At June 2026, Zillow ZORI for ZIP 87121 is $1,632 per month. It is a typical observed asking-rent index blended across rental types, not a quotation for a particular home. Annualizing that index produces a $65,280 required-income screen at 30% of gross income, above the matched ACS ZCTA median household income of $60,796. That arithmetic puts the index at 32.2% of the median; it is not advice and not an applicant qualification rule. The five-digit label is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP, so its reporting boundary need not match address-delivery geography.
Price direction is upward, but the record carries a high-variability classification. With 100% coverage, exact same-month ZORI changed by 3.83% over one year, annualized 3.81% over three years, and annualized 6.58% over five years. The recent positive reading therefore confirms, rather than breaks from, the longer rising path, although it is below the five-year pace. Annualized variability of monthly returns was 3.51%, and maximum drawdown was -3.42%, so a single current index snapshot merits less confidence than a smooth series would. Transparent national discovery ranks among history-eligible ZIPs were 664 for momentum, 2,256 for stability, and 1,306 for the balanced measure; lower rank is higher. These are backward-looking measurements, not forecasts or investment recommendations.
Source definitions, rather than a single conflicting rent number, explain the main level gap. The ACS 2024 five-year survey for the matched ZCTA reports median gross rent of $1,321 with a reported margin of error of $63 among occupied renter homes, and median gross rent includes selected utilities. That survey statistic is 23.5% below the current ZORI. By contrast, the FY2026 local HUD two-bedroom FMR is $1,464, or 11.5% below ZORI. HUD FMR or SAFMR is an administrative, bedroom-specific standard, not asking rent. These series have different populations, rent concepts, and purposes; neither the ACS figure nor the HUD standard should be treated as an error correction to the asking-rent index.
Bedroom detail is useful only as a model. Scaling ZIP ZORI by the local HUD ladder yields modelled monthly ZIP estimates of $1,125 for a studio, $1,321 for one bedroom, $1,632 for two bedrooms, $2,270 for three bedrooms, and $2,674 for four bedrooms. The calculation carries the local HUD bedroom relationships into the ZIP-level index; it does not observe rents separately by bedroom. These are modelled estimates, never measured bedroom rents, and they do not incorporate a particular property's size, utilities, amenities, lease terms, concessions, condition, or availability. A listing can reasonably diverge from the ladder without contradicting the index.
Housing stock provides context but not a listing count. In the same ACS ZCTA five-year universe, there are 26,387 housing units and 25,639 occupied units, with an overall vacancy rate of 2.8%. Renter-occupied homes total 5,927, representing 23.1% of occupied units. Those figures describe tenure and occupancy at the area level, not the current number of choices for a prospective renter. Vacancy is a classification within the survey, not proof that a particular unit is offered, ready to occupy, appropriately priced, or suitable for a household. The ACS estimates also remain subject to their survey design and published margins of error.
Burden evidence is likewise an area-level ACS condition, separate from a current quote. The survey estimates that 2,821 renter households, with a margin of error of 533, were at or above the burden threshold, equal to 47.6% of renter households. This percentage signals how the survey distributes renter costs relative to income; it does not establish that any named household would face the same result under a new lease. Read with the required-income arithmetic, it frames aggregate affordability pressure but cannot prove that a particular home is affordable or unaffordable, because rent components, household resources, and lease terms are not supplied here.
For wider context, the Albuquerque city scope has a context rent of $1,485.51, the Bernalillo County scope has $1,488, and the Albuquerque, NM metro scope has $1,522; ZIP ZORI is 7.2% to 9.9% above those wider-area values. Each comparator is context only and cannot substitute for the ZIP index or matched ZCTA survey. Before relying on this comparison for a property, check that the address maps to the reporting area, then verify the live advertised rent, bedroom count and size, included utilities, lease length, deposit, recurring fees, concessions, move-in timing, and condition. Which verified lease-specific fact would most change this rent comparison?
","findings":[{"body":"June 2026 Zillow ZORI is $1,632, which produces a $65,280 annual income screen at 30% of gross income. The matched ACS ZCTA median household income is $60,796, so the index equals 32.2% of that benchmark. This is arithmetic, not advice or an applicant qualification rule, and it cannot set a lease payment.","title":"Current index exceeds the median-income screen"},{"body":"The historical path remained positive across the one-, three-, and five-year same-month comparisons, but the five-year annualized pace exceeded the latest one-year pace. Annualized monthly-return variability and the maximum drawdown support the high-variability category. Complete coverage improves record completeness, while the weaker stability rank cautions against treating the current index as a settled trend.","title":"Positive history comes with elevated snapshot uncertainty"},{"body":"ZORI, ACS, and HUD answer different questions. ZORI is a blended asking-rent index; ACS gross rent covers occupied renter homes and selected utilities; HUD FMR is an administrative bedroom standard. The studio through four-bedroom figures are modelled by applying the local HUD ladder to ZORI. They preserve a relative pattern and are not observed bedroom rents or property quotations.","title":"The rent measures are not interchangeable"},{"body":"ACS housing data show an overall vacancy rate of 2.8% and a renter burden share near half of renter households. These area estimates help frame the market, yet they neither count currently suitable listings nor prove the affordability of any unit. City, county, and metro rents are broader comparators rather than substitutes for ZIP or ZCTA measures.","title":"Area occupancy and burden do not identify a unit"}],"risks":["ZORI is a blended ZIP-level asking-rent index; it does not provide the quoted rent, concessions, utilities, lease length, fees, condition, or availability for a particular address.","The matched ZCTA is a statistical area rather than a USPS delivery ZIP, and ACS values are five-year survey estimates with margins of error; either geography or sampling can limit address-level interpretation.","The history measures past monthly ZORI movement only. Its high variability and maximum drawdown mean that a current index point should not be read as a forecast, guaranteed trend, or investment signal.","HUD FMR is an administrative standard, while bedroom values are ladder-scaled modelled estimates. Neither supplies an observed bedroom-specific asking rent, actual utilities, concessions, fees, unit condition, or availability."],"qa":[{"a":"ZORI is an observed asking-rent index across rental types in the Zillow ZIP market. ACS is a five-year survey of occupied renter homes in the matched ZCTA, and its gross-rent measure includes selected utilities. HUD FMR or SAFMR is an administrative bedroom-specific standard. Their distinct universes, definitions, and timing preclude treating one as a replacement for another.","q":"Why do Zillow ZORI, ACS gross rent, and HUD FMR show different levels in 87121?"},{"a":"No. They are modelled monthly ZIP estimates created by scaling the current ZORI with the local HUD bedroom ladder. The method provides a relative studio-to-four-bedroom pattern, but it does not measure listings or signed leases. Actual properties can vary with exact size, utilities, condition, fees, concessions, lease length, and availability.","q":"Are the bedroom figures actual quoted rents?"},{"a":"No. The same-month changes, annualized monthly-return variability, drawdown, coverage, and discovery ranks describe observed ZORI history through the stated endpoint. The positive recent direction aligns with the longer historical rise, but high variability reduces confidence in any isolated current snapshot. These measurements are backward-looking and cannot establish future rent movement or investment outcomes.","q":"Does the rent history predict future movement?"},{"a":"Confirm that the property address belongs to the relevant reporting area, then obtain the live advertised rent and availability. Verify bedroom count, size, included utilities, lease duration, deposit, recurring fees, concessions, move-in timing, and condition. Those property-specific facts determine whether an index, an ACS statistic, or a modelled bedroom estimate is a useful comparator.","q":"What should be checked before comparing a specific property with these figures?"}],"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":1120.183528},{"period":"2021-05-01","rent":1152.68439},{"period":"2021-06-01","rent":1186.596248},{"period":"2021-07-01","rent":1216.05418},{"period":"2021-08-01","rent":1258.000804},{"period":"2021-09-01","rent":1287.421313},{"period":"2021-10-01","rent":1304.246358},{"period":"2021-11-01","rent":1297.659832},{"period":"2021-12-01","rent":1306.35606},{"period":"2022-01-01","rent":1322.752225},{"period":"2022-02-01","rent":1334.630745},{"period":"2022-03-01","rent":1330.274974},{"period":"2022-04-01","rent":1348.340061},{"period":"2022-05-01","rent":1349.134733},{"period":"2022-06-01","rent":1360.361912},{"period":"2022-07-01","rent":1374.40029},{"period":"2022-08-01","rent":1368.313996},{"period":"2022-09-01","rent":1373.562245},{"period":"2022-10-01","rent":1363.46415},{"period":"2022-11-01","rent":1371.99396},{"period":"2022-12-01","rent":1393.976329},{"period":"2023-01-01","rent":1393.412498},{"period":"2023-02-01","rent":1403.750045},{"period":"2023-03-01","rent":1415.328303},{"period":"2023-04-01","rent":1439.684257},{"period":"2023-05-01","rent":1462.303922},{"period":"2023-06-01","rent":1458.817692},{"period":"2023-07-01","rent":1465.611972},{"period":"2023-08-01","rent":1475.988619},{"period":"2023-09-01","rent":1469.293398},{"period":"2023-10-01","rent":1473.726006},{"period":"2023-11-01","rent":1466.301165},{"period":"2023-12-01","rent":1485.887662},{"period":"2024-01-01","rent":1501.157115},{"period":"2024-02-01","rent":1506.100482},{"period":"2024-03-01","rent":1512.018877},{"period":"2024-04-01","rent":1518.39961},{"period":"2024-05-01","rent":1526.8217},{"period":"2024-06-01","rent":1546.640732},{"period":"2024-07-01","rent":1529.106309},{"period":"2024-08-01","rent":1538.013419},{"period":"2024-09-01","rent":1545.359889},{"period":"2024-10-01","rent":1568.128162},{"period":"2024-11-01","rent":1591.282921},{"period":"2024-12-01","rent":1588.83044},{"period":"2025-01-01","rent":1613.61955},{"period":"2025-02-01","rent":1621.74304},{"period":"2025-03-01","rent":1624.401864},{"period":"2025-04-01","rent":1597.766838},{"period":"2025-05-01","rent":1585.811883},{"period":"2025-06-01","rent":1571.836369},{"period":"2025-07-01","rent":1589.104517},{"period":"2025-08-01","rent":1588.359086},{"period":"2025-09-01","rent":1595.43461},{"period":"2025-10-01","rent":1588.779365},{"period":"2025-11-01","rent":1584.887157},{"period":"2025-12-01","rent":1583.433787},{"period":"2026-01-01","rent":1568.874633},{"period":"2026-02-01","rent":1570.243465},{"period":"2026-03-01","rent":1576.091206},{"period":"2026-04-01","rent":1600.419833},{"period":"2026-05-01","rent":1615.212723},{"period":"2026-06-01","rent":1631.990232}],"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":1571.836369,"endRent":1631.990232,"change":0.03826979969821531,"cagr":0.03826979969821531},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1458.817692,"endRent":1631.990232,"change":0.1187074580666656,"cagr":0.03809917157009224},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1186.596248,"endRent":1631.990232,"change":0.3753542831023684,"cagr":0.06581767195571775}},"maxDrawdown":-0.03418318596561276,"annualizedVolatility":0.03514254017384598,"consecutiveReturnCount":62}}