Median-income screen and renter burden point in different directions"},{"body":"Zillow ZORI is a ZIP-level observed asking-rent index blended across rental types. ACS median gross rent is a five-year survey measure for occupied renter homes that includes selected utilities. HUD FMR/SAFMR is an administrative bedroom-specific standard. The apparent differences between these figures provide context, but they do not prove a listing premium, a utility difference, or an achievable rent for a specific property.","title":"The asking-rent, ACS, and HUD measures are not interchangeable"},{"body":"The one-year ZORI increase remains positive, so the latest direction continues rather than reverses the longer-term path. However, its rate is below the three-year and five-year annualized changes. Full coverage and a limited historical drawdown support the reliability of the observed series, while monthly variability means a single current rent index should remain a measured snapshot rather than a projection.","title":"History supports positive continuity with a slower recent pace"},{"body":"The Redfin ZIP observation shows a positive annual median sale-price change alongside an average sale-to-list result below full list price and a meaningful median marketing period. Those are direct for-sale signals, not rental transactions. The annualized-rent-to-price calculation is only a cross-source screen. It cannot establish property economics, financing outcomes, net income, or expected performance.","title":"Resale liquidity is separate evidence and moderates a simple rent narrative"}],"risks":["The ZIP-level ZORI blends rental types and reflects asking rents rather than executed leases, so it cannot establish achievable rent, concession patterns, utility treatment, or availability for a specific unit.","ACS gross-rent and burden figures are ZCTA five-year survey estimates for occupied renter homes, with sampling uncertainty, and cannot be assumed to represent a current lease, property condition, or renter segment.","Vacancy totals classify housing units at the ZCTA level, while the vacant-for-rent subset does not show asking price, bedroom count, physical condition, timing, concessions, or whether a specific unit can be leased.","The Redfin resale block measures for-sale transactions and listing conditions only. Combining it with ZORI can create a useful screen, but cannot produce a property-level return, valuation, or rental forecast."],"qa":[{"a":"No. The screen annualizes the ZIP asking-rent index and divides it by the stated threshold to create a comparable income figure. It omits household-specific income, debt, credit, household size, utility obligations, actual lease rent, lease terms, and landlord criteria. It is a consistent arithmetic comparison, not a qualification outcome or affordability recommendation.","q":"Does the 30% required-income screen mean a household qualifies for a lease?"},{"a":"The measures have different universes. ZORI is an observed asking-rent index blended across rental types, ACS is a five-year survey of occupied renter homes that includes selected utilities, and HUD is an administrative bedroom-specific standard. Differences are therefore expected to be informative but cannot identify a precise cause or establish the rent for an individual unit.","q":"Why is ZORI higher than the ACS median gross rent and the HUD two-bedroom standard?"},{"a":"The historical record shows positive same-month growth over the reported periods, with the latest pace slower than the longer annualized measurements. Complete coverage and a relatively modest drawdown support use of the history as a backward-looking record. Monthly variation still means the current index should be interpreted as a measured snapshot, not a guaranteed future rent level.","q":"What does the ZIP rent history say about confidence in the current rent snapshot?"},{"a":"No. The ratio combines a ZIP-level asking-rent index with a rolling resale median from a separate transaction universe. It excludes expenses, financing, taxes, insurance, maintenance, vacancy experience, concessions, property condition, and achieved lease rents. It is only a cross-source screening ratio and is not a cap rate, net return, expected return, or property yield.","q":"Can the annualized ZORI divided by median sale price be used as a property return measure?"}],"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":"2017-01-01","rent":1282.552633},{"period":"2017-02-01","rent":1293.782105},{"period":"2017-03-01","rent":1293.069404},{"period":"2017-04-01","rent":1303.15517},{"period":"2017-05-01","rent":1322.766482},{"period":"2017-06-01","rent":1325.710796},{"period":"2017-07-01","rent":1332.1271},{"period":"2017-08-01","rent":1333.497878},{"period":"2017-09-01","rent":1341.854368},{"period":"2017-10-01","rent":1342.309778},{"period":"2017-11-01","rent":1337.793572},{"period":"2017-12-01","rent":1335.878647},{"period":"2018-01-01","rent":1348.073469},{"period":"2018-02-01","rent":1351.06881},{"period":"2018-03-01","rent":1352.66282},{"period":"2018-04-01","rent":1348.70889},{"period":"2018-05-01","rent":1359.993782},{"period":"2018-06-01","rent":1373.089501},{"period":"2018-07-01","rent":1381.060798},{"period":"2018-08-01","rent":1388.842614},{"period":"2018-09-01","rent":1380.567943},{"period":"2018-10-01","rent":1372.23099},{"period":"2018-11-01","rent":1374.848804},{"period":"2018-12-01","rent":1387.103542},{"period":"2019-01-01","rent":1402.045573},{"period":"2019-02-01","rent":1415.284316},{"period":"2019-03-01","rent":1428.594752},{"period":"2019-04-01","rent":1446.650315},{"period":"2019-05-01","rent":1430.642172},{"period":"2019-06-01","rent":1430.623838},{"period":"2019-07-01","rent":1430.578303},{"period":"2019-08-01","rent":1442.580272},{"period":"2019-09-01","rent":1461.043376},{"period":"2019-10-01","rent":1483.717864},{"period":"2019-11-01","rent":1496.169897},{"period":"2019-12-01","rent":1493.215497},{"period":"2020-01-01","rent":1481.224268},{"period":"2020-02-01","rent":1478.862568},{"period":"2020-03-01","rent":1484.424384},{"period":"2020-04-01","rent":1471.243021},{"period":"2020-05-01","rent":1482.557161},{"period":"2020-06-01","rent":1480.229567},{"period":"2020-07-01","rent":1495.017202},{"period":"2020-08-01","rent":1498.776395},{"period":"2020-09-01","rent":1511.787719},{"period":"2020-10-01","rent":1509.809904},{"period":"2020-11-01","rent":1505.716542},{"period":"2020-12-01","rent":1506.176768},{"period":"2021-01-01","rent":1512.159922},{"period":"2021-02-01","rent":1517.816771},{"period":"2021-03-01","rent":1526.548108},{"period":"2021-04-01","rent":1546.216186},{"period":"2021-05-01","rent":1561.157804},{"period":"2021-06-01","rent":1596.772252},{"period":"2021-07-01","rent":1606.555105},{"period":"2021-08-01","rent":1629.078953},{"period":"2021-09-01","rent":1622.832078},{"period":"2021-10-01","rent":1652.648973},{"period":"2021-11-01","rent":1659.562289},{"period":"2021-12-01","rent":1692.904254},{"period":"2022-01-01","rent":1686.005281},{"period":"2022-02-01","rent":1706.878636},{"period":"2022-03-01","rent":1706.774558},{"period":"2022-04-01","rent":1720.677822},{"period":"2022-05-01","rent":1719.039112},{"period":"2022-06-01","rent":1723.255248},{"period":"2022-07-01","rent":1733.655658},{"period":"2022-08-01","rent":1744.216179},{"period":"2022-09-01","rent":1759.927542},{"period":"2022-10-01","rent":1769.894497},{"period":"2022-11-01","rent":1786.008906},{"period":"2022-12-01","rent":1784.603601},{"period":"2023-01-01","rent":1801.942019},{"period":"2023-02-01","rent":1807.202028},{"period":"2023-03-01","rent":1824.05359},{"period":"2023-04-01","rent":1827.939317},{"period":"2023-05-01","rent":1842.518408},{"period":"2023-06-01","rent":1839.11742},{"period":"2023-07-01","rent":1842.507746},{"period":"2023-08-01","rent":1851.10703},{"period":"2023-09-01","rent":1886.585775},{"period":"2023-10-01","rent":1890.786655},{"period":"2023-11-01","rent":1909.081642},{"period":"2023-12-01","rent":1901.605289},{"period":"2024-01-01","rent":1911.45062},{"period":"2024-02-01","rent":1902.336113},{"period":"2024-03-01","rent":1917.826284},{"period":"2024-04-01","rent":1933.304499},{"period":"2024-05-01","rent":1934.286292},{"period":"2024-06-01","rent":1928.692879},{"period":"2024-07-01","rent":1935.359354},{"period":"2024-08-01","rent":1937.058785},{"period":"2024-09-01","rent":1920.939273},{"period":"2024-10-01","rent":1910.930641},{"period":"2024-11-01","rent":1927.507241},{"period":"2024-12-01","rent":1944.623542},{"period":"2025-01-01","rent":1966.087264},{"period":"2025-02-01","rent":1964.854682},{"period":"2025-03-01","rent":1959.631259},{"period":"2025-04-01","rent":1939.130676},{"period":"2025-05-01","rent":1957.120889},{"period":"2025-06-01","rent":1988.896134},{"period":"2025-07-01","rent":1996.626139},{"period":"2025-08-01","rent":2004.83223},{"period":"2025-09-01","rent":2012.792185},{"period":"2025-10-01","rent":2031.599678},{"period":"2025-11-01","rent":2021.443869},{"period":"2025-12-01","rent":2026.453978},{"period":"2026-01-01","rent":2016.601942},{"period":"2026-02-01","rent":2035.221223},{"period":"2026-03-01","rent":2042.836494},{"period":"2026-04-01","rent":2064.46347},{"period":"2026-05-01","rent":2060.531233},{"period":"2026-06-01","rent":2052.197838}],"historySummary":{"pointCount":114,"firstPeriod":"2017-01-01","latestPeriod":"2026-06-01","coverageMonths":114,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1988.896134,"endRent":2052.197838,"change":0.03182755646102531,"cagr":0.03182755646102531},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1839.11742,"endRent":2052.197838,"change":0.11586014883160645,"cagr":0.03721770771097099},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1596.772252,"endRent":2052.197838,"change":0.2852163703556141,"cagr":0.05146603814349393}},"maxDrawdown":-0.01666045818057249,"annualizedVolatility":0.023317569982542304,"consecutiveReturnCount":113}}