June 2026 Zillow data put ZIP 89169 ZORI at $1,306 per month. This five-digit label is both a Zillow ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area, not identical to a USPS delivery ZIP. ZORI is a ZIP-level typical observed asking-rent index blended across rental types, so it summarizes a market reading rather than a lease quote for a particular home. Its use here is current asking-rent context, not a measure of occupied-home costs or a bedroom-specific listing survey. The decision tension begins with a modestly softer asking-rent path, while separate for-sale evidence reports a much stronger price move. Those facts should be read in their own data universes rather than merged into one property conclusion.
Zillow's backward-looking same-month history puts the current softness in a longer sequence. The exact same-month ZORI change was -1.47% over one year and -0.54% annualized over three years, versus 3.31% annualized over five years. Recent direction therefore breaks from, rather than confirms, the positive longer path. Annualized monthly-return variability reached 4.01%, which weakens the confidence appropriate for any single current rent snapshot. Separately, the maximum drawdown reached -5.47%, documenting a meaningful historical retreat from a prior peak. Coverage was 99.28%; the transparent national discovery ranks among history-eligible ZIPs were 2,687 for momentum, 2,599 for stability, and 2,845 for the balanced measure, where lower ranks are higher. These are backward-looking measurements, not forecasts or investment recommendations.
That rental pattern is in tension with the direct ZIP resale picture. In Redfin's rolling-three-month for-sale observation, the median sold price was $359,919, up 41.14% year over year; 51 homes sold and median marketing time was 66 days. Inventory stood at 117 homes, with 6.9 months of supply. The average sale-to-list ratio was 97.41%, while 12.01% of sales closed above list and 20.79% went off market within two weeks. These are all resale signals, not rental transactions. The annualized ZORI divided by the median sold price is 4.35%, a cross-source screening ratio only rather than a property-level performance result. The large sale-price increase challenges a simple reading of weaker asking-rent history, whereas the below-list average and supply signal show that the resale evidence itself is not one-sided.
Source definitions explain why several rent figures should not be substituted for each other. The matched Census ZCTA's 2024 ACS five-year survey puts median gross rent at $1,262 and covers occupied renter homes while including selected utilities; the current Zillow index is 3.5% above it. The FY 2026 local HUD two-bedroom FMR/SAFMR standard is $1,735, and the index is 75.3% of that administrative bedroom-specific standard, which is not asking rent. As wider context only, Las Vegas city-scope rent is $1,721.81, Clark County county-scope rent is $1,748, and Las Vegas-Henderson-Paradise, NV metro-scope rent is $1,748. These city, county, and metro values frame broader scales; none is a ZIP rental comparable or a replacement for the ZORI, ACS, or HUD universe.
Income and burden data add a second constraint without turning a broad statistic into an applicant test. In the ACS ZCTA, median household income is $40,904. Annualizing the ZIP asking-rent index places it at 38.3% of that median income. The 30% screen yields $52,240 in required annual income; this is arithmetic based on the index, not advice and not an applicant qualification rule. Meanwhile, 57.9% of renter households were estimated to pay 30% or more of income toward gross rent. Because that ACS measure describes occupied renter households and gross rent includes selected utilities, neither the burden share nor the income screen proves affordability, burden, or utility costs for a particular unit.
Bedroom detail is useful only if its construction remains visible. Scaling the ZIP ZORI by the local HUD bedroom ladder produces modelled monthly estimates of $1,003 for a studio, $1,113 for one bedroom, $1,306 for two bedrooms, $1,816 for three bedrooms, and $2,081 for four bedrooms. The two-bedroom estimate equals the ZIP index by construction, not because a measured two-bedroom rent was observed. Every figure in this ladder is a modelled estimate rather than a measured bedroom rent, and it inherits both the blended-rental-type character of ZORI and HUD's administrative relative-bedroom structure. It helps distinguish scale across bedroom counts, but it cannot replace contemporaneous bedroom-matched asking-rent observations.
The matched ZCTA describes a renter-heavy housing base rather than a direct inventory feed. ACS reports 14,061 housing units, of which 10,250 are occupied and 3,811 are vacant, for a 27.1% vacancy rate. Renter-occupied homes make up 80.7% of occupied units. The structure counts include 7,069 large multifamily units and 2,333 single-family units, showing that the stock mix cannot be assumed from the headline ZORI alone. The vacancy total includes distinct statuses such as for-rent, for-sale, and seasonal use; it is neither a count of live rental listings nor proof that any particular home is empty or available. It also must remain separate from Redfin's resale inventory, which is a direct for-sale observation.
Limits matter most where the two market readings diverge. A ZIP-level index cannot identify the asking rent, utilities, lease term, concessions, or availability of an individual unit, and the resale series cannot establish the economics of that same unit. Property-level checking requires matching the address to the applicable geography, verifying bedroom count and the current rent quote, identifying which utilities are included, and separately reviewing the listing, sale date, list price, and closed price if resale evidence is relevant. Those checks preserve the distinction among asking-rent, survey, administrative-standard, and resale evidence. The unresolved question is whether a specific unit's current terms resemble the modelled bedroom estimate or depart from it, not whether one broad source can answer every property-level question.
","findings":[{"body":"Zillow's June 2026 ZIP ZORI is $1,306. Exact same-month history shows a 1.47% one-year decline and a 0.54% annualized three-year decline, despite a 3.31% annualized five-year increase. That breaks from the longer path. With 4.01% annualized monthly-return variability, the current reading is a market benchmark, not a precise unit-level price.","title":"Recent asking-rent retreat versus longer gain"},{"body":"The ACS matched ZCTA median gross rent of $1,262 is a five-year survey result for occupied renter homes and includes selected utilities. It is distinct from Zillow's blended asking-rent index. HUD's $1,735 two-bedroom FMR/SAFMR is an administrative standard rather than an asking-rent observation. The $1,816 three-bedroom result is a modelled estimate derived by scaling ZORI with the HUD ladder, not a measured bedroom rent.","title":"Survey and HUD benchmarks are not asking-rent substitutes"},{"body":"Annualizing the $1,306 Zillow index against the ACS ZCTA median household income of $40,904 produces a 38.3% screen. At 30%, the arithmetic required-income figure is $52,240. The ACS estimate that 57.9% of renter households pay at least 30% toward gross rent describes broad occupied-household burden, not a qualification rule or an outcome for a particular applicant or unit.","title":"Broad affordability pressure, without a unit-specific conclusion"},{"body":"Redfin's direct rolling-three-month ZIP resale observation shows a $359,919 median sold price, up 41.14% year over year, alongside 6.9 months of supply and a 97.41% average sale-to-list ratio. These signals describe for-sale liquidity and pricing, not rental transactions. The 4.35% annualized ZORI-to-price figure is a cross-source screening ratio that frames tension with rent history but does not establish property-level performance.","title":"Resale price movement does not validate rent"}],"risks":["ZORI is a blended ZIP asking-rent index, so it cannot establish the current quote, lease concession, utility treatment, availability, or bedroom mix for any specific property.","The ACS ZCTA is a statistical area rather than a USPS delivery ZIP, and its five-year occupied-household estimates can differ from current ZIP asking-rent conditions and individual households.","Vacancy and rent-burden statistics are area-wide categories. Neither shows that a particular home is vacant, rentable, utility-inclusive, or affordable to a particular household today.","Redfin measures ZIP resale activity over a rolling three-month window. Sale prices, marketing signals, and the rent-price screening ratio cannot establish rental transactions or property-level economics."],"qa":[{"a":"No. In this report, 89169 is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area designed for Census tabulation, while a USPS delivery ZIP is a mail-delivery geography. They can be matched for analysis but do not have identical boundaries or delivery coverage.","q":"Is 89169 the same thing as a USPS delivery ZIP?"},{"a":"Zillow ZORI summarizes typical observed asking rents across blended rental types. ACS median gross rent is a five-year survey measure for occupied renter homes and includes selected utilities. HUD FMR/SAFMR is an administrative, bedroom-specific standard. Their different populations, construction, and purposes mean agreement is not required and a difference does not identify an error.","q":"Why do Zillow, ACS, and HUD rent figures differ?"},{"a":"They start from the ZIP ZORI and scale it using the local HUD bedroom ladder. The resulting studio through four-bedroom values preserve the relative HUD bedroom pattern and anchor the two-bedroom value to ZORI. They are modelled estimates, not measured asking rents, and they do not demonstrate what a live listing with a given bedroom count will quote.","q":"How were the bedroom estimates produced?"},{"a":"The Redfin data are a direct rolling-three-month ZIP resale observation, so they describe sold homes, inventory, marketing time, supply, and sale-to-list outcomes in the for-sale market. The annualized ZORI-to-price figure is only a cross-source screening ratio. It can frame a tension with rent history, but it cannot establish rental transactions, a property-level result, or a forecast.","q":"What does the resale evidence change in the interpretation?"}],"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":677.146552},{"period":"2015-02-01","rent":670.07521},{"period":"2015-03-01","rent":674.873793},{"period":"2015-04-01","rent":685.793357},{"period":"2015-05-01","rent":680.142063},{"period":"2015-07-01","rent":692.919802},{"period":"2015-08-01","rent":715.039424},{"period":"2015-09-01","rent":708.64609},{"period":"2015-10-01","rent":700.208169},{"period":"2015-11-01","rent":697.719931},{"period":"2015-12-01","rent":712.720571},{"period":"2016-01-01","rent":719.94981},{"period":"2016-02-01","rent":723.130817},{"period":"2016-03-01","rent":717.136671},{"period":"2016-04-01","rent":729.587426},{"period":"2016-05-01","rent":742.330711},{"period":"2016-06-01","rent":752.093581},{"period":"2016-07-01","rent":751.152412},{"period":"2016-08-01","rent":744.070171},{"period":"2016-09-01","rent":746.162428},{"period":"2016-10-01","rent":753.829785},{"period":"2016-11-01","rent":756.786744},{"period":"2016-12-01","rent":751.348929},{"period":"2017-01-01","rent":762.200244},{"period":"2017-02-01","rent":774.766187},{"period":"2017-03-01","rent":784.508895},{"period":"2017-04-01","rent":777.526636},{"period":"2017-05-01","rent":779.06137},{"period":"2017-06-01","rent":792.383952},{"period":"2017-07-01","rent":795.192989},{"period":"2017-08-01","rent":803.807903},{"period":"2017-09-01","rent":821.509464},{"period":"2017-10-01","rent":833.170273},{"period":"2017-11-01","rent":830.723037},{"period":"2017-12-01","rent":820.248149},{"period":"2018-01-01","rent":820.044227},{"period":"2018-02-01","rent":821.838359},{"period":"2018-03-01","rent":828.698566},{"period":"2018-04-01","rent":842.015364},{"period":"2018-05-01","rent":858.951413},{"period":"2018-06-01","rent":855.080985},{"period":"2018-07-01","rent":864.976291},{"period":"2018-08-01","rent":869.367986},{"period":"2018-09-01","rent":892.538259},{"period":"2018-10-01","rent":905.677241},{"period":"2018-11-01","rent":916.409515},{"period":"2018-12-01","rent":930.017451},{"period":"2019-01-01","rent":911.469171},{"period":"2019-02-01","rent":923.919907},{"period":"2019-03-01","rent":928.216242},{"period":"2019-04-01","rent":931.692374},{"period":"2019-05-01","rent":928.724569},{"period":"2019-06-01","rent":937.235268},{"period":"2019-07-01","rent":942.941062},{"period":"2019-08-01","rent":951.384314},{"period":"2019-09-01","rent":938.661832},{"period":"2019-10-01","rent":936.821123},{"period":"2019-11-01","rent":945.453592},{"period":"2019-12-01","rent":957.725903},{"period":"2020-01-01","rent":985.911921},{"period":"2020-02-01","rent":988.963113},{"period":"2020-03-01","rent":975.482938},{"period":"2020-04-01","rent":970.824263},{"period":"2020-05-01","rent":970.156031},{"period":"2020-06-01","rent":981.907506},{"period":"2020-07-01","rent":978.801811},{"period":"2020-08-01","rent":980.574448},{"period":"2020-09-01","rent":982.269522},{"period":"2020-10-01","rent":998.411626},{"period":"2020-11-01","rent":1002.779182},{"period":"2020-12-01","rent":1017.805434},{"period":"2021-01-01","rent":1039.229365},{"period":"2021-02-01","rent":1064.125455},{"period":"2021-03-01","rent":1083.750727},{"period":"2021-04-01","rent":1081.13069},{"period":"2021-05-01","rent":1093.331967},{"period":"2021-06-01","rent":1109.788757},{"period":"2021-07-01","rent":1144.399009},{"period":"2021-08-01","rent":1177.758796},{"period":"2021-09-01","rent":1220.35904},{"period":"2021-10-01","rent":1251.771261},{"period":"2021-11-01","rent":1280.136419},{"period":"2021-12-01","rent":1297.983933},{"period":"2022-01-01","rent":1296.52195},{"period":"2022-02-01","rent":1283.678302},{"period":"2022-03-01","rent":1278.529882},{"period":"2022-04-01","rent":1293.567523},{"period":"2022-05-01","rent":1304.698676},{"period":"2022-06-01","rent":1307.044102},{"period":"2022-07-01","rent":1307.965417},{"period":"2022-08-01","rent":1314.425562},{"period":"2022-09-01","rent":1313.048085},{"period":"2022-10-01","rent":1306.285156},{"period":"2022-11-01","rent":1302.369232},{"period":"2022-12-01","rent":1280.811988},{"period":"2023-01-01","rent":1282.483885},{"period":"2023-02-01","rent":1294.95081},{"period":"2023-03-01","rent":1301.410276},{"period":"2023-04-01","rent":1312.551048},{"period":"2023-05-01","rent":1317.30831},{"period":"2023-06-01","rent":1327.343342},{"period":"2023-07-01","rent":1321.987913},{"period":"2023-08-01","rent":1306.716812},{"period":"2023-09-01","rent":1301.755527},{"period":"2023-10-01","rent":1282.632917},{"period":"2023-11-01","rent":1279.620141},{"period":"2023-12-01","rent":1304.269653},{"period":"2024-01-01","rent":1312.094082},{"period":"2024-02-01","rent":1302.283574},{"period":"2024-03-01","rent":1280.822602},{"period":"2024-04-01","rent":1292.343978},{"period":"2024-05-01","rent":1304.204858},{"period":"2024-06-01","rent":1304.103956},{"period":"2024-07-01","rent":1298.119706},{"period":"2024-08-01","rent":1299.642116},{"period":"2024-09-01","rent":1306.813799},{"period":"2024-10-01","rent":1313.567985},{"period":"2024-11-01","rent":1305.160303},{"period":"2024-12-01","rent":1304.922488},{"period":"2025-01-01","rent":1317.702272},{"period":"2025-02-01","rent":1339.20449},{"period":"2025-03-01","rent":1365.195275},{"period":"2025-04-01","rent":1366.182805},{"period":"2025-05-01","rent":1339.838381},{"period":"2025-06-01","rent":1325.293611},{"period":"2025-07-01","rent":1334.435863},{"period":"2025-08-01","rent":1340.723069},{"period":"2025-09-01","rent":1338.563252},{"period":"2025-10-01","rent":1344.2862},{"period":"2025-11-01","rent":1352.769108},{"period":"2025-12-01","rent":1344.50214},{"period":"2026-01-01","rent":1329.736127},{"period":"2026-02-01","rent":1314.534753},{"period":"2026-03-01","rent":1302.397343},{"period":"2026-04-01","rent":1291.386378},{"period":"2026-05-01","rent":1300.56952},{"period":"2026-06-01","rent":1305.777778}],"historySummary":{"pointCount":137,"firstPeriod":"2015-01-01","latestPeriod":"2026-06-01","coverageMonths":138,"coverageRatio":0.9927536231884058,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1325.293611,"endRent":1305.777778,"change":-0.014725667458152514,"cagr":-0.014725667458152514},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1327.343342,"endRent":1305.777778,"change":-0.016247163275408205,"cagr":-0.0054453187676675174},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1109.788757,"endRent":1305.777778,"change":0.17660029421256773,"cagr":0.03306058160971648}},"maxDrawdown":-0.05474847635781799,"annualizedVolatility":0.04013960964200204,"consecutiveReturnCount":135}}