The immediate decision question in this ZIP market is whether a current advertised-rent benchmark is a useful starting point for the type of home under review, rather than a statement of what every listing costs. Zillow's typical observed asking-rent index, blended across rental types, is $1,736 per month in June 2026, 0.4% below its year-earlier level. The 87114 label is both the Zillow ZIP market identifier and a matched Census ZCTA label; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. The result is most useful as a current market signal, with unit-level price, bedroom count, and included costs still unresolved. The meaningful comparison is therefore between a candidate property's stated terms and this broad benchmark, not between a label and an assumed unit.
Stock and vacancy merit their own reading before a rent comparison. The matched ZCTA's ACS count records 28,241 housing units. Single-family units account for 77% of that stock, while large-multifamily units total 2,535; these are stock counts, not an inventory of listings. Of 515 vacant units, the overall vacancy rate is 1.8%; 133 were classified for rent, with the remainder distributed across for-sale, seasonal, and other statuses. These categories show composition of surveyed vacancy only; they cannot establish whether a specific property is vacant, how long it will be marketed, or the terms at which it will be offered. Survey status does not record listing condition, location within the ZCTA, or whether a unit is ready for immediate occupancy.
Different rent series answer different questions. The current ZORI of $1,736 is 22.6% above the ACS 2024 five-year ZCTA median gross rent of $1,416. ACS is a survey of occupied renter homes, and gross rent includes selected utilities, so it is neither a live asking-rent series nor a measure of vacant homes. The supplied FY2026 HUD two-bedroom FMR/SAFMR is $1,464, placing ZORI 18.6% higher. HUD is an administrative, bedroom-specific standard rather than asking rent; its FMR/SAFMR should not be averaged with Zillow or ACS values. The difference can reflect their definitions, populations, timing, and included-cost treatment, without proving a change in the rent of any particular home.
To construct a bedroom view, the ZIP ZORI is scaled by the relative levels of the supplied local HUD ladder. That produces modelled monthly ZIP estimates of $1,196 for a studio, $1,405 for one bedroom, $1,736 for two bedrooms, $2,414 for three bedrooms, and $2,845 for four bedrooms. The two-bedroom estimate is the ZIP index because it is the scaling anchor; its associated HUD standard is $1,464. These are modelled estimates, never measured bedroom rents: they do not identify actual listings, utility packages, floor area, age, lease terms, or concessions. They are a consistency tool for relative bedroom scaling, not a separate observed data series.
The ACS ZCTA median household income is $84,277; it is a household-wide median and not renter income. Renter households number 8,543, or 30.8% of occupied homes. Among surveyed renter households, 4,114, or 48.2%, reported paying 30% or more of income toward gross rent; that count's margin of error is $670. At that screen, $1,736 implies annual required income of $69,440, and its annualized amount is 24.7% of the ZCTA median household income. The required-income screen is arithmetic, not advice or an applicant qualification rule.
Wider places provide context only, not substitutes for the ZIP series. The City of Albuquerque context rent is $1,486, the Bernalillo County context rent is $1,488, and the Albuquerque, NM metro context rent is $1,522; each is below the ZIP's current index. The City of Albuquerque context also has a larger renter share and vacancy rate than the ZCTA, while its median gross rent and median household income are lower. In Bernalillo County context, the two-bedroom HUD standard matches the supplied local ladder anchor. In the Albuquerque, NM metro context, apartment vacancy, household income, rent-to-income, and job change measure wider conditions, not ZIP conditions.
These limits matter because each series represents a different population or administrative construct and all ACS counts and medians are estimates subject to stated margins of error. A property-level review should verify the advertised monthly price, exact bedroom count, whether utilities are included, the lease length, concessions, fees, availability, and any occupancy or income terms. It should also distinguish the advertised asking price from gross rent and HUD standards before comparing figures. This 30% required-income screen is arithmetic, not advice or an applicant qualification rule, and no series establishes the cost or vacancy of a particular unit.
","findings":[{"body":"At $1,736 in June 2026, Zillow ZORI supplies a current blended asking-rent benchmark for ZIP 87114 and is 0.4% below a year earlier. It does not provide the actual price or availability of every bedroom type. The matched ZCTA supports survey comparisons, but its statistical boundaries are not equivalent to a USPS delivery ZIP.","title":"Current ZIP asking-rent signal"},{"body":"ZORI and ACS should not be fused. The ACS 2024 five-year median gross rent of $1,416 describes occupied renter homes and includes selected utilities, whereas ZORI is a current asking-rent index. HUD's $1,464 two-bedroom standard is administrative and bedroom-specific, not asking rent. The differences among the figures identify distinct measurement universes, not a single rent series.","title":"Three rent measures, three universes"},{"body":"The studio-through-four-bedroom figures are modelled monthly ZIP estimates derived by scaling ZORI with the supplied HUD ladder. They range from $1,196 to $2,845, with the two-bedroom estimate equal to the $1,736 ZIP index. They are not measured bedroom rents and cannot reveal a listing's actual unit size, utility inclusion, condition, fees, or lease concessions.","title":"Bedroom figures are modelled"},{"body":"The ZCTA has 8,543 renter households and 48.2% of them report gross-rent burdens at or above 30% of income. This survey result does not determine affordability for an applicant or a specific property. The $69,440 annual income screen derived from ZORI is arithmetic only. Aggregate vacancy categories also cannot prove that a particular home is vacant or available.","title":"Burden and vacancy are aggregate evidence"}],"risks":["Zillow ZORI blends rental types and operates as an asking-rent index, so using it as the price of a particular available home could misstate bedroom, utility, fee, or lease differences.","ACS figures are ZCTA five-year survey estimates of occupied homes; sampling uncertainty and the ZCTA-versus-USPS geography difference limit their use for current property availability or applicant-specific affordability.","HUD FMR/SAFMR standards are administrative and bedroom-specific rather than observed asking rents. The modelled ladder inherits HUD proportions, so it cannot validate an actual studio, one-bedroom, or larger-unit listing.","Vacancy categories describe surveyed units in aggregate and include units for rent, sale, seasonal use, and other statuses. They cannot demonstrate that any specific unit is vacant, affordable, or obtainable."],"qa":[{"a":"The June 2026 figure is $1,736 per month, and Zillow reports it as a typical observed asking-rent index blended across rental types. The 0.4% annual decline indicates only the index's change. It does not establish the advertised price, utilities, concessions, or availability of a particular property.","q":"What is the current ZIP rent signal?"},{"a":"The ACS 2024 five-year median gross rent is $1,416, which is below the ZIP ZORI, but the measures describe different populations and timing. ACS surveys occupied renter homes and includes selected utilities. Zillow is a current asking-rent index. The gap therefore cannot be interpreted as a direct change or discount for one unit.","q":"Why does the ACS rent figure differ from Zillow?"},{"a":"The bedroom results are modelled estimates: ZORI is multiplied by the supplied local HUD bedroom ladder's relative values. The $1,736 two-bedroom result is the anchor, while the studio, one-bedroom, three-bedroom, and four-bedroom figures are derived outputs. They are never measured asking rents for those bedroom categories.","q":"How were the bedroom estimates produced?"},{"a":"The $69,440 income amount is calculated by annualizing the $1,736 ZORI and applying a 30% share of income. It is not advice and cannot determine approval, eligibility, or affordability for anyone. The burden and vacancy figures are aggregate survey results, so they also do not decide conditions at an individual property.","q":"Does the income screen determine affordability or eligibility?"}],"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":"2015-01-01","rent":937.316475},{"period":"2015-02-01","rent":943.797211},{"period":"2015-03-01","rent":960.252835},{"period":"2015-04-01","rent":958.565589},{"period":"2015-05-01","rent":964.083341},{"period":"2015-06-01","rent":957.285023},{"period":"2015-07-01","rent":958.650551},{"period":"2015-08-01","rent":959.364915},{"period":"2015-09-01","rent":956.152511},{"period":"2015-10-01","rent":958.442186},{"period":"2015-11-01","rent":963.330481},{"period":"2015-12-01","rent":978.810981},{"period":"2016-01-01","rent":980.590869},{"period":"2016-02-01","rent":969.810879},{"period":"2016-03-01","rent":966.50835},{"period":"2016-04-01","rent":968.308151},{"period":"2016-05-01","rent":981.204716},{"period":"2016-06-01","rent":984.110921},{"period":"2016-07-01","rent":986.215203},{"period":"2016-08-01","rent":988.833516},{"period":"2016-09-01","rent":989.591237},{"period":"2016-10-01","rent":991.244683},{"period":"2016-11-01","rent":983.639901},{"period":"2016-12-01","rent":974.165255},{"period":"2017-01-01","rent":979.926674},{"period":"2017-02-01","rent":994.402558},{"period":"2017-03-01","rent":1003.451819},{"period":"2017-04-01","rent":1008.693601},{"period":"2017-05-01","rent":1004.657737},{"period":"2017-06-01","rent":1012.487463},{"period":"2017-07-01","rent":1013.608988},{"period":"2017-08-01","rent":1009.266058},{"period":"2017-09-01","rent":1004.658517},{"period":"2017-10-01","rent":1008.725964},{"period":"2017-11-01","rent":1016.420128},{"period":"2017-12-01","rent":1036.137589},{"period":"2018-01-01","rent":1036.510487},{"period":"2018-02-01","rent":1035.449154},{"period":"2018-03-01","rent":1030.069665},{"period":"2018-04-01","rent":1033.965546},{"period":"2018-05-01","rent":1046.200288},{"period":"2018-06-01","rent":1052.458452},{"period":"2018-07-01","rent":1058.620433},{"period":"2018-08-01","rent":1062.640577},{"period":"2018-09-01","rent":1072.660572},{"period":"2018-10-01","rent":1076.928014},{"period":"2018-11-01","rent":1083.476926},{"period":"2018-12-01","rent":1089.056144},{"period":"2019-01-01","rent":1095.433307},{"period":"2019-02-01","rent":1098.769906},{"period":"2019-03-01","rent":1109.323646},{"period":"2019-04-01","rent":1114.126135},{"period":"2019-05-01","rent":1114.360552},{"period":"2019-06-01","rent":1115.985477},{"period":"2019-07-01","rent":1121.051747},{"period":"2019-08-01","rent":1130.511038},{"period":"2019-09-01","rent":1135.770876},{"period":"2019-10-01","rent":1140.580222},{"period":"2019-11-01","rent":1143.519301},{"period":"2019-12-01","rent":1140.930688},{"period":"2020-01-01","rent":1144.794175},{"period":"2020-02-01","rent":1150.068881},{"period":"2020-03-01","rent":1161.0333},{"period":"2020-04-01","rent":1155.30966},{"period":"2020-05-01","rent":1143.993735},{"period":"2020-06-01","rent":1141.242376},{"period":"2020-07-01","rent":1154.705148},{"period":"2020-08-01","rent":1166.498998},{"period":"2020-09-01","rent":1179.206769},{"period":"2020-10-01","rent":1197.754876},{"period":"2020-11-01","rent":1220.84611},{"period":"2020-12-01","rent":1248.859209},{"period":"2021-01-01","rent":1259.744101},{"period":"2021-02-01","rent":1274.089546},{"period":"2021-03-01","rent":1289.986412},{"period":"2021-04-01","rent":1318.834618},{"period":"2021-05-01","rent":1353.419917},{"period":"2021-06-01","rent":1391.884073},{"period":"2021-07-01","rent":1427.989962},{"period":"2021-08-01","rent":1453.233149},{"period":"2021-09-01","rent":1467.584952},{"period":"2021-10-01","rent":1477.401033},{"period":"2021-11-01","rent":1495.154978},{"period":"2021-12-01","rent":1509.724197},{"period":"2022-01-01","rent":1531.465313},{"period":"2022-02-01","rent":1542.001498},{"period":"2022-03-01","rent":1556.791544},{"period":"2022-04-01","rent":1565.590268},{"period":"2022-05-01","rent":1576.352827},{"period":"2022-06-01","rent":1590.442574},{"period":"2022-07-01","rent":1602.011693},{"period":"2022-08-01","rent":1613.417083},{"period":"2022-09-01","rent":1633.298103},{"period":"2022-10-01","rent":1647.852055},{"period":"2022-11-01","rent":1657.474829},{"period":"2022-12-01","rent":1657.868816},{"period":"2023-01-01","rent":1668.65525},{"period":"2023-02-01","rent":1675.293184},{"period":"2023-03-01","rent":1686.746981},{"period":"2023-04-01","rent":1689.555408},{"period":"2023-05-01","rent":1699.39271},{"period":"2023-06-01","rent":1691.728676},{"period":"2023-07-01","rent":1684.251467},{"period":"2023-08-01","rent":1676.592071},{"period":"2023-09-01","rent":1679.109575},{"period":"2023-10-01","rent":1676.982417},{"period":"2023-11-01","rent":1677.425621},{"period":"2023-12-01","rent":1687.026127},{"period":"2024-01-01","rent":1693.613861},{"period":"2024-02-01","rent":1702.260195},{"period":"2024-03-01","rent":1693.77305},{"period":"2024-04-01","rent":1704.404805},{"period":"2024-05-01","rent":1711.969432},{"period":"2024-06-01","rent":1729.865032},{"period":"2024-07-01","rent":1735.246651},{"period":"2024-08-01","rent":1734.644799},{"period":"2024-09-01","rent":1736.155576},{"period":"2024-10-01","rent":1745.222337},{"period":"2024-11-01","rent":1754.108428},{"period":"2024-12-01","rent":1763.795892},{"period":"2025-01-01","rent":1772.648504},{"period":"2025-02-01","rent":1777.62986},{"period":"2025-03-01","rent":1771.894728},{"period":"2025-04-01","rent":1752.964521},{"period":"2025-05-01","rent":1750.967398},{"period":"2025-06-01","rent":1743.420812},{"period":"2025-07-01","rent":1745.704469},{"period":"2025-08-01","rent":1752.479301},{"period":"2025-09-01","rent":1750.929802},{"period":"2025-10-01","rent":1746.668326},{"period":"2025-11-01","rent":1741.683873},{"period":"2025-12-01","rent":1733.263749},{"period":"2026-01-01","rent":1724.276143},{"period":"2026-02-01","rent":1718.04295},{"period":"2026-03-01","rent":1726.387184},{"period":"2026-04-01","rent":1737.164796},{"period":"2026-05-01","rent":1735.515252},{"period":"2026-06-01","rent":1736.16323}],"historySummary":{"pointCount":138,"firstPeriod":"2015-01-01","latestPeriod":"2026-06-01","coverageMonths":138,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1743.420812,"endRent":1736.16323,"change":-0.004162840061358586,"cagr":-0.004162840061358586},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1691.728676,"endRent":1736.16323,"change":0.026265768636767106,"cagr":0.008679701034061793},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1391.884073,"endRent":1736.16323,"change":0.24734757993024337,"cagr":0.04519541940863303}},"maxDrawdown":-0.033520425900136486,"annualizedVolatility":0.025450258560638372,"consecutiveReturnCount":137}}