ZIP 84043 poses a specific comparison problem: whether a current, ZIP-wide asking-rent signal is useful for assessing a particular listing without mistaking it for that listing’s rent. In June 2026, Zillow’s ZIP-level ZORI is $2,365 per month, up 2.69% year over year. ZORI is a typical observed asking-rent index blended across rental types, so it is a market-level reference rather than a quote for a particular home. This five-digit label is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area, not identical to a USPS delivery ZIP. The decision task is therefore to compare a property’s type, bedrooms, utilities, and terms with the ZIP reference while keeping the property-specific facts separate.
The matched Census ZCTA’s ACS 2024 five-year survey places median gross rent at $1,989, making current ZORI 18.9% higher. These results are not two readings of one rent universe: ACS is a five-year survey of occupied renter homes and median gross rent includes selected utilities, whereas ZORI tracks observed asking rents. HUD’s FY2026 local two-bedroom FMR/SAFMR standard is $1,460, and ZORI is 62.0% above that standard. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent. The difference among the three measures can inform which benchmark is being used, but it cannot turn a survey median or HUD standard into a current listing price.
Bedroom detail is available only through a model. The local HUD ladder supplies proportions from studio through four-bedroom categories, and the ZIP ZORI is the two-bedroom anchor. The resulting modelled estimates are $2,036 for a studio, $2,049 for one bedroom, $2,365 for two bedrooms, $3,290 for three bedrooms, and $3,967 for four bedrooms. They are modelled estimates, not measured bedroom rents: no source in this packet observes asking rents separately by bedroom inside the ZIP. The close studio and one-bedroom outputs and the larger steps at higher bedroom counts are mechanical consequences of scaling ZIP ZORI using the local HUD ladder. They can organize a listing comparison only after the listing’s actual bedroom designation and housing type are known.
Income and tenure figures add household context, not an applicant profile. The ACS ZCTA median household income is $129,852. Applying a 30% screen to the monthly ZORI yields required annual income of $94,600; the annualized ZORI is 21.9% of that median income. That screen is arithmetic, not advice and not an applicant qualification rule. Of 6,156 renter-occupied homes, renters account for 24.8% of occupied homes. ACS observes 2,109 renter households spending at least 30% of income on rent, or 34.3% of renter households. This burden result describes surveyed occupied renter households, and it neither establishes a particular renter’s finances nor proves the cost burden of any available unit.
Housing counts clarify why overall vacancy must be read carefully. The ZCTA has 25,350 housing units: 24,800 are occupied and 550 are vacant, for a 2.2% all-housing vacancy rate. Of the reported vacant-use categories, 41 units are for rent, 158 are for sale, and 79 are seasonal. The packet does not itemize every vacant category, and these figures do not demonstrate present availability, condition, price, or turnover for a specific property. The stock count includes 21,228 single-family units and 788 large-multifamily units. Those counts describe housing composition across the ZCTA; they do not identify which structures are renter-occupied, marketed, or comparable to an individual listing.
Broader places provide comparison context, not substitutes for the ZIP measure. In city context, Lehi’s rent value is $2,265; in county context, Utah County’s rent value is $1,847; and in metro context, Provo-Orem, UT’s rent value is also $1,847. The city value is below the ZIP ZORI, while the county and metro values are lower again. That cross-scope pattern is a comparison of wider context figures, not evidence that any part of the ZIP, any building, or any lease shares the same level. City, county, and metro renter-share, gross-rent, vacancy, income, and burden indicators remain context only and should not be merged into the ZIP’s ZORI, ACS, or HUD universes.
Several limits should govern use of the packet. Zillow, ACS, and HUD use different collection methods and reference periods, while the ACS ZCTA estimates carry reported margins of error of $99 for median gross rent, $7,121 for median household income, 555 for renter-occupied homes, and 401 for renter households with observed burden. Modelled bedroom estimates depend on the HUD scaling relationship, and neither they nor the all-housing vacancy data measure a unit’s current asking rent or availability. Property-level checks should confirm the advertised rent and date, exact bedroom count and housing type, lease term, utilities included, concessions, recurring and one-time fees, deposits, and the status of the actual unit. Those facts are needed to compare a listing with these separate benchmarks.
","findings":[{"body":"June 2026 ZORI of $2,365 is a ZIP-level asking-rent index that rose 2.69% from a year earlier. It is the appropriate current broad-market anchor in this packet, but its blended rental-type construction means it cannot quote a particular unit. The matched ZCTA relationship supports geographic matching, not an assumption of identical USPS delivery boundaries.","title":"Current ZIP signal"},{"body":"The $1,989 ACS median gross rent and $1,460 HUD two-bedroom standard should remain separate from ZORI. ACS summarizes occupied renter homes over a five-year survey and includes selected utilities; HUD supplies an administrative bedroom-specific standard. Their distance from current ZORI provides benchmark context, not evidence that a listed unit is overpriced, utility-inclusive, or eligible for any program.","title":"Rent measures answer different questions"},{"body":"Modelled estimates extend from $2,036 for studios to $3,967 for four bedrooms, with $2,365 at two bedrooms. They are generated by scaling the ZIP ZORI with the local HUD bedroom ladder, not by observing bedroom-specific ZIP listings. Use the ladder only after confirming a property’s actual bedroom classification and housing type; it does not measure the property’s market rent.","title":"Modelled bedroom reference"},{"body":"Renter households represent 24.8% of occupied homes, and 34.3% of surveyed renters have observed burden at or above 30% of income. The $94,600 annual figure associated with ZORI is only a 30% arithmetic screen. It is not financial advice, a qualification criterion, or a finding about a given renter or available unit. All-housing vacancy also is not rental vacancy.","title":"Household and availability discipline"}],"risks":["Because ZORI blends observed asking rents across rental types at the ZIP level, a unit with a different property type, bedroom classification, utilities, or lease structure may not align with the ZIP figure.","The ACS ZCTA is a statistical approximation matched to the Zillow ZIP identifier, not the same as a USPS delivery ZIP, and survey estimates describe occupied renter homes rather than current available listings.","HUD FMR/SAFMR and the derived bedroom ladder are administrative and modelled tools. They cannot establish a property’s measured bedroom rent, contractual charge, availability, or program treatment.","Vacancy counts cover housing units and selected vacant-use categories across the ZCTA. They do not prove that any particular unit is listed, rentable, habitable, comparable, or available today."],"qa":[{"a":"The report uses 84043 as both the supplied Zillow ZIP market identifier and the supplied Census ZCTA match. That alignment supports use of the packet’s sources, but a ZCTA is a Census statistical area, not a USPS delivery ZIP. Delivery and statistical boundaries can differ, so a property address still requires direct verification.","q":"Why does the report distinguish the ZCTA from a USPS ZIP?"},{"a":"ZORI is a current typical observed asking-rent index blended across rental types. ACS median gross rent is a five-year survey measure of occupied renter homes and includes selected utilities, while HUD FMR/SAFMR is a bedroom-specific administrative standard. Their methods, populations, and purposes differ, making them benchmarks rather than interchangeable rent readings.","q":"Why are ZORI, ACS gross rent, and HUD standards not interchangeable?"},{"a":"The bedroom figures are modelled by anchoring the two-bedroom result to ZIP ZORI and applying proportions from local HUD standards across bedroom categories. This preserves the HUD ladder’s shape, but it does not observe studio, one-bedroom, three-bedroom, or four-bedroom ZIP rents. A listing’s bedroom definition and housing type still need direct confirmation.","q":"How were the bedroom estimates produced?"},{"a":"The required-income value divides annualized ZORI by 30%, which is simply a transparent arithmetic screen. It does not account for actual household income, utilities, concessions, fees, debt, or household composition, and it is not advice or a qualification rule. Property-level lease terms and charges must be checked separately.","q":"What does the required-income figure actually mean?"}],"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":"2019-01-01","rent":1670.481422},{"period":"2019-02-01","rent":1669.943056},{"period":"2019-03-01","rent":1665.6184},{"period":"2019-04-01","rent":1668.460945},{"period":"2019-05-01","rent":1672.771221},{"period":"2019-06-01","rent":1686.765406},{"period":"2019-07-01","rent":1695.951861},{"period":"2019-08-01","rent":1707.958524},{"period":"2019-09-01","rent":1709.38966},{"period":"2019-10-01","rent":1720.036095},{"period":"2019-11-01","rent":1717.421781},{"period":"2019-12-01","rent":1726.731997},{"period":"2020-01-01","rent":1715.157165},{"period":"2020-02-01","rent":1712.137558},{"period":"2020-03-01","rent":1709.233089},{"period":"2020-04-01","rent":1723.355042},{"period":"2020-05-01","rent":1709.335102},{"period":"2020-06-01","rent":1720.252617},{"period":"2020-07-01","rent":1740.004148},{"period":"2020-08-01","rent":1762.143412},{"period":"2020-09-01","rent":1785.351268},{"period":"2020-10-01","rent":1805.334132},{"period":"2020-11-01","rent":1821.77659},{"period":"2021-01-01","rent":1894.160082},{"period":"2021-02-01","rent":1884.852997},{"period":"2021-03-01","rent":1887.70299},{"period":"2021-04-01","rent":1887.166964},{"period":"2021-05-01","rent":1946.64711},{"period":"2021-06-01","rent":1959.832669},{"period":"2021-07-01","rent":1995.825513},{"period":"2021-08-01","rent":2021.347293},{"period":"2021-09-01","rent":2065.125037},{"period":"2021-10-01","rent":2104.805404},{"period":"2021-11-01","rent":2127.091189},{"period":"2021-12-01","rent":2109.026678},{"period":"2022-01-01","rent":2094.014528},{"period":"2022-02-01","rent":2102.021781},{"period":"2022-03-01","rent":2146.39483},{"period":"2022-04-01","rent":2186.60688},{"period":"2022-05-01","rent":2200.143414},{"period":"2022-06-01","rent":2203.079349},{"period":"2022-07-01","rent":2198.515014},{"period":"2022-08-01","rent":2204.654318},{"period":"2022-09-01","rent":2204.463251},{"period":"2022-10-01","rent":2205.510742},{"period":"2022-11-01","rent":2198.547639},{"period":"2022-12-01","rent":2200.562042},{"period":"2023-01-01","rent":2214.794092},{"period":"2023-02-01","rent":2240.812868},{"period":"2023-03-01","rent":2247.848959},{"period":"2023-04-01","rent":2239.826907},{"period":"2023-05-01","rent":2237.701121},{"period":"2023-06-01","rent":2242.93645},{"period":"2023-07-01","rent":2256.830258},{"period":"2023-08-01","rent":2247.143782},{"period":"2023-09-01","rent":2243.866801},{"period":"2023-10-01","rent":2228.219987},{"period":"2023-11-01","rent":2243.846412},{"period":"2023-12-01","rent":2284.760473},{"period":"2024-01-01","rent":2305.942001},{"period":"2024-02-01","rent":2313.705436},{"period":"2024-03-01","rent":2279.165929},{"period":"2024-04-01","rent":2281.738635},{"period":"2024-05-01","rent":2278.190473},{"period":"2024-06-01","rent":2293.153797},{"period":"2024-07-01","rent":2289.589114},{"period":"2024-08-01","rent":2296.873891},{"period":"2024-09-01","rent":2304.984378},{"period":"2024-10-01","rent":2302.84896},{"period":"2024-11-01","rent":2303.941828},{"period":"2024-12-01","rent":2285.898888},{"period":"2025-01-01","rent":2302.693904},{"period":"2025-02-01","rent":2296.041747},{"period":"2025-03-01","rent":2318.773869},{"period":"2025-04-01","rent":2311.503348},{"period":"2025-05-01","rent":2309.66803},{"period":"2025-06-01","rent":2302.938869},{"period":"2025-07-01","rent":2307.096927},{"period":"2025-08-01","rent":2312.173382},{"period":"2025-09-01","rent":2314.291343},{"period":"2025-10-01","rent":2329.899814},{"period":"2025-11-01","rent":2330.336152},{"period":"2025-12-01","rent":2332.949951},{"period":"2026-01-01","rent":2316.571399},{"period":"2026-02-01","rent":2321.702945},{"period":"2026-03-01","rent":2327.65513},{"period":"2026-04-01","rent":2342.526292},{"period":"2026-05-01","rent":2356.746306},{"period":"2026-06-01","rent":2364.885875}],"historySummary":{"pointCount":89,"firstPeriod":"2019-01-01","latestPeriod":"2026-06-01","coverageMonths":90,"coverageRatio":0.9888888888888889,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":2302.938869,"endRent":2364.885875,"change":0.026899110017149175,"cagr":0.026899110017149175},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2242.93645,"endRent":2364.885875,"change":0.054370432563972004,"cagr":0.017804592629774074},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1959.832669,"endRent":2364.885875,"change":0.20667744364455243,"cagr":0.038288966395569224}},"maxDrawdown":-0.015550184764551722,"annualizedVolatility":0.0266082925836203,"consecutiveReturnCount":87}}