June 2026 places the Zillow Observed Rent Index at $1,746 per month, a current signal best read as a typical observed asking-rent index blended across rental types rather than a quote for every available home. Exact same-month history is positive: ZORI increased 2.69% over one year, 2.01% annualized over three years, and 2.46% annualized over five years. The latest pace therefore confirms, rather than breaks from, the longer upward path. These are backward-looking measurements, not a forecast or investment recommendation. The direct Zillow ZIP series has complete 100% coverage, but 3.61% annualized monthly-return variability and a -2.30% maximum drawdown show that the path was not smooth. One current ZIP-wide rent snapshot consequently carries less stability confidence than the positive multi-year direction alone may imply.
Geographic context presents a narrow local-to-regional gap. The ZIP’s $1,746 ZORI is virtually the Post Falls city-context rent of $1,745.59, while the Kootenai County context rent is $1,829 and the Coeur d'Alene, ID metro context rent is also $1,829. The city, county, and metro figures are wider contextual markers only, rather than replacements for the ZIP-level observation. Their comparison indicates that the current ZIP index is near the city-context reading but below the broader county and metro context readings. It does not establish that any particular property, rental type, or bedroom count is similarly positioned.
The rent measures answer different questions and should not be merged. The label 83854 is both the Zillow ZIP market identifier and the Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. ACS 2024 five-year data report a $1,495 median gross rent for occupied renter homes, including selected utilities. The current ZORI is 16.8% above that survey median, a difference consistent with their distinct universes rather than a contradiction. HUD’s FY2026 two-bedroom standard is $1,547, and ZORI is 12.9% higher. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent, while ACS is a survey statistic and ZORI is an observed asking-rent index.
The bedroom ladder is intentionally modelled rather than collected as a set of observed rents. Scaling ZIP ZORI through the local HUD bedroom ladder produces modelled monthly estimates of $1,245 for a studio, $1,469 for one bedroom, $1,746 for two bedrooms, $2,429 for three bedrooms, and $2,929 for four bedrooms. These are modelled estimates, never measured bedroom rents. The step sizes reflect the local HUD ladder used in the calculation, while the common underlying ZIP index remains blended across rental types. The two-bedroom result aligns numerically with the all-type ZIP index by construction, not because the data observed a typical two-bedroom listing at that amount. The ladder is therefore useful for proportional comparison, not as a substitute for an advertised unit quote.
Income and burden data create a separate affordability tension. Against median household income of $82,742, the current annualized ZORI equals 25.3% of income. Applying a 30% screen to the monthly index yields a required annual income of $69,840. That screen is arithmetic only, not advice and not an applicant qualification rule. Separately, ACS reports that 3,202 of 6,447 renter households, or 49.7%, spent 30% or more of income on rent. This aggregate burden result does not prove that a particular available unit is burdensome, affordable, or attainable. It also should not be reconciled mechanically with ZORI because household income, occupied-home gross rent, and a blended asking-rent index have different populations and definitions.
The housing profile gives scale to the aggregate figures without revealing unit-level availability. The area has 21,156 housing units and a 5.2% vacancy rate, while renters occupy a 32.1% share of occupied homes. Single-family units account for 15,181 homes, compared with 1,135 large-multifamily units. Of vacant homes, 295 are classified as for rent. These counts describe the matched statistical area’s housing stock and vacancy categories, not the condition, pricing, timing, concessions, or accessibility of any individual home. In particular, an aggregate vacancy rate or for-rent count cannot prove that a specific unit is vacant, competitively priced, or obtainable when needed.
The history source classifies this ZIP as high variability, and its transparent national discovery ranks are 1,299 for momentum, 2,338 for stability, and 1,973 for the balanced measure among history-eligible ZIPs; a lower numerical rank is higher. These ranks are sorting tools rather than percentiles, forecasts, or investment recommendations. Important limits remain: the Zillow index is not a property listing, ACS applies to the matched ZCTA survey universe, and HUD is a program standard. Before using the ZIP comparison for a specific property, check the advertised rent, bedroom classification, treatment of utilities, lease terms, fees or concessions, current availability, property type, and address. Does the specific property’s quoted rent and configuration actually match the comparison being made?
","findings":[{"body":"At the June 2026 endpoint, ZORI is $1,746. Exact same-month growth was 2.69% over one year, 2.01% annualized over three years, and 2.46% annualized over five years. Complete coverage improves continuity, yet 3.61% annualized variability and a -2.30% maximum drawdown show that the historical rise was uneven. These measurements are backward-looking only.","title":"Positive history, uneven path"},{"body":"ZORI is a blended ZIP asking-rent index, ACS is a five-year survey measure of median gross rent in occupied renter homes that includes selected utilities, and HUD is an administrative bedroom-specific standard. The $1,746 ZORI exceeds the $1,495 ACS median gross rent and the $1,547 HUD two-bedroom standard, but those gaps do not make the measures interchangeable.","title":"Three rent measures, three universes"},{"body":"The HUD-scaled ladder produces modelled monthly estimates from $1,245 for a studio through $2,929 for four bedrooms, with $1,469 for one bedroom, $1,746 for two bedrooms, and $2,429 for three bedrooms. These are modelled estimates, never measured bedroom rents. They preserve the local HUD bedroom relationship rather than report listing-level market observations.","title":"Bedroom figures are proportional estimates"},{"body":"The arithmetic 30% income screen for the current ZIP index is $69,840 annually, below the area median household income of $82,742. However, ACS reports 49.7% of renter households spending 30% or more of income on rent. That burden statistic is an aggregate survey result and cannot establish affordability or qualification for a particular household or unit.","title":"Aggregate burden remains substantial"}],"risks":["Historical growth was positive, but the high-variability classification, 3.61% annualized variability, and -2.30% maximum drawdown mean a single current index value may not represent a stable property-level rent quote.","The Census figure applies to the matched ZCTA, which is a statistical area rather than a USPS delivery ZIP, and it surveys occupied renter homes rather than current available listings.","HUD-scaled bedroom figures may look precise because they provide separate amounts by bedroom count, but they are proportional modelled estimates and do not measure asking rents for actual studio or multi-bedroom units.","Aggregate vacancy and for-rent counts do not identify an individual vacant home, its condition, utility costs, pricing, concessions, lease terms, or whether it is available when a renter needs it."],"qa":[{"a":"At June 2026, the $1,746 ZORI is Zillow’s typical observed asking-rent index for ZIP 83854, blended across rental types. It summarizes a ZIP market signal rather than an advertised price, a lease offer, or the rent for a particular unit. It should not be read as a bedroom-specific observation.","q":"What does the current Zillow figure represent?"},{"a":"They use different universes and methods. ZORI tracks a blended asking-rent index, ACS reports median gross rent from occupied renter homes and includes selected utilities, and HUD establishes a bedroom-specific administrative standard. A difference between $1,746 ZORI, $1,495 ACS gross rent, and $1,547 HUD two-bedroom FMR does not indicate an error.","q":"Why are the ZORI, ACS rent, and HUD amount different?"},{"a":"No. The studio through four-bedroom amounts are modelled monthly estimates created by scaling the ZIP ZORI with the local HUD bedroom ladder. They are not measured bedroom rents, listing medians, lease records, or guarantees of what a particular unit of that size will ask.","q":"Are the bedroom figures observed market rents?"},{"a":"Compare the property’s advertised rent, bedroom count, property type, utility treatment, lease duration, required fees, concessions, availability date, and address with the relevant measure. These checks matter because ZORI is a blended ZIP index, ACS describes occupied renter homes in a ZCTA, and HUD is a program standard rather than a listing database.","q":"What should be checked before comparing a specific property with 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":"2021-04-01","rent":1408.740447},{"period":"2021-05-01","rent":1463.223414},{"period":"2021-06-01","rent":1545.940478},{"period":"2021-07-01","rent":1573.471078},{"period":"2021-08-01","rent":1605.67519},{"period":"2021-09-01","rent":1615.21992},{"period":"2021-10-01","rent":1632.493895},{"period":"2021-11-01","rent":1646.196859},{"period":"2021-12-01","rent":1628.367198},{"period":"2022-01-01","rent":1629.326522},{"period":"2022-02-01","rent":1630.470542},{"period":"2022-03-01","rent":1664.77733},{"period":"2022-04-01","rent":1671.831482},{"period":"2022-05-01","rent":1679.970806},{"period":"2022-06-01","rent":1662.411497},{"period":"2022-07-01","rent":1668.666293},{"period":"2022-08-01","rent":1650.193439},{"period":"2022-09-01","rent":1648.46271},{"period":"2022-10-01","rent":1647.782582},{"period":"2022-11-01","rent":1649.912876},{"period":"2022-12-01","rent":1659.960723},{"period":"2023-01-01","rent":1654.091026},{"period":"2023-02-01","rent":1661.312066},{"period":"2023-03-01","rent":1663.055643},{"period":"2023-04-01","rent":1660.202504},{"period":"2023-05-01","rent":1656.105933},{"period":"2023-06-01","rent":1644.569014},{"period":"2023-07-01","rent":1644.736439},{"period":"2023-08-01","rent":1641.264763},{"period":"2023-09-01","rent":1655.991053},{"period":"2023-10-01","rent":1655.770251},{"period":"2023-11-01","rent":1662.773209},{"period":"2023-12-01","rent":1658.458796},{"period":"2024-01-01","rent":1673.221726},{"period":"2024-02-01","rent":1675.238702},{"period":"2024-03-01","rent":1689.724033},{"period":"2024-04-01","rent":1688.939158},{"period":"2024-05-01","rent":1683.692712},{"period":"2024-06-01","rent":1684.975461},{"period":"2024-07-01","rent":1678.819962},{"period":"2024-08-01","rent":1686.094921},{"period":"2024-09-01","rent":1676.878854},{"period":"2024-10-01","rent":1687.496917},{"period":"2024-11-01","rent":1700.400264},{"period":"2024-12-01","rent":1702.099122},{"period":"2025-01-01","rent":1695.718742},{"period":"2025-02-01","rent":1685.240533},{"period":"2025-03-01","rent":1693.235404},{"period":"2025-04-01","rent":1694.533295},{"period":"2025-05-01","rent":1692.189341},{"period":"2025-06-01","rent":1699.930122},{"period":"2025-07-01","rent":1707.243669},{"period":"2025-08-01","rent":1710.835174},{"period":"2025-09-01","rent":1715.519643},{"period":"2025-10-01","rent":1712.237937},{"period":"2025-11-01","rent":1703.662468},{"period":"2025-12-01","rent":1708.947947},{"period":"2026-01-01","rent":1714.094181},{"period":"2026-02-01","rent":1726.479391},{"period":"2026-03-01","rent":1719.429597},{"period":"2026-04-01","rent":1727.148636},{"period":"2026-05-01","rent":1740.444535},{"period":"2026-06-01","rent":1745.594118}],"historySummary":{"pointCount":63,"firstPeriod":"2021-04-01","latestPeriod":"2026-06-01","coverageMonths":63,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1699.930122,"endRent":1745.594118,"change":0.02686227828369514,"cagr":0.02686227828369514},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1644.569014,"endRent":1745.594118,"change":0.06142953146993935,"cagr":0.020070971439359653},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1545.940478,"endRent":1745.594118,"change":0.1291470421023544,"cagr":0.024589970256884364}},"maxDrawdown":-0.0230397116793708,"annualizedVolatility":0.03611448421451675,"consecutiveReturnCount":62}}