At the June 2026 endpoint, Zillow's ZIP-level ZORI for 96744 is $3,558 monthly, up 5.3% from the same month a year earlier. This is a typical observed asking-rent index blended across rental types, rather than a quote for a named property. The five-digit label is both Zillow's ZIP market identifier and the match to the Census ZCTA. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP, so these linked datasets support area-level comparison, not confirmation that every mailing address or listing belongs to the same geography. The month supplies a current asking-rent benchmark, but its interpretation turns on both a distinct occupied-home survey and a history classified high variability.
The sharpest cross-source tension is not necessarily a market contradiction. In the matched Census ZCTA, the ACS 2024 five-year median gross rent is $2,370, a survey measure of occupied renter homes that includes selected utilities. The current index is 50.1% above that measure, but the difference combines source universe, utility treatment, and timing rather than comparable unit quotes. The ZCTA median household income is $131,653; at this index, a 30% screen produces $142,320 in required annual income. That screen is arithmetic, not advice or an applicant qualification rule. The survey also reports 42.6% of renter homes spending at least that share of income on rent, a burden result that cannot establish what any particular household or unit pays.
Bedroom sizing requires a separate reading. The local HUD FY2026 two-bedroom FMR/SAFMR is $2,850. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent. The supplied bedroom schedule scales ZIP ZORI by that local HUD ladder and therefore yields modelled—not measured—monthly estimates of $2,522, $2,722, $3,558, $4,944, and $5,967, ordered from studio through four bedrooms. They are modelled estimates, never measured bedroom rents. The middle result corresponds to the index anchor by construction, not because observed two-bedroom listings were sampled at that amount. This ladder helps normalize unit-size comparisons, while remaining unsuitable for verifying a particular advertisement.
The long series tempers the strong current reading. Exact same-month annualized change is 5.30% over one year, 5.15% over three years, and 6.13% over five years. The recent pace therefore confirms the longer upward path, yet it is below the longest-horizon rate. Annualized monthly-return variability is 4.02%, and the maximum drawdown is -4.78%. Coverage is complete across 122 observations, which removes gaps in this record but does not erase variation. Transparent national discovery ranks among history-eligible ZIPs are 284 for momentum, 2,601 for stability, and 1,088 for balanced performance; lower rank is higher. Those backward-looking measurements, not forecasts or investment recommendations, mean the high-variability history should reduce the confidence placed in one current rent snapshot even though the recent direction remains positive.
Housing counts describe a similarly limited but distinct ACS ZCTA view. The survey records 18,797 housing units and a 4.5% vacancy rate; 122 units are classified vacant for rent. The stock count includes 14,973 single-family units compared with 1,340 large-multifamily units, signaling that the aggregate inventory mix is not primarily large multifamily. Neither the vacancy classification nor the vacant-for-rent count is an active listing inventory, proof of a unit's condition, or evidence that a renter can obtain it. These survey counts are useful for framing stock and occupancy, while leaving property-level availability unresolved.
Within the Zillow asking-rent-index scope, the ZIP is effectively level with the Kaneohe city context but above the Honolulu County county context and the Urban Honolulu, HI metro context, each at $3,038; all city, county, and metro figures here are wider-context values only. This geographic comparison gives a benchmark for relative scale, not a replacement for the ZIP-level series or evidence that listings across those areas are comparable. It also cannot turn a broader average into a property price, a vacancy conclusion, or an explanation for the difference.
Several limits remain decisive. Zillow can summarize a ZIP-level asking-rent index but cannot supply a building's verified ask, exact address, lease terms, utilities, or availability; ACS is a dated survey estimate, and HUD is a standard rather than a market quote. Before relying on the area benchmarks, check whether the actual address maps to the relevant Zillow ZIP identifier and Census ZCTA match, then verify the listing's advertised rent and date, bedroom count, lease term, included utilities, furnishing, and concessions. Distinguish advertised rent from gross tenant cost and retain the evidence date. Does the actual listing documentation answer those property-level questions more directly than an area average can?
","findings":[{"body":"At June 2026, ZIP-level ZORI is $3,558, a 5.3% same-month increase. The matched ACS 2024 five-year ZCTA median gross rent is $2,370, which includes selected utilities and describes occupied renter homes. The 50.1% gap is therefore a source and timing contrast, not a verified spread between comparable advertised and leased units.","title":"Current benchmark versus occupied-home survey"},{"body":"Same-month history reports annualized changes of 5.30% over one year, 5.15% over three years, and 6.13% over five years. Annualized monthly-return variability is 4.02%, with a -4.78% maximum drawdown. Complete coverage of 122 observations helps continuity, while momentum, stability, and balanced discovery ranks of 284, 2,601, and 1,088 show uneven historical characteristics; none are forecasts.","title":"Positive history with uneven stability"},{"body":"HUD's FY2026 two-bedroom FMR/SAFMR is $2,850, while ZIP ZORI is the anchor for the constructed bedroom schedule. The resulting $2,522 to $5,967 progression is generated by local HUD ladder ratios. It is useful for consistently sizing the area index, but it should not be substituted for measured studio or larger-bedroom listing rents.","title":"Bedroom schedule is modelled, not observed"},{"body":"ACS reports 18,797 housing units and a 4.5% vacancy rate, including 122 classified vacant for rent; neither is an active inventory count. The ZIP's Zillow benchmark is effectively level with the Kaneohe city context but higher than the Honolulu County county and Urban Honolulu, HI metro contexts. Those named geographies provide context only, not property comparables.","title":"Stock data does not confirm active availability"}],"risks":["ZORI's current typical asking-rent index, the ACS ZCTA occupied-home survey, and HUD's administrative standard have different periods, populations, and definitions; dollar gaps cannot identify a property-level overpricing or a household's payment.","The 4.5% ACS vacancy rate and 122 vacant-for-rent units are survey classifications, not an active listing count, so neither figure verifies present availability, condition, rent concessions, or eligibility.","The bedroom figures inherit ZORI and HUD-ladder assumptions. Because they are scaled modelled estimates, not observed bedroom rents, unusual unit size, utilities, furnishing, or lease terms can make a listed rent differ materially.","Complete historical observation coverage does not eliminate volatility or convert past changes into future performance. The high-variability classification means a single current index value warrants comparison with dated, property-specific evidence."],"qa":[{"a":"It is the June 2026 ZIP-level Zillow ZORI, described here as a typical observed asking-rent index blended across rental types. It summarizes the ZIP market identifier, not a lease signed by a particular household, a guaranteed asking price for one dwelling, or a bedroom-specific measurement.","q":"What exactly is the $3,558 Zillow reading?"},{"a":"The ACS value is a 2024 five-year survey statistic for occupied renter homes in the matched ZCTA and includes selected utilities. ZORI is a June 2026 asking-rent index across rental types. Different dates, populations, and gross-versus-asking definitions make the comparison informative but do not turn the gap into a unit-level lease spread.","q":"Why does Zillow ZORI exceed the ACS median gross rent?"},{"a":"No. The studio-through-four-bedroom figures are modelled monthly estimates created by scaling the ZIP ZORI using the local HUD ladder. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent. The shared two-bedroom anchor is a construction feature, so the schedule cannot verify an advertisement's observed bedroom rent.","q":"Are the bedroom figures measured rents for 96744?"},{"a":"No. The $142,320 figure is simply annual rent arithmetic using the ZIP index and a 30% share; it is not advice, a budget target, or an applicant qualification rule. Likewise, ACS vacancy figures are survey classifications and do not establish that a specified property is presently available.","q":"Can the required-income screen or vacancy data qualify a renter or confirm a 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 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":"2016-05-01","rent":2313.616654},{"period":"2016-06-01","rent":2292.317644},{"period":"2016-07-01","rent":2307.417753},{"period":"2016-08-01","rent":2283.525139},{"period":"2016-09-01","rent":2278.579629},{"period":"2016-10-01","rent":2288.692335},{"period":"2016-11-01","rent":2254.758955},{"period":"2016-12-01","rent":2254.653052},{"period":"2017-01-01","rent":2269.866019},{"period":"2017-02-01","rent":2291.418172},{"period":"2017-03-01","rent":2285.802993},{"period":"2017-04-01","rent":2319.265453},{"period":"2017-05-01","rent":2330.560685},{"period":"2017-06-01","rent":2338.323935},{"period":"2017-07-01","rent":2309.16697},{"period":"2017-08-01","rent":2325.121034},{"period":"2017-09-01","rent":2333.653621},{"period":"2017-10-01","rent":2341.626638},{"period":"2017-11-01","rent":2336.336866},{"period":"2017-12-01","rent":2357.735302},{"period":"2018-01-01","rent":2340.506644},{"period":"2018-02-01","rent":2341.977586},{"period":"2018-03-01","rent":2361.293313},{"period":"2018-04-01","rent":2355.365314},{"period":"2018-05-01","rent":2365.390334},{"period":"2018-06-01","rent":2355.699507},{"period":"2018-07-01","rent":2362.316217},{"period":"2018-08-01","rent":2324.561886},{"period":"2018-09-01","rent":2324.319138},{"period":"2018-10-01","rent":2357.857785},{"period":"2018-11-01","rent":2409.027292},{"period":"2018-12-01","rent":2410.190365},{"period":"2019-01-01","rent":2377.545398},{"period":"2019-02-01","rent":2393.248871},{"period":"2019-03-01","rent":2387.748193},{"period":"2019-04-01","rent":2393.223562},{"period":"2019-05-01","rent":2382.768946},{"period":"2019-06-01","rent":2404.959643},{"period":"2019-07-01","rent":2427.717375},{"period":"2019-08-01","rent":2470.142916},{"period":"2019-09-01","rent":2486.518352},{"period":"2019-10-01","rent":2473.133239},{"period":"2019-11-01","rent":2462.828232},{"period":"2019-12-01","rent":2472.303621},{"period":"2020-01-01","rent":2526.038139},{"period":"2020-02-01","rent":2533.808125},{"period":"2020-03-01","rent":2504.580598},{"period":"2020-04-01","rent":2437.36101},{"period":"2020-05-01","rent":2412.664761},{"period":"2020-06-01","rent":2437.584619},{"period":"2020-07-01","rent":2459.078733},{"period":"2020-08-01","rent":2474.006851},{"period":"2020-09-01","rent":2485.990522},{"period":"2020-10-01","rent":2450.819773},{"period":"2020-11-01","rent":2467.677141},{"period":"2020-12-01","rent":2457.676977},{"period":"2021-01-01","rent":2499.657198},{"period":"2021-02-01","rent":2519.988237},{"period":"2021-03-01","rent":2530.013987},{"period":"2021-04-01","rent":2585.739026},{"period":"2021-05-01","rent":2642.732745},{"period":"2021-06-01","rent":2643.158362},{"period":"2021-07-01","rent":2617.913271},{"period":"2021-08-01","rent":2645.496737},{"period":"2021-09-01","rent":2647.448233},{"period":"2021-10-01","rent":2707.607039},{"period":"2021-11-01","rent":2700.839158},{"period":"2021-12-01","rent":2785.574259},{"period":"2022-01-01","rent":2782.098355},{"period":"2022-02-01","rent":2810.324922},{"period":"2022-03-01","rent":2856.002458},{"period":"2022-04-01","rent":2855.553048},{"period":"2022-05-01","rent":2880.003225},{"period":"2022-06-01","rent":2890.673708},{"period":"2022-07-01","rent":3002.605453},{"period":"2022-08-01","rent":2973.880354},{"period":"2022-09-01","rent":3025.000587},{"period":"2022-10-01","rent":3019.107889},{"period":"2022-11-01","rent":3071.675717},{"period":"2022-12-01","rent":2981.75241},{"period":"2023-01-01","rent":2992.568832},{"period":"2023-02-01","rent":3013.252734},{"period":"2023-03-01","rent":3073.410687},{"period":"2023-04-01","rent":3090.947056},{"period":"2023-05-01","rent":3065.765844},{"period":"2023-06-01","rent":3060.583328},{"period":"2023-07-01","rent":3029.710636},{"period":"2023-08-01","rent":3080.679259},{"period":"2023-09-01","rent":3092.79616},{"period":"2023-10-01","rent":3133.804077},{"period":"2023-11-01","rent":3118.989446},{"period":"2023-12-01","rent":3148.36784},{"period":"2024-01-01","rent":3099.425303},{"period":"2024-02-01","rent":3095.592684},{"period":"2024-03-01","rent":3083.515286},{"period":"2024-04-01","rent":3128.771452},{"period":"2024-05-01","rent":3176.047611},{"period":"2024-06-01","rent":3208.728468},{"period":"2024-07-01","rent":3177.319787},{"period":"2024-08-01","rent":3152.95642},{"period":"2024-09-01","rent":3179.789938},{"period":"2024-10-01","rent":3255.655485},{"period":"2024-11-01","rent":3348.990319},{"period":"2024-12-01","rent":3386.714032},{"period":"2025-01-01","rent":3363.560648},{"period":"2025-02-01","rent":3315.900227},{"period":"2025-03-01","rent":3308.967501},{"period":"2025-04-01","rent":3304.819166},{"period":"2025-05-01","rent":3356.007452},{"period":"2025-06-01","rent":3378.999317},{"period":"2025-07-01","rent":3430.511224},{"period":"2025-08-01","rent":3465.176178},{"period":"2025-09-01","rent":3463.079585},{"period":"2025-10-01","rent":3416.75228},{"period":"2025-11-01","rent":3377.182656},{"period":"2025-12-01","rent":3386.257472},{"period":"2026-01-01","rent":3462.311549},{"period":"2026-02-01","rent":3532.926359},{"period":"2026-03-01","rent":3567.946459},{"period":"2026-04-01","rent":3581.120703},{"period":"2026-05-01","rent":3556.530672},{"period":"2026-06-01","rent":3558.151515}],"historySummary":{"pointCount":122,"firstPeriod":"2016-05-01","latestPeriod":"2026-06-01","coverageMonths":122,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":3378.999317,"endRent":3558.151515,"change":0.0530193057745445,"cagr":0.0530193057745445},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":3060.583328,"endRent":3558.151515,"change":0.162572991379766,"cagr":0.05149386497458419},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":2643.158362,"endRent":3558.151515,"change":0.3461741703238892,"cagr":0.061256224905729795}},"maxDrawdown":-0.04781078835635988,"annualizedVolatility":0.0401574447824471,"consecutiveReturnCount":121}}