In June 2026, Zillow’s Observed Rent Index (ZORI) for 98122 was $2,059 per month, a typical observed asking-rent index blended across rental types. The latest same-month, one-year change was a 0.82% increase, while the exact same-month annualized changes were 1.25% over three years and 3.27% over five years. Thus, the recent direction remains upward but is materially slower than the longer path; it confirms an increase, yet breaks from the earlier pace rather than extending it. The label is both Zillow’s ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area used for tabulation, not the same thing as a USPS delivery ZIP.
The history is complete across its available window, with 100% coverage. Annualized volatility of monthly returns was 2.99%, but the maximum drawdown was -14.77%, showing that a positive end-point reading has occurred alongside meaningful historical declines. This backward-looking history is neither a forecast nor an investment recommendation. The transparent national discovery ranks among history-eligible ZIPs were 1,993 for momentum, 1,617 for stability, and 2,117 for the balanced measure, where a lower rank is higher. These ranks organize past observations rather than estimate future rent. The combination of slower recent gains, recorded return variability, and a prior drawdown means a current rent snapshot deserves measured, not absolute, confidence.
Different rental universes explain why nearby figures should not be treated as interchangeable. The matched Census ZCTA’s ACS 2024 five-year survey reports a $1,991 median gross rent for occupied renter homes; it includes selected utilities and is a survey median, not a current asking-rent measure. The Zillow index is 3.4% higher, a limited cross-source comparison rather than a price difference for a given unit. The FY2026 HUD two-bedroom FMR/SAFMR standard is $2,501, placing the ZIP asking index at 82.3% of that administrative benchmark. HUD’s bedroom-specific FMR/SAFMR is not asking rent, and neither the ACS figure nor HUD standard substitutes for observed listing terms.
The bedroom view is deliberately modelled, not a set of measured bedroom rents. It scales the ZIP ZORI using the local HUD ladder, yielding modelled monthly estimates of $1,707 for a studio, $1,767 for one bedroom, $2,059 for two bedrooms, $2,694 for three bedrooms, and $3,167 for four bedrooms. The midpoint aligns with the all-rental-type Zillow index because the two-bedroom position is the scaling anchor, not because it documents a typical two-bedroom listing. The local HUD ladder supplies the relative size pattern behind these estimates, while the HUD FMR/SAFMR itself remains an administrative standard. Differences in condition, lease terms, utility treatment, and inventory composition are outside this model.
The affordability tension is more visible in a screen than in the area median alone. Applying a 30% rent-to-income screen to the current index produces required annual income of $82,360. That is arithmetic based on the index, not advice and not an applicant qualification rule. The ZCTA’s ACS median household income is $106,886, making the annualized asking index equivalent to 23.1% of that broad household median; it does not describe any renter household’s income or lease. In the ACS renter universe, 43.5% of renter households are rent burdened at 30% or more of income. This burden statistic identifies a surveyed population pattern and cannot establish what any specific household can pay or prove a particular unit affordable.
Housing composition gives the burden and asking-rent readings a setting without turning either into a listing-level conclusion. The ZCTA has a 6.8% vacancy rate and a 71.6% renter share, while its reported large-multifamily count of 14,329 exceeds its single-family count of 6,711. Those aggregates describe stock and occupancy categories, not the availability, price, or condition of a particular apartment or house. For wider Zillow asking-rent context, Seattle city is about $2,224, King County is $2,330, and the Seattle-Tacoma-Bellevue, WA metro is $2,269; city, county, and metro values are wider-area comparators only. The ZIP’s current index is below each of these differently scoped benchmarks, without showing why.
The dates and scopes set the limits of the evidence: the current index is a ZIP-level asking-rent signal, the ACS is a five-year ZCTA survey of occupied homes, and HUD is an administrative annual standard. None identifies the contract terms or physical characteristics of an advertised unit. Concrete property-level checks should compare the advertised rent and listing date with the relevant modelled bedroom estimate; confirm the bedroom count, lease length, included utilities, recurring charges, concessions, and whether the unit remains available; and distinguish the asking price from a signed rent. They also should verify the listing’s actual delivery address because ZCTA geography is statistical. Does the specific listing match those terms closely enough for the ZIP-level evidence to be informative?
","findings":[{"body":"Zillow’s June 2026 ZIP index remains above its prior same-month level, but its one-year gain trails the annualized three- and five-year rates. Complete historical coverage, a prior drawdown, and recorded monthly-return variability support a reading of deceleration within an upward record, not a simple continuation. These historical measurements describe past observations only and do not forecast rent.","title":"Long-run growth, short-run deceleration"},{"body":"The studio-through-four-bedroom figures are modelled monthly estimates that use the local HUD ladder to scale the ZIP-wide Zillow index. They are not observed or measured bedroom rents. Their usefulness is comparative: they preserve the local HUD bedroom pattern while retaining the ZIP’s overall asking-rent level. A listing can depart from the model because its actual terms and characteristics are not inputs.","title":"The bedroom sequence is a scaling model"},{"body":"The required-income calculation applies a 30 percent arithmetic screen to the ZIP index; it is neither a recommendation nor an eligibility decision. The ACS burden share is a population result for surveyed renter households. Together, those figures signal that area-level affordability measures need household-specific income, unit price, and contract detail before they can describe an individual rental situation.","title":"Affordability needs a source-aware reading"},{"body":"Seattle city, King County, and Seattle-Tacoma-Bellevue metro figures provide named wider-area context, while the ZIP has its own renter share, vacancy rate, and structure mix. None can prove current availability or price for one unit. The most concrete next evidence is property-level: listing status, bedroom count, advertised terms, utilities, charges, concessions, and delivery address.","title":"Context is wider and unit questions remain"}],"risks":["Zillow’s current ZIP index is blended across rental types and cannot identify the rent, condition, utilities, concessions, availability, or lease structure of a particular advertised home.","ACS estimates are five-year survey results for a statistical ZCTA and may not align with current listings, household circumstances, or USPS delivery boundaries for a specific address.","HUD FMR/SAFMR values are administrative bedroom-specific standards, whether ZIP-specific or county-derived, and are not evidence of the asking rent, signed rent, or availability of a unit.","Historical coverage and rankings strengthen documentation of past observations, but volatility and maximum drawdown demonstrate that a single current index level does not settle future movement."],"qa":[{"a":"ACS reports median gross rent from a five-year survey of occupied renter homes in the matched ZCTA and includes selected utilities. Zillow ZORI is a current ZIP-level typical observed asking-rent index blended across rental types. Different periods, sampled populations, utility treatment, and measurement purposes mean the two values answer related but not identical questions.","q":"Why does the ACS rent differ from Zillow’s figure?"},{"a":"Each bedroom figure starts with the ZIP Zillow index and applies the relative pattern of the local HUD bedroom ladder. The result is a modelled monthly estimate, not a measured rent from listings for that bedroom count. HUD itself is an administrative FMR/SAFMR standard, so neither layer establishes a unit’s advertised or signed rent.","q":"Are the bedroom estimates measured rents for available units?"},{"a":"The stated income figure divides annualized ZIP index rent by 30 percent. It is a transparent arithmetic screen intended to show the income associated with that share; it does not assess credit, assets, household size, subsidies, debt, eligibility, or a landlord’s actual qualification rules. ACS median income and burden data are broad population context, not applicant facts.","q":"Does the required-income screen determine renter eligibility?"},{"a":"Historical Zillow measures record earlier same-month changes, monthly-return variability, drawdown, coverage, and discovery ranks, so they frame the reliability of a current snapshot rather than predict the next movement. Seattle city, King County, and metro figures are similarly wider context. Unit evaluation requires comparing current listing terms and the actual address with the relevant ZIP evidence.","q":"How should the historical results and wider comparisons be interpreted?"}],"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":"2015-12-01","rent":1551.469473},{"period":"2016-01-01","rent":1562.355235},{"period":"2016-02-01","rent":1579.815543},{"period":"2016-03-01","rent":1611.945736},{"period":"2016-04-01","rent":1610.475624},{"period":"2016-05-01","rent":1621.171034},{"period":"2016-06-01","rent":1648.920463},{"period":"2016-07-01","rent":1663.9126},{"period":"2016-08-01","rent":1657.735168},{"period":"2016-09-01","rent":1635.849136},{"period":"2016-10-01","rent":1647.257323},{"period":"2016-11-01","rent":1654.206407},{"period":"2016-12-01","rent":1689.869246},{"period":"2017-01-01","rent":1681.162457},{"period":"2017-02-01","rent":1694.513783},{"period":"2017-03-01","rent":1705.541869},{"period":"2017-04-01","rent":1733.297205},{"period":"2017-05-01","rent":1752.216215},{"period":"2017-06-01","rent":1749.721243},{"period":"2017-07-01","rent":1754.443979},{"period":"2017-08-01","rent":1762.132606},{"period":"2017-09-01","rent":1776.78405},{"period":"2017-10-01","rent":1787.362647},{"period":"2017-11-01","rent":1785.304389},{"period":"2017-12-01","rent":1781.040762},{"period":"2018-01-01","rent":1773.860639},{"period":"2018-02-01","rent":1772.367092},{"period":"2018-03-01","rent":1774.486468},{"period":"2018-04-01","rent":1781.601457},{"period":"2018-05-01","rent":1785.320503},{"period":"2018-06-01","rent":1794.694459},{"period":"2018-07-01","rent":1789.924037},{"period":"2018-08-01","rent":1792.270315},{"period":"2018-09-01","rent":1787.238947},{"period":"2018-10-01","rent":1780.195759},{"period":"2018-11-01","rent":1786.003046},{"period":"2018-12-01","rent":1795.161503},{"period":"2019-01-01","rent":1814.626723},{"period":"2019-02-01","rent":1822.276892},{"period":"2019-03-01","rent":1821.110572},{"period":"2019-04-01","rent":1815.142569},{"period":"2019-05-01","rent":1814.655818},{"period":"2019-06-01","rent":1816.538917},{"period":"2019-07-01","rent":1828.316546},{"period":"2019-08-01","rent":1838.222697},{"period":"2019-09-01","rent":1853.501542},{"period":"2019-10-01","rent":1865.801643},{"period":"2019-11-01","rent":1875.039894},{"period":"2019-12-01","rent":1878.382221},{"period":"2020-01-01","rent":1883.387743},{"period":"2020-02-01","rent":1890.674676},{"period":"2020-03-01","rent":1906.066286},{"period":"2020-04-01","rent":1892.830219},{"period":"2020-05-01","rent":1874.874231},{"period":"2020-06-01","rent":1846.160986},{"period":"2020-07-01","rent":1814.096497},{"period":"2020-08-01","rent":1777.161938},{"period":"2020-09-01","rent":1742.714761},{"period":"2020-10-01","rent":1710.578359},{"period":"2020-11-01","rent":1668.277852},{"period":"2020-12-01","rent":1637.392984},{"period":"2021-01-01","rent":1624.612954},{"period":"2021-02-01","rent":1635.341052},{"period":"2021-03-01","rent":1650.967876},{"period":"2021-04-01","rent":1674.521788},{"period":"2021-05-01","rent":1706.72026},{"period":"2021-06-01","rent":1753.105384},{"period":"2021-07-01","rent":1798.485955},{"period":"2021-08-01","rent":1839.24418},{"period":"2021-09-01","rent":1871.739524},{"period":"2021-10-01","rent":1898.322189},{"period":"2021-11-01","rent":1927.380164},{"period":"2021-12-01","rent":1953.152065},{"period":"2022-01-01","rent":1961.898004},{"period":"2022-02-01","rent":1961.179535},{"period":"2022-03-01","rent":1956.46},{"period":"2022-04-01","rent":1963.826979},{"period":"2022-05-01","rent":1974.579487},{"period":"2022-06-01","rent":1978.465982},{"period":"2022-07-01","rent":1985.534924},{"period":"2022-08-01","rent":1990.552368},{"period":"2022-09-01","rent":1989.933628},{"period":"2022-10-01","rent":1991.311156},{"period":"2022-11-01","rent":1989.464674},{"period":"2022-12-01","rent":1996.161199},{"period":"2023-01-01","rent":1995.330716},{"period":"2023-02-01","rent":1998.101807},{"period":"2023-03-01","rent":2003.700994},{"period":"2023-04-01","rent":2000.602624},{"period":"2023-05-01","rent":1994.799318},{"period":"2023-06-01","rent":1983.409596},{"period":"2023-07-01","rent":1976.136794},{"period":"2023-08-01","rent":1971.349462},{"period":"2023-09-01","rent":1978.990825},{"period":"2023-10-01","rent":1980.891349},{"period":"2023-11-01","rent":1987.308471},{"period":"2023-12-01","rent":1980.071241},{"period":"2024-01-01","rent":1995.322916},{"period":"2024-02-01","rent":2003.643295},{"period":"2024-03-01","rent":2017.198197},{"period":"2024-04-01","rent":2016.754171},{"period":"2024-05-01","rent":2008.506706},{"period":"2024-06-01","rent":2004.309451},{"period":"2024-07-01","rent":1994.00239},{"period":"2024-08-01","rent":1995.684618},{"period":"2024-09-01","rent":1991.850317},{"period":"2024-10-01","rent":1992.803429},{"period":"2024-11-01","rent":1994.04017},{"period":"2024-12-01","rent":2003.102792},{"period":"2025-01-01","rent":2016.25741},{"period":"2025-02-01","rent":2026.416803},{"period":"2025-03-01","rent":2027.399984},{"period":"2025-04-01","rent":2031.218364},{"period":"2025-05-01","rent":2032.949665},{"period":"2025-06-01","rent":2042.203908},{"period":"2025-07-01","rent":2058.344378},{"period":"2025-08-01","rent":2064.00098},{"period":"2025-09-01","rent":2068.731992},{"period":"2025-10-01","rent":2071.895285},{"period":"2025-11-01","rent":2072.800254},{"period":"2025-12-01","rent":2072.485205},{"period":"2026-01-01","rent":2059.988689},{"period":"2026-02-01","rent":2052.824804},{"period":"2026-03-01","rent":2049.522487},{"period":"2026-04-01","rent":2051.655175},{"period":"2026-05-01","rent":2058.852813},{"period":"2026-06-01","rent":2058.937733}],"historySummary":{"pointCount":127,"firstPeriod":"2015-12-01","latestPeriod":"2026-06-01","coverageMonths":127,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":2042.203908,"endRent":2058.937733,"change":0.00819400302508888,"cagr":0.00819400302508888},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1983.409596,"endRent":2058.937733,"change":0.03807994937219217,"cagr":0.012535520573798697},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1753.105384,"endRent":2058.937733,"change":0.17445177671076073,"cagr":0.03268302404457546}},"maxDrawdown":-0.14766188042213768,"annualizedVolatility":0.029938596185460162,"consecutiveReturnCount":126}}