At June 2026, the ZIP 89506 Zillow ZORI stands at $2,076 per month. The five-digit label is both Zillow’s ZIP market identifier and the match to a Census ZCTA; a ZCTA is a statistical area, not identical to a USPS delivery ZIP. ZORI is a typical observed asking-rent index blended across rental types. It neither records a signed lease for a given address nor establishes a rent for every existing renter. Its current level therefore needs to be read alongside, rather than merged with, the survey, administrative, history, and resale evidence. The core tension is that a broad income calculation sits near the present asking index while the renter survey reports materially more pressure.
The matched Census ZCTA’s ACS 2024 five-year survey addresses occupied renter homes rather than current listings. Its median gross rent is $1,848 and includes selected utilities, so it is not asking rent and should not be treated as a discounted version of ZORI. Applying the structural 30% screen to the annualized present index yields $83,040 of required income. Against the ZCTA median household income of $86,396, the arithmetic screen equals 28.83%; it is neither advice nor an applicant qualification rule. The same ACS universe estimates that 51.14% of renter households spend 30% or more of income on rent. That burden share does not describe any individual household, but it challenges reliance on the area median-income comparison alone.
Backward-looking ZORI history carries a separate message. Coverage is 100% across the available monthly sequence. Exact same-month annualized changes through the endpoint are 5.20% for one year, 3.37% for three years, and 4.26% for five years. Because every horizon is positive and the most recent pace exceeds both longer measures, recent direction confirms the longer upward path rather than breaking from it; this is a measurement, not a forecast. Monthly rent-return variability annualizes to 3.25%, which limits confidence in treating one current reading as a fixed level. Separately, maximum drawdown—the largest peak-to-trough decline—was 3.33%, showing that the series has had declines despite positive horizon changes. Transparent national discovery ranks among history-eligible ZIPs were 547 for momentum, 1,982 for stability, and 912 for balanced history; lower rank is higher. These ranks sort past observations only and are not investment recommendations.
Resale indicators are firm but belong to a wholly separate market. Redfin’s direct rolling-three-month ZIP resale observation at the June endpoint shows a $464,895 median sold price, up 6.87% from a year earlier, with 179 homes sold and median marketing time of 41 days. Inventory was 137 homes, down 16.23% year over year, and months of supply was 2.3. The average sale-to-list ratio was 99.66%, while 27.04% of sales closed above list. Those are for-sale outcomes, not rental transactions, rental comparables, or property economics. Rising resale price and lower inventory directionally echo the positive asking-rent history, yet they cannot establish a connection between the two. Annualized ZORI divided by median sold price is 5.36%, a cross-source screening ratio only; it does not measure net cash flow, investment return, or a property’s economics. The burden evidence remains a counterweight to interpreting a firm resale market as uncomplicated rental affordability.
The bedroom figures add structure without creating observed bedroom rents. Using the local FY2026 HUD bedroom ladder to scale ZIP ZORI generates monthly modelled estimates, in increasing bedroom order from studio through four-bedroom, of $1,431, $1,653, $2,076, $2,819, and $3,274. These are modelled estimates, never measured bedroom rents. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than an asking-rent series; it provides the relative ladder used in the calculation, not proof of a listing price. Differences in included utilities, property features, or the actual advertised bedroom count can make a particular listing diverge from this proportional set of area-level estimates.
Survey stock reinforces why the index cannot stand in for a unit inventory. The matched ZCTA contains 17,388 housing units, including 1,247 vacant units, for a 7.17% vacancy rate. Renter-occupied homes represent 29.33% of occupied units. The supplied structure counts also show a predominantly single-family stock, with large multifamily housing a smaller category. These figures describe the statistical area’s housing stock, not the number of units currently advertised at ZORI or at any bedroom estimate. Vacancy categories have distinct uses within the source, so area vacancy cannot prove availability, condition, price, or suitability of a particular home. It is a context measure alongside the renter survey, not a vacancy claim about an address.
Relative levels are elevated within the supplied wider benchmarks, but none substitutes for ZIP evidence. In the same comparison, the City of Reno city-wide context rent is $1,932.16, while the Washoe County county-wide context rent and Reno, NV metro-wide context rent are each $2,004. Each is a broader-scope contextual value, whereas ZORI is ZIP-level asking-rent evidence. The comparison supports describing the ZIP index as higher than these three context rents, but it does not say why the differences exist or turn city, county, or metro data into local rental comps. Nor can those aggregates resolve the tension between the ACS burden share and the simple income screen.
Several limits remain material. The ZCTA is a statistical match rather than a delivery-ZIP boundary; ACS is a multiyear survey with sampling uncertainty; HUD is an administrative standard; history is backward-looking; and Redfin tracks resale, not rental, activity. No source gives the actual lease payment, renewal terms, utility package, or current availability for a particular address. Concrete property-level checks needed for a comparison are the advertised rent, bedroom count, included utilities, availability date, lease term, and whether the address has an active listing or a verified recent sale. Those checks test source fit rather than promise an outcome. The unresolved question is whether a specific property’s current terms resemble these distinct area-level measures at all.
","findings":[{"body":"The current ZIP asking index and ACS rent metric answer different questions. ZORI is a contemporaneous blended asking-rent index, whereas ACS median gross rent summarizes occupied renter homes over a five-year survey and includes selected utilities. The income screen is simply annual rent divided by 30%; the ACS burden share is a survey result about renters. Their contrast cautions against treating a broad household median as a unit-level affordability result.","title":"Affordability screen conflicts with burden data"},{"body":"Same-month history is consistently positive across the supplied horizons, and the newest pace is above both longer annualized rates. That confirms the direction of the preceding record rather than signalling a break, but the measured variability and drawdown show that the index has not moved in a straight line. Full coverage improves continuity of the record; it does not turn backward-looking observations into a forecast or an investment recommendation.","title":"Recent rent growth extends a positive historical path"},{"body":"Redfin’s ZIP observation supports a description of a tighter-looking resale snapshot because price increased while inventory declined, with supply and sale-to-list indicators also reported. That evidence remains entirely for-sale: it does not price rental units or identify landlord income. The rent-to-price calculation is a cross-source screening ratio based on area aggregates, so it cannot measure property-level cash flow or an investment outcome.","title":"Resale evidence is supportive but separate"},{"body":"The bedroom ladder is a proportional model built from the local HUD administrative standard and the ZIP-wide ZORI level. It provides internally consistent studio-through-four-bedroom estimates, but none is a measured rent for a specific bedroom count. ZCTA stock and vacancy data describe an area-wide statistical inventory; they cannot verify that an advertised unit is available, comparable, or offered with the utilities assumed by an area measure.","title":"Bedroom and vacancy figures require careful interpretation"}],"risks":["The direct asking-rent index blends rental types and captures a typical ZIP-level observation, so it may not match a particular home’s lease price, included utilities, timing, or availability.","ACS figures come from the matched ZCTA, which is a statistical area rather than a USPS delivery ZIP, and survey margins and multiyear timing limit point-for-point comparison with current asking rent.","The HUD-scaled bedroom figures retain a local administrative size ladder but are modelled estimates; utility treatment, advertised bedroom count, and individual listing terms can differ from the model.","Redfin resale price, supply, inventory, and sale-to-list evidence refer to for-sale transactions only. Neither that evidence nor the historical rent path establishes future pricing, rental demand, or a property outcome."],"qa":[{"a":"Here, 89506 is used as Zillow’s ZIP market identifier and as the match for the Census ZCTA data. The ZCTA is a Census statistical geography, not the same thing as the boundaries used for USPS delivery. The two sources are linked for context, but their records and geographies should not be treated as identical property lists.","q":"What geography does ZIP 89506 represent here?"},{"a":"ZORI is a current observed typical asking-rent index blended across rental types. ACS is a five-year survey of occupied renter homes, and median gross rent includes selected utilities. It is therefore possible for the measures to differ without proving a rent change, discount, or pricing gap for a particular unit. They should be read as distinct evidence universes.","q":"Why do current ZORI and ACS gross rent differ?"},{"a":"The history establishes what the ZIP index did at matched points in the past: positive annualized changes across the supplied horizons, measured monthly variation, and a recorded peak-to-trough decline. The short-run pace exceeds the longer rates, so it confirms a positive historical direction. It does not establish a future rent level, a future financial outcome, or a property-specific result.","q":"What does recent rent history establish?"},{"a":"Redfin provides a direct rolling-three-month ZIP resale snapshot, including sales price, marketing, supply, and sale-to-list measures; these are not rental transactions. The bedroom amounts are modelled by applying the local HUD ladder to ZIP ZORI, not measured bedroom rents. A property-specific comparison still requires its advertised rent, bedroom count, utility treatment, availability, and actual listing or sale status.","q":"How should resale and bedroom information be used?"}],"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":"2020-12-01","rent":1547.133576},{"period":"2021-01-01","rent":1586.864436},{"period":"2021-02-01","rent":1607.944671},{"period":"2021-03-01","rent":1633.057881},{"period":"2021-04-01","rent":1645.91212},{"period":"2021-05-01","rent":1653.687255},{"period":"2021-06-01","rent":1685.615615},{"period":"2021-07-01","rent":1721.095373},{"period":"2021-08-01","rent":1756.043305},{"period":"2021-09-01","rent":1760.723863},{"period":"2021-10-01","rent":1778.077323},{"period":"2021-11-01","rent":1762.108217},{"period":"2021-12-01","rent":1799.306003},{"period":"2022-01-01","rent":1774.730354},{"period":"2022-02-01","rent":1790.348457},{"period":"2022-03-01","rent":1787.815836},{"period":"2022-04-01","rent":1802.117113},{"period":"2022-05-01","rent":1823.456732},{"period":"2022-06-01","rent":1832.448583},{"period":"2022-07-01","rent":1843.722305},{"period":"2022-08-01","rent":1833.955219},{"period":"2022-09-01","rent":1845.197328},{"period":"2022-10-01","rent":1828.589776},{"period":"2022-11-01","rent":1847.425196},{"period":"2022-12-01","rent":1809.21668},{"period":"2023-01-01","rent":1836.476546},{"period":"2023-02-01","rent":1819.645806},{"period":"2023-03-01","rent":1860.858403},{"period":"2023-04-01","rent":1867.551507},{"period":"2023-05-01","rent":1876.152352},{"period":"2023-06-01","rent":1879.733288},{"period":"2023-07-01","rent":1868.93244},{"period":"2023-08-01","rent":1878.061651},{"period":"2023-09-01","rent":1871.556413},{"period":"2023-10-01","rent":1879.347975},{"period":"2023-11-01","rent":1881.62037},{"period":"2023-12-01","rent":1915.124378},{"period":"2024-01-01","rent":1919.214155},{"period":"2024-02-01","rent":1941.972399},{"period":"2024-03-01","rent":1904.59839},{"period":"2024-04-01","rent":1896.679259},{"period":"2024-05-01","rent":1880.383199},{"period":"2024-06-01","rent":1877.333962},{"period":"2024-07-01","rent":1883.534221},{"period":"2024-08-01","rent":1885.442093},{"period":"2024-09-01","rent":1908.099247},{"period":"2024-10-01","rent":1917.980929},{"period":"2024-11-01","rent":1934.715861},{"period":"2024-12-01","rent":1919.325629},{"period":"2025-01-01","rent":1912.596349},{"period":"2025-02-01","rent":1911.688228},{"period":"2025-03-01","rent":1936.581901},{"period":"2025-04-01","rent":1952.293673},{"period":"2025-05-01","rent":1962.74681},{"period":"2025-06-01","rent":1973.696262},{"period":"2025-07-01","rent":1984.030594},{"period":"2025-08-01","rent":1992.632404},{"period":"2025-09-01","rent":1989.238191},{"period":"2025-10-01","rent":1994.969048},{"period":"2025-11-01","rent":1992.458514},{"period":"2025-12-01","rent":2010.231628},{"period":"2026-01-01","rent":2025.072666},{"period":"2026-02-01","rent":2034.744174},{"period":"2026-03-01","rent":2042.077745},{"period":"2026-04-01","rent":2049.693841},{"period":"2026-05-01","rent":2065.490831},{"period":"2026-06-01","rent":2076.287582}],"historySummary":{"pointCount":67,"firstPeriod":"2020-12-01","latestPeriod":"2026-06-01","coverageMonths":67,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1973.696262,"endRent":2076.287582,"change":0.051979284743662424,"cagr":0.051979284743662424},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1879.733288,"endRent":2076.287582,"change":0.1045649908179953,"cagr":0.03370612924418537},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1685.615615,"endRent":2076.287582,"change":0.23176812288844384,"cagr":0.04257136406989814}},"maxDrawdown":-0.03328494114194669,"annualizedVolatility":0.0325203355227113,"consecutiveReturnCount":66}}