ZIP 89108 poses a narrow rent-reading question: does the current broad asking-rent signal align with the kinds of homes and household finances relevant to a specific listing? In June 2026, Zillow's ZIP-level ZORI was $1,397 per month, down 1.4% from a year earlier. That movement identifies a modest change in the index, not a claim about the price, condition, or availability of any individual home. The label is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area built for Census tabulation; it is not identical to a USPS delivery ZIP. The useful next step is to separate the current index from survey rent, HUD standards, household measures, and wider-area context before applying it to a property.
Supply composition sets the boundaries for interpreting any rent reading. The matched ZCTA survey counted 28,339 housing units, of which 26,341 were occupied and 1,998 were vacant, a 7.1% vacancy rate. Of the vacant homes, 748 were designated for rent, versus 134 for sale and 244 for seasonal use. The other 872 were in other vacancy categories. Structure counts show 16,983 single-family units and 2,722 units in large multifamily buildings. These aggregate categories identify how stock and vacancy were classified in the survey; they neither establish current listing inventory nor show that a given vacant unit can be rented. An area-wide rate cannot replace a listing-level view of a specific dwelling.
Zillow ZORI is a typical observed asking-rent index blended across rental types; it is not a survey of occupied homes. In contrast, the matched ZCTA's ACS 2024 five-year estimate puts median gross rent at $1,554, 11.2% above ZORI. ACS describes occupied renter homes and its gross-rent measure includes selected utilities. HUD's FY 2026 two-bedroom FMR/SAFMR standard is $1,735; ZORI is 19.5% below it. That HUD value is an administrative, bedroom-specific standard, not asking rent. The three readings answer different questions, so the differences do not form a single rent series or demonstrate a deal. For a listing decision, an index, a retrospective survey statistic, and a program standard carry different coverage and timing.
HUD's local ladder runs from $1,333 for a studio to $1,478 for one-bedroom, $1,735 for two-bedroom, $2,413 for three-bedroom, and $2,764 for four-bedroom. Scaling ZIP ZORI with this local HUD ladder, using the two-bedroom position as its anchor, produces modelled estimates of $1,073 for a studio, $1,190 for one bedroom, $1,397 for two, $1,943 for three, and $2,226 for four. These are modelled estimates, never measured bedroom rents. They express the HUD bedroom relationships through the ZIP index, rather than observed distributions of listings by bedroom count. A property can depart from them because the method does not capture its precise features, contract terms, or utility treatment.
Household measures provide a separate affordability lens. The matched ZCTA's ACS median household income was $59,449. A 30% required-income screen turns $1,397 in monthly ZORI into $55,880 of annual income and a 28.2% rent-to-income arithmetic comparison at median income. The income median spans all households rather than a specific renter pool. This is arithmetic, not advice or an applicant qualification rule. Renter households total 13,405 and comprise 50.9% of occupied homes. ACS observed 7,708 renter households, or 57.5%, with gross rent at or above 30% of household income. This observed burden estimate applies to the survey population and cannot prove what any individual unit costs or whether its resident will be burdened.
Against wider geography, the Las Vegas city scope had a rent reading of $1,722, Clark County scope had $1,748, and the Las Vegas-Henderson-Paradise, NV metro scope also had $1,748. Each exceeded ZIP ZORI, but these city, county, and metro values are context only, not replacements for the ZIP-level observation. The metro context's apartment vacancy measure describes a distinct apartment subset, while the ZIP vacancy rate covers all housing units, so neither is a direct match to ZORI or proof of availability. The city and county renter shares are lower than the ZIP's, a compositional contrast that does not explain the rent gap.
Several limits remain. The ZCTA survey is a five-year estimate with sampling uncertainty, whereas ZORI is a current ZIP-level index; their timing and coverage differ. The HUD ladder and the resulting bedroom figures are standards and models, not measurements of a particular home. For a property-level review, check the current advertised asking rent, the legal bedroom designation, which utilities are included, lease duration, move-in timing, and every recurring or upfront charge. Also confirm the listing's location and its relevant market classification, because ZIP and ZCTA boundaries are not delivery equivalents. Those checks can test a listing's terms without treating any aggregate statistic as a promise about that home.
","findings":[{"body":"At June 2026, ZIP ZORI was $1,397, a 1.4% year-over-year decline. This is a typical observed asking-rent index blended across rental types and is strongest as a current broad-market benchmark. It does not establish an individual listing's price, condition, included utilities, or availability, and ZIP market geography is not identical to USPS delivery geography.","title":"Current index is a benchmark, not a listing quote"},{"body":"ACS 2024 five-year median gross rent was $1,554, including selected utilities, while the HUD FY2026 two-bedroom FMR/SAFMR standard was $1,735. These are not competing measurements of the same thing: ACS reflects occupied renter homes, and HUD is an administrative standard. The modelled $1,397 two-bedroom figure is the ZIP ZORI anchor aligned to the HUD ladder.","title":"Survey rent and HUD standards answer different questions"},{"body":"Median household income was $59,449, while the arithmetic 30% screen on $1,397 produces $55,880 annual income. Renter households account for 50.9% of occupied homes. ACS estimated 7,708 of 13,405 renter households, or 57.5%, paying gross rent at or above the burden threshold. That aggregate result cannot determine the cost or burden of a particular home.","title":"Household arithmetic shows broad affordability pressure"},{"body":"The matched ZCTA contained 28,339 housing units, with a 7.1% vacancy rate; 748 vacant units were for rent, while 134 were for sale and 244 were seasonal. For wider context only, Las Vegas city scope, Clark County scope, and the Las Vegas-Henderson-Paradise metro scope all reported higher rent readings than the ZIP. Those differences are descriptive and do not establish listing availability or cause.","title":"Vacancy and wider geography require careful interpretation"}],"risks":["The Zillow figure is an index spanning blended rental types; a property may differ because advertised price, utilities, bedroom classification, lease structure, and availability are not provided here.","ACS measures a matched statistical ZCTA over five years and carries survey uncertainty. Its occupied-renter gross-rent estimate cannot be substituted for a current USPS ZIP listing.","HUD FMR/SAFMR is an administrative standard rather than asking rent. Scaling ZORI with its bedroom ladder yields modelled comparisons, not observed bedroom-specific listing rents in this ZIP.","Vacancy and rent-burden results describe aggregate classifications and survey respondents. They cannot establish that a particular unit is vacant, affordable, rentable, or burdensome for any applicant."],"qa":[{"a":"At June 2026, it is Zillow's ZIP-level ZORI, a typical observed asking-rent index blended across rental types. It summarizes a current market signal, rather than a rent roll or direct quote for a specific property. By itself, it cannot establish a unit's advertised rent, utility treatment, availability, bedroom configuration, or lease terms.","q":"What does the $1,397 figure represent?"},{"a":"The ACS 2024 five-year figure is a median gross-rent estimate for occupied renter homes in the matched ZCTA and includes selected utilities. ZORI is a current asking-rent index. Their populations, timing, and utility treatment differ, so the gap is useful context but not an apples-to-apples listing-price comparison.","q":"Why does ACS median gross rent differ from ZORI?"},{"a":"Each modelled estimate starts with ZIP ZORI and applies the corresponding local HUD ladder relationship relative to the two-bedroom level. The output preserves HUD's bedroom spacing, not an observed sample of ZIP listings. It must be read as a modelled estimate, never as a measured bedroom rent for a property.","q":"How should the bedroom figures be read?"},{"a":"Verify the current advertised amount, exact legal bedroom designation, which utilities are included, lease duration, move-in date, and every recurring or upfront charge. Confirm the location and market classification as well. Those property facts permit a direct comparison while avoiding the mistake of treating aggregate ZORI, ACS, HUD, vacancy, or burden figures as promises about a unit.","q":"What should a property-level comparison verify?"}],"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 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