At June 2026, ZIP 80922’s Zillow Observed Rent Index was $2,021 per month, only 0.03% above the prior June. Zillow ZORI is a typical observed asking-rent index blended across rental types, rather than a lease-specific quote or a measure of occupied-home rents. ZIP 80922 is both the 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 current index exceeds the wider Zillow asking-rent contexts for Colorado Springs city, El Paso County, and the Colorado Springs, CO metro; those are city, county, and metro comparators, not ZIP substitutes. That elevation is a current pricing signal, but the nearly flat year-over-year move makes the historical path and source differences especially important.
The backward-looking Zillow history shows an exact same-month annualized change of 0.03% over one year, 0.84% over three years, and 3.33% over five years. Thus, the latest direction breaks from the stronger longer-run growth path rather than confirming it. The record has 137 observations and 135 consecutive returns, with 99.3% coverage, so missing observations are limited. Month-to-month rent changes translated into 2.48% annualized variability, suggesting a relatively restrained but not motionless series. A 3.49% maximum drawdown also shows that prior declines occurred despite the longer-term gain. Transparent national discovery ranks among history-eligible ZIPs were 2,295 for momentum, 665 for stability, and 1,755 for the balanced measure. These are descriptive ranks, not forecasts or investment recommendations; good coverage supports confidence in the record, while the recent pause limits confidence in one current rent snapshot as a continuation signal.
Bedroom figures should be read as modelled estimates, not measured bedroom rents. Scaling the ZIP ZORI through the local HUD bedroom ladder produces monthly estimates of $1,395 for a studio, $1,708 for one bedroom, $2,021 for two bedrooms, $2,809 for three bedrooms, and $3,198 for four bedrooms. The local HUD two-bedroom standard is $2,130, which supplies the relative bedroom scaling rather than a direct asking-rent observation. HUD FMR or SAFMR is an administrative, bedroom-specific standard and is not asking rent. The modelled ladder is therefore useful for organizing a price screen across unit sizes, but it cannot establish what any particular available unit commands.
The matched ACS 2024 five-year ZCTA survey reports median household income of $108,019. Applying the 30% screen to the current Zillow index produces required annual income of $80,840; that is arithmetic, not advice and not an applicant qualification rule. ACS median gross rent was $2,069, with a $117 margin of error, and gross rent covers occupied renter homes while including selected utilities. The Zillow asking-rent index equals 97.68% of that ACS measure, a close numerical relationship that does not make the sources interchangeable. ACS also records 1,606 of 3,468 renter households as spending at least 30% of income on rent, or 46.31%. That burden statistic describes surveyed households, not the affordability or payment outcome of a particular unit.
Housing-stock evidence provides a separate constraint on how broadly rent and burden measures should be interpreted. The ZCTA contained 11,672 housing units, and renter households represented 30.23% of occupied homes. Its 1.71% vacancy rate corresponds to 200 vacant units, including 69 vacant for rent. The stock was weighted toward 9,695 single-family units, compared with 836 units in large multifamily structures. This combination describes the area’s survey-era housing composition and vacancy counts, not available inventory at a given moment. Neither the low vacancy percentage nor the burden share proves availability, condition, pricing, or payment stress for an individual property.
Broader comparisons reinforce that the ZIP’s current asking-rent index sits above the Colorado Springs city, El Paso County, and Colorado Springs, CO metro rent contexts, while the matched ZCTA’s median household income is higher than each of those wider benchmarks. The ZIP also has a lower renter share and lower all-unit vacancy rate than the city and county contexts, and its renter burden share is below both of those wider survey measures. These comparisons identify a relative position, not a common rental market: city and county figures are wider geographic context, while the metro includes the Colorado Springs, CO metropolitan scope. Metro apartment vacancy and apartment marketing time are apartment-market indicators, not replacements for ZIP housing-unit vacancy or Zillow asking rent.
The direct rolling-three-month Redfin ZIP resale observation supplies a different market lens. Median sold price was $452,898, up 0.64% year over year; 157 homes sold, with a median 38 days on market. Inventory stood at 167 homes and months of supply at 3.2. Sellers received an average 99.34% of list price, while 19.63% of sales closed above list. This is for-sale market evidence, not rental transactions, rental comparables, or property economics. Annualized ZIP ZORI divided by median sold price is 5.35%, solely a cross-source screening ratio and not a cap rate, net return, expected return, or property yield. The resale evidence shows modest price appreciation and active transaction flow even as asking-rent growth is nearly flat, challenging any simple reading that current resale movement confirms current rent momentum.
The main limit is that each dataset answers a different question and uses a different universe, date, and unit definition. Zillow provides ZIP asking-rent indexing; ACS provides a five-year survey of occupied renter homes; HUD provides an administrative bedroom standard; and Redfin provides a rolling resale observation. Before applying these screens to a property, confirm the actual address’s ZIP treatment, advertised bedroom count, asking rent, utility inclusions, lease term, concessions, unit condition, and availability date. For a purchase-oriented review, verify the individual property’s sale and listing history, relevant closed-sale evidence, carrying costs, and whether the unit’s configuration matches the HUD scaling assumption. The 30% calculation and resale screening ratio remain comparison tools rather than determinations about any household or property.
","findings":[{"body":"ZIP 80922’s $2,021 Zillow asking-rent index was effectively unchanged year over year, while the same-month history still shows positive three- and five-year annualized gains. The record is well covered, but its modest variability and prior drawdown mean the current figure should be treated as a measured snapshot, not proof that the earlier growth rate remains in force.","title":"Current asking rent has stalled after a stronger multi-year path"},{"body":"The studio-through-four-bedroom figures are modelled by scaling the ZIP-wide Zillow index with the local HUD ladder. They provide a consistent bedroom screen, but HUD standards are administrative benchmarks and Zillow is blended across rental types. A specific unit’s advertised rent, condition, utility treatment, and lease terms can differ materially from the modelled result.","title":"Bedroom pricing is a HUD-scaled model, not observed unit rent"},{"body":"The matched ACS ZCTA reports household income above the broader city, county, and metro contexts, and the arithmetic income screen falls below that median. Yet 46.31% of surveyed renter households were rent burdened at the 30% threshold. This is evidence of household-level variation in the survey, not a conclusion about an individual renter or lease.","title":"Survey affordability is mixed despite comparatively high income"},{"body":"Redfin’s direct ZIP resale data show modest annual price appreciation, substantial transaction volume, and sale-to-list results near list price, while the Zillow rent index is nearly flat year over year. That disconnect is decision-relevant because the annualized-rent-to-price figure is only a cross-source screen; it cannot convert resale activity into rental income or return evidence.","title":"Resale conditions do not fully echo current rent momentum"}],"risks":["The current Zillow index is a blended asking-rent measure, so it may not match the bedroom mix, utility treatment, lease structure, concessions, condition, or timing of any available unit being evaluated.","ACS gross rent and rent burden come from a five-year survey of occupied renter homes in the matched ZCTA, whose statistical boundary is not identical to a USPS delivery ZIP.","Low survey-era vacancy and a high burden share should not be used as proof that a particular listing is scarce, fairly priced, affordable, available, or representative of local renter outcomes.","Redfin resale indicators describe homes sold and listed in the ZIP’s for-sale market. They do not establish rental demand, operating costs, property-level income, financing terms, or expected returns."],"qa":[{"a":"They measure different universes. Zillow ZORI is a typical observed asking-rent index blended across rental types at the ZIP market level. ACS is a five-year survey of occupied renter homes in the matched ZCTA and its gross-rent measure includes selected utilities. Similar dollar levels do not make their methods, dates, or housing populations equivalent.","q":"Why does the Zillow asking-rent index differ from ACS median gross rent?"},{"a":"No. They are modelled monthly estimates created by scaling the ZIP-wide Zillow asking-rent index with the local HUD bedroom ladder. HUD FMR or SAFMR is an administrative, bedroom-specific standard rather than asking rent. The estimates organize a comparison by bedroom count but do not replace unit-specific listings or signed-lease evidence.","q":"Are the studio through four-bedroom figures actual rents observed in ZIP 80922?"},{"a":"It is a simple arithmetic screen: annualized current Zillow asking rent divided by 30%. It is not financial advice, an affordability determination, a lender standard, or an applicant qualification rule. Actual household affordability can vary with income stability, utilities, debts, household size, subsidies, lease terms, and other expenses not provided here.","q":"What does the 30% required-income figure mean?"},{"a":"No. It divides annualized ZIP Zillow asking rent by Redfin’s ZIP median sold price and is useful only as a cross-source screening ratio. It excludes property-specific rent, vacancy, expenses, taxes, insurance, maintenance, financing, transaction costs, and timing. It is not a cap rate, net return, expected return, or property yield.","q":"Can the annualized rent-to-sale-price percentage be treated as a property return?"}],"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 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