For 89135, Zillow’s June 2026 ZIP ZORI is $2,404 per month, a 3.6% year-over-year rise. Redfin’s direct ZIP resale median sold price is $859,306, up 8.1% over the reported year. Dividing annualized ZIP ZORI by that sale price gives a 3.36% cross-source screening ratio, not a property-level performance measure. The tension is immediate: resale pricing increased faster than the asking-rent index, so the rent-price screen cannot establish that rental and sale conditions move together. Zillow’s index describes a typical observed asking-rent level, while the Redfin figure records completed for-sale transactions in a separate market universe.
In Redfin’s direct rolling-three-month ZIP resale observation, 202 homes sold and median marketing time was 57 days. Inventory stood at 309 homes with 4.6 months of supply. Sellers averaged 96.8% of list price, and 4.1% of recorded sales closed above list. These are direct for-sale liquidity and pricing signals, not rental transactions, rent comparables, or evidence about a particular property’s economics. The count, time, supply, and sale-to-list figures describe this ZIP’s resale observation only; they do not convert the Zillow index into a transaction rent or a forecast.
Zillow’s history has 138 observations and 100% coverage, permitting direct same-month comparisons at the stated endpoint. The index rose at exact annualized rates of 3.6% over one year, 2.0% over three years, and 4.1% over five years. Recent direction therefore confirms the longer upward path and is firmer than the middle-horizon pace, but it does not match the five-year pace. Monthly rent changes translate to 3.2% annualized variability, so the current index is better treated as a measured snapshot with some movement around it, not a fixed lease quote. The worst historical decline from a prior high was 7.0%, evidence that the path included a material setback. Transparent national discovery ranks were 1,109 for momentum, 1,936 for stability, and 1,531 balanced, where lower ranks are stronger among history-eligible ZIPs. All are backward-looking measurements, not forecasts or investment recommendations.
Three rent universes require separate reading. The ACS 2024 five-year survey for the matched ZCTA reports a $2,509 median gross rent among occupied renter homes; it includes selected utilities. The current Zillow index equals 95.8% of that. This does not make the measures interchangeable: Zillow ZORI is a typical observed asking-rent index blended across rental types, rather than a survey median. HUD’s FY2026 two-bedroom FMR/SAFMR standard is $1,735, an administrative bedroom-specific standard rather than asking rent. Scaling ZIP ZORI with the local HUD ladder produces modelled monthly estimates of $1,847 for a studio, $2,048 for one bedroom, $2,404 for two bedrooms, $3,343 for three bedrooms, and $3,830 for four bedrooms. They are modelled estimates, never measured bedroom rents.
An arithmetic screen at 30% of income turns the current asking index into required household income of $96,160. The matched ZCTA’s median household income is $121,515, and the asking index represents 23.7% of that median when annualized. This is not advice and is not an applicant qualification rule; it simply compares aggregate income with the index. The ACS renter universe nevertheless contains 3,998 occupied renter households, of which 1,675, or 41.9%, reported paying at least the threshold of income toward rent. The supplied ACS estimates carry survey margins of error. The aggregate income screen and the burden share can coexist because they summarize different households and distributions. Neither result establishes affordability, eligibility, or expenses for an individual unit or household.
Housing composition adds another limit to the affordability reading. The matched ZCTA has 15,201 housing units, a 9.1% vacancy rate, and 28.9% renter share. Its unit mix is predominantly single-family, with a substantially smaller large-multifamily segment. Vacancy classifications include units for rent, for sale, and seasonal use; the aggregate vacancy rate is not proof that a particular unit is available, competitively priced, or suitable for a given lease. For wider context only, the City of Las Vegas rent context was about $1,722, while Clark County rent context and Las Vegas-Henderson-Paradise, NV metro rent context were each $1,748. Those city, county, and metro figures are comparators with their named scopes, not ZIP observations or substitutes for ZIP conditions.
The evidence therefore points to a cross-market tension rather than a single rent verdict. Zillow history documents a sustained but uneven asking-rent path, and the required-income screen falls below the matched-area median-income benchmark. At the same time, a substantial share of surveyed renter households is burdened, while direct resale price growth outpaced the latest rent increase. The resale observation confirms that the for-sale market had its own measured sales, marketing, supply, and list-price signals; it challenges any shortcut that treats a ZIP rent index as a purchase-market valuation signal. The lower HUD standard and the higher ACS gross-rent median further show why neither benchmark can be substituted for the index.
Boundary and timing limits matter. This 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. The ACS survey, current and historical Zillow index, HUD fiscal-year standard, and Redfin rolling resale period have different dates, universes, and construction. A property-level review needs the advertised rent, bedroom count, lease term, selected utilities, concessions, furnished status, availability, and listing condition. It must also distinguish an asking figure from a signed rent. These checks test whether an area measure fits a unit; they do not transform vacancy, burden, or any index into proof about that property. Do the advertised unit details align with the relevant modelled estimate and source scope?
","findings":[{"body":"Zillow’s historical path is positive over each supplied horizon, but its recent pace is not a simple continuation of the full history. The latest annual change exceeds the middle-horizon annualized change while remaining under the longer-horizon result. Complete coverage supports direct comparison, yet measured variability and the earlier drawdown mean a current index reading has more uncertainty than a fixed, unit-specific rent quote.","title":"Rent movement needs a measured-not-quote reading"},{"body":"Aggregate income arithmetic puts the required-income screen below the matched ZCTA median, whereas a material portion of surveyed renter households report burden above the threshold. These results are not contradictory: the income statistic is a household median, the burden statistic describes renter-household outcomes, and the Zillow series is an asking-rent index. None identifies the income, utility bill, lease terms, or qualification outcome for a specific household.","title":"Aggregate affordability and renter burden point in different directions"},{"body":"Redfin’s rolling ZIP evidence provides directly observed for-sale measures of pricing, sales volume, marketing time, supply, and sale-to-list outcomes. It supplies a separate market check, not rental comparables. The ratio made by annualizing Zillow ZORI and dividing by median sold price is only a cross-source screen. It does not establish property economics, a transaction rent, or an outcome beyond the stated observations.","title":"Resale conditions are not rent comparables"},{"body":"Zillow, ACS, HUD, and Redfin align to the five-digit label in different ways and measure distinct concepts. ACS uses a matched statistical ZCTA and a multiyear survey, Zillow reports asking-rent index observations, HUD publishes administrative bedroom standards, and Redfin captures a rolling resale period. The report’s strongest comparisons preserve those boundaries rather than treating any source as a substitute for another.","title":"The sources align differently to the same label"}],"risks":["The matched ZCTA is a statistical geography rather than a USPS delivery ZIP, and its ACS survey estimates can differ from the exact group of addresses represented by Zillow’s ZIP identifier.","The bedroom figures are modelled from the HUD ladder and the ZIP-wide index. They cannot verify the bedroom mix, condition, concessions, utilities, or lease terms of an advertised unit.","Redfin’s resale metrics are direct ZIP sale observations, but they track for-sale outcomes rather than rental transactions. Faster sale-price movement does not establish a comparable change in signed rents.","Vacancy and renter-burden totals are area aggregates with survey uncertainty and category mix. Neither metric confirms current availability, payment burden, or affordability for a particular property or applicant."],"qa":[{"a":"They differ because their underlying universes differ. Zillow ZORI is a typical observed asking-rent index blended across rental types. ACS is a five-year survey of occupied renter homes and its gross-rent measure includes selected utilities. HUD FMR/SAFMR is an administrative bedroom-specific standard. The ZIP bedroom figures are modelled by scaling ZORI with that HUD ladder, not measured rents.","q":"Why do Zillow, ACS, and HUD rent figures differ?"},{"a":"Complete series coverage allows the supplied same-month changes, measured variability, and drawdown to be compared without a missing-period gap in the history window. It does not make the current index a lease quote. Variability and the prior setback show that observed asking rents moved over time, while the discovery ranks only order eligible ZIP histories and do not project future conditions.","q":"What does the history say about confidence in the current rent snapshot?"},{"a":"Redfin documents a rolling-three-month set of ZIP resale outcomes: sold prices, sales count, marketing time, inventory, supply, and sale-to-list behavior. It does not observe rents or rental transactions. Comparing annualized ZORI with the median sold price creates a cross-source screen, but it does not merge the two datasets into a property valuation, rent comparable, or performance result.","q":"What does the Redfin block contribute to this report?"},{"a":"Relevant property-level checks include the advertised monthly rent, bedroom count, lease duration, selected utilities, concessions, furnished status, availability, and the condition represented in the listing. Matching those details against the applicable modelled bedroom estimate is a scope test. The report’s vacancy, burden, and aggregate-income statistics cannot supply those unit-specific facts or establish an applicant outcome.","q":"What details are needed before applying the report to a listed unit?"}],"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 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