At 97008, the clearest current tension is a nearly unchanged asking-rent reading beside a softer resale-price signal, even as resale turnover remained quick. Zillow's June 2026 ZIP ZORI is $1,790, up 0.17% from a year earlier, whereas Redfin's direct rolling-three-month ZIP resale observation ending in June puts median sold price at $549,876, down 3.95% year over year. In that for-sale universe, 74 homes sold in a median 9 days; this is resale evidence, not rental transaction evidence. That 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.
ZORI is Zillow's typical observed asking-rent index blended across rental types, rather than a lease rent or a median for a specified bedroom count. The ZIP reading is below the Beaverton city context of about $1,871 and Washington County context of $1,911, and slightly below the Portland-Vancouver-Hillsboro, OR-WA metro context of $1,805; those city, county, and metro values are wider context rather than ZIP asking-rent observations. The modest separation from the metro is not evidence that all properties price alike; it simply frames the index against named broader scopes.
The current near-flat index should not be mistaken for the whole rent path. Exact same-month ZORI changes at the supplied endpoint annualize to 0.17% over 1 year, 0.48% over 3 years, and 3.88% over 5 years. Recent direction therefore breaks from the stronger five-year path and remains slower than the three-year path. The record has 100% coverage, with 3.12% annualized monthly-return variability and a maximum drawdown of -3.20%. These are backward-looking measurements, not forecasts or investment recommendations: variability and drawdown warrant measured confidence in one current rent snapshot. Transparent national discovery ranks among history-eligible ZIPs are 2,329 for momentum, 1,809 for stability, and 2,473 for balanced history; lower ranks are higher, and they are descriptive tools rather than quality grades.
Source levels are close, but source concepts are not interchangeable. The matched ACS 2024 five-year Census ZCTA reports median gross rent of $1,763 among occupied renter homes, including selected utilities; that is 1.5% below the current ZORI. ACS is a five-year survey, not a readout of current advertised rents, so this difference is not a quote-level pricing spread. Its median household income of $96,116 is likewise a survey statistic, not a finding about an individual renter. HUD's FY2026 two-bedroom $1,922 FMR/SAFMR is an administrative bedroom-specific standard, not asking rent; the ZORI is 6.9% lower. These measures can be placed side by side only with their distinct populations, utility treatment, and purposes retained.
To make a bedroom ladder, this report scales ZIP ZORI using the local HUD ladder, anchored to the local two-bedroom HUD standard. The resulting modelled monthly ZIP estimates are $1,462 for a studio, $1,562 for one bedroom, $1,790 for two bedrooms, $2,439 for three bedrooms, and $2,895 for four bedrooms. They are modelled estimates, never measured bedroom rents, and they inherit both ZORI's blended rental mix and HUD's administrative bedroom spacing. They can organize an initial advertised-unit comparison only after the actual bedroom count, rent quote, and included utilities are confirmed.
At the current index, $71,600 in annual household income is the arithmetic result of applying a 30% gross-income screen. It is not advice and is not an applicant qualification rule; actual income, rent obligations, household size, and utility responsibility vary. ACS estimates that 49.3% of renter households pay at least that share of income toward rent. This is a survey burden statistic for occupied renter homes, not proof that a particular available unit is unaffordable or that a given household will be burdened. The income screen lies below the area's ACS household-income median, but neither area measure replaces household-specific facts.
Housing supply evidence is broad ACS survey context rather than a count of current rental listings. The ZCTA contains 12,603 housing units, has an estimated 3.9% vacancy rate, and is 43.1% renter occupied among occupied homes. Its ACS stock is more single-family than large multifamily, a composition fact rather than a conclusion about units currently for lease. Vacant-for-rent, for-sale, and seasonal categories should not be pooled into immediate rental availability. Beaverton city, Washington County, and the Portland-Vancouver-Hillsboro metro are each broader comparison scopes with their own rental and vacancy measures, so their figures do not convert this ZIP's vacancy estimate into a statement about any property. Nor does the area burden statistic establish conditions in a particular unit.
Resale signals complicate the rent picture rather than resolving it. In Redfin's same direct rolling-three-month ZIP for-sale observation, inventory was 69 homes and months of supply were 2.8, while average sale-to-list was 100.08% and 37.54% of sales cleared above list. Together with the short marketing time described above, those are resale-liquidity signals despite the median price decline; they do not establish rental demand or property economics. Annualized ZIP ZORI divided by Redfin median sold price is a 3.9% cross-source screening ratio only, not a cap rate, net return, expected return, or property yield. The tension is that a roughly flat rent path and lower resale price make that screen mechanically higher, while quick sales and near-list execution prevent the resale data from being read as a uniform weak-market signal. Does the specific property's asking rent, bedroom count, utility treatment, lease terms, listing and sale dates, and condition match the broad measures used here?
","findings":[{"body":"The 0.17% same-month annualized change is far below the 3.88% five-year rate, so the latest direction breaks from the longer historical path. Full series coverage helps establish the measurement record, yet 3.12% annualized variability and a -3.20% maximum drawdown argue against treating the current ZORI as a precise or durable quote. The historical ranks describe discovery metrics only.","title":"Rent momentum has stalled relative to the longer record"},{"body":"Zillow ZORI, ACS median gross rent, and HUD FMR/SAFMR sit near one another numerically but serve different purposes. ZORI is a blended asking-rent index; ACS captures occupied renter homes in a five-year survey and includes selected utilities; HUD is an administrative bedroom standard. The bedroom figures presented for the ZIP are derived by scaling ZORI with HUD spacing, so they guide category comparison but are not observed rents.","title":"Source concepts converge in level, not definition"},{"body":"The $71,600 screen is simple arithmetic at 30% of gross income, while the ACS burden result records the share of occupied renter households already allocating at least that threshold to rent. Neither measure identifies a household's actual resources or a unit's full monthly cost. The ZCTA vacancy rate and stock mix likewise describe area-level survey conditions and cannot establish immediate availability, tenant competition, or property-specific affordability.","title":"Burden and vacancy are area statistics"},{"body":"Redfin's direct ZIP resale data pair a lower year-over-year median sold price with rapid marketing, limited months of supply, and average execution around list price. This mixed for-sale picture confirms neither a rental improvement nor deterioration. The annualized ZORI-to-sale-price figure is useful only as a cross-source screen; it excludes expenses, financing, unit differences, and transaction-specific economics and must never be treated as a return metric.","title":"Resale activity has mixed price and liquidity signals"}],"risks":["The Zillow ZIP identifier and matched Census ZCTA do not share USPS delivery boundaries exactly, creating boundary risk when a listing is near an edge or uses a different postal designation.","ZORI is a blended asking-rent index rather than a lease database, so its level and modelled bedroom estimates may not match a unit's condition, concessions, utilities, or availability.","ACS burden, income, occupancy, and vacancy measurements are multi-year survey estimates for a statistical area; they cannot prove affordability, vacancy, or competition for any individual rental home.","Redfin's rolling resale observation covers for-sale transactions only; fast sales, inventory, and sale-to-list outcomes should not be converted into rental demand, rental comps, or property economics."],"qa":[{"a":"The label 97008 serves as Zillow's ZIP market identifier and is matched to a Census ZCTA for ACS reporting. A ZCTA is a statistical area, not a USPS delivery ZIP, so the match supports broad comparison but does not establish that every listing or address sits in identical boundaries.","q":"Why does the report separate the ZIP label from the ZCTA?"},{"a":"They are modelled monthly ZIP estimates created by scaling the overall Zillow ZORI with the local HUD bedroom ladder, using the two-bedroom standard as the anchor. They are not measured rents for studios or larger units. Actual advertised rent, bedroom count, included utilities, lease terms, and unit condition must be verified separately before comparing a property to the ladder.","q":"What do the bedroom estimates represent?"},{"a":"No. The screen is arithmetic: it translates the area's current asking-rent index into a gross annual income amount at a stated share. It does not assess an applicant's income documentation, household composition, other debts, utility responsibility, subsidies, eligibility, or the rent required by a particular unit. It is not financial advice or an applicant qualification rule.","q":"Does the 30% income screen qualify a renter?"},{"a":"It divides annualized ZIP ZORI by the Redfin ZIP median sold price to create a cross-source screening ratio. It is not a cap rate, net return, expected return, or property yield because it contains no property expenses, financing, taxes, maintenance, vacancy experience, unit-level rent, or transaction-specific information. The resale block also describes sales, not rental deals.","q":"How should the rent-to-sale-price screening ratio 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":1423.250089},{"period":"2021-01-01","rent":1450.937151},{"period":"2021-02-01","rent":1438.40444},{"period":"2021-03-01","rent":1463.699181},{"period":"2021-04-01","rent":1470.74739},{"period":"2021-05-01","rent":1483.08303},{"period":"2021-06-01","rent":1479.970956},{"period":"2021-07-01","rent":1495.930478},{"period":"2021-08-01","rent":1528.094218},{"period":"2021-09-01","rent":1571.513322},{"period":"2021-10-01","rent":1604.485171},{"period":"2021-11-01","rent":1603.151257},{"period":"2021-12-01","rent":1597.248713},{"period":"2022-01-01","rent":1588.769895},{"period":"2022-02-01","rent":1601.406026},{"period":"2022-03-01","rent":1629.888293},{"period":"2022-04-01","rent":1638.276325},{"period":"2022-05-01","rent":1655.924602},{"period":"2022-06-01","rent":1674.195501},{"period":"2022-07-01","rent":1714.550707},{"period":"2022-08-01","rent":1727.146468},{"period":"2022-09-01","rent":1721.811191},{"period":"2022-10-01","rent":1730.622416},{"period":"2022-11-01","rent":1739.675342},{"period":"2022-12-01","rent":1768.885169},{"period":"2023-01-01","rent":1765.400372},{"period":"2023-02-01","rent":1775.371594},{"period":"2023-03-01","rent":1764.473892},{"period":"2023-04-01","rent":1773.415096},{"period":"2023-05-01","rent":1764.293389},{"period":"2023-06-01","rent":1764.988287},{"period":"2023-07-01","rent":1755.401695},{"period":"2023-08-01","rent":1750.401736},{"period":"2023-09-01","rent":1753.253132},{"period":"2023-10-01","rent":1738.837077},{"period":"2023-11-01","rent":1743.960968},{"period":"2023-12-01","rent":1747.823058},{"period":"2024-01-01","rent":1775.882878},{"period":"2024-02-01","rent":1787.106881},{"period":"2024-03-01","rent":1783.034093},{"period":"2024-04-01","rent":1795.917005},{"period":"2024-05-01","rent":1806.641629},{"period":"2024-06-01","rent":1824.816574},{"period":"2024-07-01","rent":1822.743247},{"period":"2024-08-01","rent":1829.611718},{"period":"2024-09-01","rent":1820.834777},{"period":"2024-10-01","rent":1819.718978},{"period":"2024-11-01","rent":1824.506566},{"period":"2024-12-01","rent":1820.50373},{"period":"2025-01-01","rent":1814.786639},{"period":"2025-02-01","rent":1796.522291},{"period":"2025-03-01","rent":1813.279836},{"period":"2025-04-01","rent":1810.342657},{"period":"2025-05-01","rent":1824.195047},{"period":"2025-06-01","rent":1787.309531},{"period":"2025-07-01","rent":1789.319576},{"period":"2025-08-01","rent":1787.074769},{"period":"2025-09-01","rent":1795.151813},{"period":"2025-10-01","rent":1802.848279},{"period":"2025-11-01","rent":1797.529316},{"period":"2025-12-01","rent":1794.94518},{"period":"2026-01-01","rent":1788.433626},{"period":"2026-02-01","rent":1795.649949},{"period":"2026-03-01","rent":1787.783419},{"period":"2026-04-01","rent":1783.413811},{"period":"2026-05-01","rent":1770.987796},{"period":"2026-06-01","rent":1790.34269}],"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":1787.309531,"endRent":1790.34269,"change":0.001697052999153792,"cagr":0.001697052999153792},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1764.988287,"endRent":1790.34269,"change":0.014365196181044038,"cagr":0.0047656512172364884},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1479.970956,"endRent":1790.34269,"change":0.20971474659128386,"cagr":0.038811132082485766}},"maxDrawdown":-0.03204172853903875,"annualizedVolatility":0.0311819854413808,"consecutiveReturnCount":66}}