The five-digit label 89015 is both the Zillow ZIP market identifier and the matching Census ZCTA. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In June 2026, Zillow ZORI was $1,896, up 3.9% from a year earlier. ZORI is a typical observed asking-rent index blended across rental types, so it is a current market indicator rather than a lease-level average. That reading is notably above the $1,391 ACS median gross rent from the supplied five-year survey, a 36.3% difference. ACS measures occupied renter homes and includes selected utilities, which makes the gap a source-universe difference rather than proof that either measure is wrong.
The backward-looking rent record supports a positive but not uninterrupted path. Exact same-month annualized ZORI changes were 3.9% over one year, 2.7% over three years, and 4.1% over five years. Thus, the latest annual direction confirms the longer growth record rather than breaking from it. Monthly rent changes produced 2.8% annualized variability, which suggests a current snapshot has some historical consistency but should not be treated as immovable. Separately, the maximum drawdown was 3.3%, showing that the series did experience a meaningful retreat within its broader advance. Coverage is 100%. Transparent national discovery ranks among history-eligible ZIPs were 885 for momentum, 1,320 for stability, and 798 for the balanced measure; these are discovery tools, not forecasts or investment recommendations.
The supplied bedroom figures are modelled monthly estimates, not measured bedroom rents. They scale ZIP ZORI through the local HUD ladder: $1,457 for a studio, $1,615 for one bedroom, $1,896 for two bedrooms, $2,637 for three bedrooms, and $3,020 for four bedrooms. The corresponding HUD standards run from $1,333 for a studio through $1,478, $1,735, $2,413, and $2,764 as bedroom count rises. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent; it may be useful for the scaling structure but does not establish current advertised or executed rents for a particular unit.
Income and burden data create the central affordability tension. ACS median household income was $72,096, while the arithmetic income needed for the $1,896 ZORI to equal 30% of gross income is $75,840. The implied asking-rent-to-median-income screen is 31.6%. This 30% calculation is arithmetic only, not advice and not an applicant qualification rule. Among 6,087 ACS renter-occupied households, 3,339 were reported as spending at least 30% of income on rent, or 54.9%. That survey burden result describes households in the ZCTA evidence universe; it cannot establish the income, utility costs, or payment stress of a renter in any individual home.
The ACS housing picture supplies scale but not availability evidence. The ZCTA contained 17,311 housing units, with a 6.6% vacancy rate, and its structure mix was concentrated in single-family units rather than large multifamily properties. A vacancy percentage includes several vacancy categories and is not proof that a particular rental is open, suitable, or priced near ZORI. For wider context only, Henderson city rent context was $1,826, while Clark County context and the Las Vegas-Henderson-Paradise, NV metro context were each $1,748; neither wider-area figure is a ZIP estimate. The ZIP's higher current asking-rent index therefore stands above each named context measure, while its household and survey-rent measures still require separate interpretation.
The direct rolling-three-month ZIP resale observation describes the for-sale market, not rental transactions. In that resale universe, median sold price was $409,907, down 0.4% year over year; 215 homes sold and median marketing time was 53 days. Redfin reported 457 active listings and inventory of 225 homes, alongside 3.2 months of supply. Average sale-to-list was 98.3%, while 9.6% of sales closed above list price. These are ZIP resale liquidity and sale-to-list signals only. They cannot substitute for rental comparables, operating costs, lease terms, or an analysis of any individual property's economics.
A useful tension emerges when the source universes are held apart: the asking-rent index rose over the latest year and aligns with a positive multiyear history, yet the ZIP resale median price was slightly lower year over year. That evidence challenges any simple assumption that sale prices and asking rents are moving together. It also matters that the ZORI-based income screen is above the area median-income benchmark while survey burden is already substantial. Annualized ZIP ZORI divided by the median sold price is 5.6%, but this is only a cross-source screening ratio. It is not a measure of property operating income, expenses, financing, transaction costs, or an investor outcome.
Limits remain material. ZORI is an index rather than a matched set of available units; ACS is a multiyear survey with reported sampling uncertainty; HUD standards serve an administrative purpose; and Redfin aggregates resale activity over a rolling period. A property-level file would need current comparable rental listings matched for bedroom count, lease term, utility treatment, concessions, condition, and actual availability. It would separately need transaction-specific sale comparisons, days on market, list revisions, and the condition of the home being evaluated. The unresolved question is whether a specific property's lease terms, utility obligations, and physical condition support or depart from these ZIP-level screens.
","findings":[{"body":"The ZIP asking-rent index is materially above the ACS median gross-rent figure, but the measures answer different questions. Zillow tracks a blended typical asking-rent index across rental types, while ACS describes occupied renter homes and includes selected utilities. The difference is decision-relevant because it cautions against using either figure as a direct substitute for the other.","title":"Current asking rent sits above survey rent"},{"body":"Same-month ZORI growth is positive across the short, medium, and longer historical windows supplied. The latest annual change therefore confirms, rather than reverses, the multiyear direction. Full data coverage improves confidence in the historical record, although measured monthly variability and the prior drawdown mean one current index reading remains a limited snapshot.","title":"Recent rent direction follows the longer record"},{"body":"The arithmetic income screen for the current asking-rent index exceeds local median household income, and more than half of surveyed renter households reported rent burdens at or above the standard threshold. Those signals identify an area-level affordability tension, not the ability of a particular household to rent a particular unit or the payment terms of a specific lease.","title":"Affordability signals are tighter than the income midpoint"},{"body":"ZIP resale evidence shows a slight annual decline in median sold price despite positive asking-rent history. Sales volume, marketing time, supply, inventory, and sale-to-list measures describe for-sale liquidity only, but they complicate a simplistic reading of uninterrupted housing-market strength. The rent-to-price figure is consequently useful only as a cross-source screen, not as property economics.","title":"Resale pricing does not fully echo rent momentum"}],"risks":["Zillow asking-rent index values, ACS gross-rent survey values, and HUD bedroom standards are different evidence universes, so comparing them without their definitions can create false precision.","ACS burden, income, renter, and vacancy estimates describe a statistical ZCTA survey population and include sampling uncertainty; they do not verify the circumstances of a specific household or unit.","The modelled bedroom ladder inherits the ZIP index and local HUD scaling relationship, so it cannot establish current advertised rents, executed leases, concessions, or utility obligations for a given bedroom type.","Redfin resale statistics aggregate rolling ZIP for-sale activity and do not measure rental transactions, operating expenses, financing terms, property condition, or the economics of a particular purchase."],"qa":[{"a":"The label identifies Zillow's ZIP rental market and is matched to Census ZCTA data for area-level demographic and housing context. The match is useful for organizing evidence, but a ZCTA is a Census statistical geography, not the same thing as a USPS delivery ZIP or a guarantee that every address has identical boundaries.","q":"What does the ZIP and ZCTA match mean here?"},{"a":"No. The studio-through-four-bedroom values are modelled estimates created by scaling the ZIP Zillow asking-rent index with the supplied local HUD ladder. They are not a count or average of active listings, signed leases, or tenant payments. HUD's standards are administrative benchmarks and should not be read as direct rental market observations.","q":"Are the bedroom figures observed rents for available units?"},{"a":"The history establishes backward-looking same-month changes, monthly-return variability, drawdown behavior, data coverage, and transparent discovery ranks for this Zillow ZIP series. It shows that recent rent direction is consistent with the supplied longer record. It does not forecast future rent changes, predict tenant demand, or provide an investment recommendation.","q":"What does the rent history establish?"},{"a":"Redfin's rolling ZIP observation describes homes that sold and the surrounding for-sale market signals, including pricing, activity, supply, and sale-to-list outcomes. It is not rental evidence. Dividing annualized ZORI by median sold price creates only a cross-source screening ratio; it excludes expenses, debt terms, taxes, maintenance, vacancies, and transaction-specific conditions.","q":"How should the resale evidence and rent-to-price screen be read?"}],"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 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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 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