At the June 2026 endpoint, Zillow ZORI puts the ZIP’s typical observed asking-rent index, blended across rental types, at $1,820 per month. Its exact same-month annualized change was 1.9% over one year, 1.3% over three years, and 3.5% over five years. The latest pace therefore confirms a positive long-run direction, but it is faster than the middle period and still breaks from the older, faster five-year path. The direct history has 101 observations with 100% coverage. Annualized monthly-return variability was 3.0% and maximum drawdown was -3.7%, so coverage supports continuity while variation limits the confidence warranted by one current index snapshot. These are backward-looking measurements, not forecasts or investment recommendations. Transparent national discovery scores were 42.1 for momentum, 46.7 for stability, and 43.9 for balanced performance, ranked 1,684, 1,548, and 1,813 among history-eligible ZIPs, respectively.
Comparison starts with scope, not an assumed conflict. The five-digit label 84106 is both Zillow’s ZIP market identifier and a match to a Census ZCTA. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Zillow’s June index is an asking-rent measure; it should not be substituted for the ACS 2024 five-year median gross rent of $1,682, which is a survey measure for occupied renter homes and includes selected utilities. The asking index is 8.2% above that ACS median, but part of the difference can reflect definitions, survey versus index construction, and timing rather than a contradiction. The ACS value describes existing occupied renter households in the matched ZCTA; Zillow describes typical observed asking rents for the ZIP market.
The supplied FY2026 local HUD ladder provides a useful sizing mechanism, but a different universe again. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent. Scaling the ZIP ZORI by that local ladder produces modelled monthly estimates of $1,316 for a studio, $1,463 for one bedroom, $1,820 for two bedrooms, $2,436 for three bedrooms, and $2,892 for four bedrooms. They are modelled estimates, never measured bedroom rents, and they carry the ZORI’s blended-rental-type premise into each size. The two-bedroom estimate sits 21.8% above the supplied local two-bedroom HUD standard of $1,494. That gap cannot establish what any advertised or leased two-bedroom charges, because HUD’s administrative benchmark is designed for a different purpose.
An affordability screen should likewise remain arithmetic. Annualizing the Zillow index at a 30% share yields $72,800 of required household income; it is not advice, a household budget, or an applicant qualification rule. Relative to the matched ZCTA’s ACS median household income of $101,551, that annualized asking-rent screen equals 21.5% before any household-specific expenses or lease terms. In the ACS occupied-renter sample, 2,498 of 6,208 renter households, or 40.2%, reported gross-rent burdens at or above the threshold. Gross rent’s selected-utility treatment matters here. This population measure identifies a material burden share in the survey, but it cannot prove burden, eligibility, or affordability for any person or particular unit.
The matched ZCTA’s ACS housing counts provide stock context rather than listings. Of 17,306 housing units, 1,356 were vacant, a 7.8% vacancy rate; this is an area-wide count, not evidence that a particular property is available. Renter occupancy represents 38.9% of occupied homes, and 555 vacant units were classified for rent. The stock spans reported structure categories: 11,547 units were single-family structures, while 2,485 were in large multifamily structures. These categories describe the area’s reported housing composition and vacancy status in the ACS survey; they do not reveal condition, rent, concessions, bedroom count, turnover timing, or the availability of a specific unit.
Against wider benchmarks, ZIP rent is elevated, but the comparisons remain context only. The Salt Lake City city-context rent is $1,629, the Salt Lake County county-context rent is $1,639, and the Salt Lake City, UT metro-context rent is $1,638; each sits below the ZIP’s Zillow index. Those city, county, and metro figures cover broader geographies and should not be treated as alternate measurements of this ZIP. The local matched-ZCTA household-income and renter-share profile may differ from each larger scope, as may rental types represented in their rent measures. Thus the comparison frames the ZIP’s current index within named city, county, and metro contexts without converting broad averages into a property-level price or a claim about why the difference exists.
Before relying on a listing, verify the advertised monthly rent, unit bedroom count, included and excluded utilities, lease length, deposits and recurring fees, concession timing, availability date, furnished status, and whether the address lies within the market identifier used here. Compare those property facts with the appropriate source universe: Zillow for a blended asking-rent index, ACS for survey-based occupied-household conditions, and HUD for an administrative bedroom standard. Treat ACS figures as survey estimates with their own margins of error. Recheck the listing directly because none of these sources confirms a specific unit’s current terms. The central practical question is which benchmark matches the decision being made and what the actual property documentation shows.
","findings":[{"body":"Zillow’s June 2026 ZIP-level ZORI is $1,820, up 1.9% on the exact same-month comparison. The one-year pace is positive but remains below the five-year 3.5% annualized change. Complete reported history coverage, 3.0% annualized monthly-return variability, and a 3.7% maximum drawdown support a qualified read: this is a continuous backward-looking index, not a fixed property rent or forecast.","title":"Current index and history"},{"body":"The matched ZCTA’s ACS 2024 five-year median gross rent is $1,682, versus Zillow’s $1,820 asking-rent index. This is not a like-for-like gap: ACS covers occupied renter homes and selected utilities, while Zillow is a typical observed asking-rent index blended across rental types. The ZCTA is statistical geography, not the same thing as a USPS delivery ZIP.","title":"Asking rent and ACS measure different populations"},{"body":"HUD’s local FY2026 bedroom ladder was used only to scale ZIP ZORI. Its outputs, from $1,316 for a studio to $2,892 for four bedrooms, are modelled estimates rather than measured rents. HUD FMR/SAFMR remains an administrative bedroom-specific standard, not an asking-rent series. The modelled two-bedroom value exceeds the supplied HUD two-bedroom standard by 21.8%.","title":"Bedroom values are modelled"},{"body":"The ACS matched-ZCTA screen places 40.2% of renter households at gross-rent burden of 30% or more, while annualizing the Zillow index yields a $72,800 income screen. Neither statistic determines an individual household’s affordability or eligibility. Housing counts also describe the area rather than a listing: the reported 7.8% vacancy rate cannot verify that any particular unit is vacant, rentable, or comparable.","title":"Affordability and vacancy are area measures"}],"risks":["Zillow ZORI is a blended typical asking-rent index rather than a list of available units. A property’s advertised price, concessions, utility treatment, and lease fees can differ materially from the index.","The ACS matched ZCTA is a five-year survey geography and is not identical to a USPS delivery ZIP. Its occupied-household measures have sampling uncertainty and may not align with current listings.","HUD standards and the derived bedroom ladder are administrative or modelled tools, not observations of asking or signed rents. Do not infer a unit’s size, condition, availability, or legal payment terms from them.","Area-wide vacancy and burden statistics describe reported households and units across the matched ZCTA. They cannot demonstrate that a specific vacancy exists or that any applicant will face the reported burden."],"qa":[{"a":"At the reported June 2026 endpoint, it is Zillow’s ZIP-level typical observed asking-rent index, blended across rental types. It summarizes observed asking-rent conditions for the market identifier; it does not represent a guaranteed listing price, a lease quote, a bedroom-specific measurement, or an estimate of any particular property’s final monthly cost.","q":"What does the Zillow value represent?"},{"a":"The difference should first be treated as a source-scope difference. The ACS value is a five-year survey median for occupied renter homes in the matched ZCTA and includes selected utilities. Zillow tracks asking rents, while ACS describes occupants’ gross rent. Different timing, definitions, and geography conventions prevent using the comparison as proof of market mispricing.","q":"How should the Zillow and ACS rent difference be interpreted?"},{"a":"Each bedroom estimate starts with ZIP ZORI and scales it according to the supplied local HUD ladder. The resulting figures are modelled estimates, not measured rents. HUD FMR/SAFMR is a bedroom-specific administrative standard and has a different purpose from asking-rent data; therefore the output should guide comparisons of benchmarks, not assertions about a unit.","q":"How were the bedroom estimates produced?"},{"a":"Check the listing’s advertised monthly rent, bedroom count, utility inclusions, all recurring and upfront charges, lease duration, concession expiration, availability date, and address. Then choose a benchmark whose universe fits the question: Zillow for typical asking-rent indexing, ACS for occupied-household survey conditions, and HUD for administrative bedroom standards. These checks are necessary because area aggregates do not identify unit-specific terms.","q":"What property-level checks are still needed?"}],"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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2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2018-02-01","rent":1184.581578},{"period":"2018-03-01","rent":1211.412778},{"period":"2018-04-01","rent":1203.012497},{"period":"2018-05-01","rent":1195.947964},{"period":"2018-06-01","rent":1197.354826},{"period":"2018-07-01","rent":1196.065564},{"period":"2018-08-01","rent":1224.624337},{"period":"2018-09-01","rent":1235.127634},{"period":"2018-10-01","rent":1255.748854},{"period":"2018-11-01","rent":1268.219956},{"period":"2018-12-01","rent":1283.606364},{"period":"2019-01-01","rent":1275.639722},{"period":"2019-02-01","rent":1273.140406},{"period":"2019-03-01","rent":1269.999599},{"period":"2019-04-01","rent":1281.089792},{"period":"2019-05-01","rent":1295.31912},{"period":"2019-06-01","rent":1294.082572},{"period":"2019-07-01","rent":1309.970342},{"period":"2019-08-01","rent":1301.577645},{"period":"2019-09-01","rent":1304.339806},{"period":"2019-10-01","rent":1303.350116},{"period":"2019-11-01","rent":1306.960326},{"period":"2019-12-01","rent":1315.612157},{"period":"2020-01-01","rent":1321.908853},{"period":"2020-02-01","rent":1327.827385},{"period":"2020-03-01","rent":1322.233482},{"period":"2020-04-01","rent":1314.984186},{"period":"2020-05-01","rent":1336.644268},{"period":"2020-06-01","rent":1339.348116},{"period":"2020-07-01","rent":1356.240273},{"period":"2020-08-01","rent":1357.440883},{"period":"2020-09-01","rent":1369.689167},{"period":"2020-10-01","rent":1366.339566},{"period":"2020-11-01","rent":1379.354848},{"period":"2020-12-01","rent":1384.14327},{"period":"2021-01-01","rent":1405.849215},{"period":"2021-02-01","rent":1436.149371},{"period":"2021-03-01","rent":1459.984161},{"period":"2021-04-01","rent":1488.372773},{"period":"2021-05-01","rent":1493.289832},{"period":"2021-06-01","rent":1530.014658},{"period":"2021-07-01","rent":1536.216714},{"period":"2021-08-01","rent":1556.658013},{"period":"2021-09-01","rent":1577.000359},{"period":"2021-10-01","rent":1588.698229},{"period":"2021-11-01","rent":1592.586357},{"period":"2021-12-01","rent":1611.696577},{"period":"2022-01-01","rent":1628.746315},{"period":"2022-02-01","rent":1643.78705},{"period":"2022-03-01","rent":1653.10979},{"period":"2022-04-01","rent":1672.536758},{"period":"2022-05-01","rent":1685.869826},{"period":"2022-06-01","rent":1675.490259},{"period":"2022-07-01","rent":1689.027431},{"period":"2022-08-01","rent":1703.219629},{"period":"2022-09-01","rent":1731.553805},{"period":"2022-10-01","rent":1749.767242},{"period":"2022-11-01","rent":1781.572401},{"period":"2022-12-01","rent":1774.439088},{"period":"2023-01-01","rent":1771.735634},{"period":"2023-02-01","rent":1743.024002},{"period":"2023-03-01","rent":1746.860122},{"period":"2023-04-01","rent":1733.540238},{"period":"2023-05-01","rent":1743.31105},{"period":"2023-06-01","rent":1753.444714},{"period":"2023-07-01","rent":1750.157139},{"period":"2023-08-01","rent":1747.710163},{"period":"2023-09-01","rent":1716.519819},{"period":"2023-10-01","rent":1733.118189},{"period":"2023-11-01","rent":1738.490095},{"period":"2023-12-01","rent":1757.245692},{"period":"2024-01-01","rent":1752.126524},{"period":"2024-02-01","rent":1778.094048},{"period":"2024-03-01","rent":1788.473354},{"period":"2024-04-01","rent":1804.863307},{"period":"2024-05-01","rent":1791.984686},{"period":"2024-06-01","rent":1793.19485},{"period":"2024-07-01","rent":1794.109339},{"period":"2024-08-01","rent":1778.337164},{"period":"2024-09-01","rent":1787.55828},{"period":"2024-10-01","rent":1774.544657},{"period":"2024-11-01","rent":1765.578864},{"period":"2024-12-01","rent":1754.048184},{"period":"2025-01-01","rent":1773.781259},{"period":"2025-02-01","rent":1795.396224},{"period":"2025-03-01","rent":1801.489171},{"period":"2025-04-01","rent":1786.912726},{"period":"2025-05-01","rent":1785.313824},{"period":"2025-06-01","rent":1785.843973},{"period":"2025-07-01","rent":1791.308839},{"period":"2025-08-01","rent":1807.511449},{"period":"2025-09-01","rent":1815.555241},{"period":"2025-10-01","rent":1819.288893},{"period":"2025-11-01","rent":1822.969497},{"period":"2025-12-01","rent":1828.987382},{"period":"2026-01-01","rent":1821.484019},{"period":"2026-02-01","rent":1802.861954},{"period":"2026-03-01","rent":1797.727243},{"period":"2026-04-01","rent":1808.324878},{"period":"2026-05-01","rent":1818.226184},{"period":"2026-06-01","rent":1820.435078}],"historySummary":{"pointCount":101,"firstPeriod":"2018-02-01","latestPeriod":"2026-06-01","coverageMonths":101,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1785.843973,"endRent":1820.435078,"change":0.019369612084246812,"cagr":0.019369612084246812},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1753.444714,"endRent":1820.435078,"change":0.03820500496259149,"cagr":0.012576178374466451},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1530.0146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