Why US rent benchmarks disagree across the same metro
How does Zillow's observed market rent compare with HUD one- and two-bedroom FMR, Census ACS gross rent and Realtor asking rent?
A metro can carry several legitimate rent figures because each source measures a different housing universe. This study keeps all four comparisons separate, shows their coverage and identifies where substituting one definition for another creates the largest distortion.
- Complete metro set
- 696 direct ZORI, both HUD bedrooms and ACS
- Median ZORI / HUD 2BR
- 1.1x complete 696-metro overlap
- Median ZORI / ACS
- 1.3x current index versus five-year survey
- Realtor numeric coverage
- 46 / 50 four report markets are source n/a
One metro can carry several legitimate rent numbers
The complete intersection contains 696 metros. Median Zillow ZORI is 1.4x the HUD one-bedroom FMR, 1.1x the HUD two-bedroom FMR and 1.3x ACS median gross rent. These ratios are separate pairwise comparisons. Their differences reflect bedroom scope, occupied-versus-advertised stock, utilities treatment and release timing—not four votes that should be averaged.
Realtor names 50 large markets in its report: 46 carry a numeric asking rent and 4 are source n/a. Across only those numeric overlaps, the median ZORI-to-Realtor ratio is 1.2x. The other 646 metros are outside that finite report; they are not missing values to be estimated.
A benchmark earns trust by answering a named question—not by agreeing with every other source.
The widest available proportional gap appears in Hailey, ID, where ZORI is 3.6x the HUD 1BR FMR, a monthly difference of $2,269. This is a substitution-risk flag, not an accuracy ranking. Open the benchmark-gap explorer to change lenses without changing the source definitions, then use ZIP-, bedroom- and property-level evidence for an actual deal.
How each benchmark sits relative to Zillow ZORI
Each row shows the 10th–90th percentile range, middle 50% and median for one independent overlap.
The first 24 rows, with a path to the underlying market
| Gap rank | Metro | Zillow ZORI | HUD 1BR | HUD 2BR | ACS gross rent | Realtor asking | Widest available gap | Open |
|---|---|---|---|---|---|---|---|---|
| 1 | Hailey, IDZORI 2026-06-30 | $3,157 | $888 | $1,071 | $1,282 | outside report | HUD 1BR FMR3.56x · $2,269 | Open lens |
| 2 | Jackson, WYZORI 2026-06-30 | $3,475 | $1,202 | $1,488 | $1,745 | outside report | HUD 1BR FMR2.89x · $2,274 | Open lens |
| 3 | Kapaa, HIZORI 2026-06-30 | $5,102 | $1,777 | $2,332 | $1,870 | outside report | HUD 1BR FMR2.87x · $3,325 | Open lens |
| 4 | Taos, NMZORI 2026-06-30 | $2,928 | $1,072 | $1,279 | $1,034 | outside report | ACS gross rent2.83x · $1,894 | Open lens |
| 5 | Albertville, ALZORI 2026-06-30 | $1,501 | $591 | $776 | $795 | outside report | HUD 1BR FMR2.54x · $910 | Open lens |
| 6 | Albemarle, NCZORI 2026-06-30 | $1,775 | $705 | $925 | $861 | outside report | HUD 1BR FMR2.52x · $1,070 | Open lens |
| 7 | Oxford, MSZORI 2026-06-30 | $2,108 | $863 | $1,043 | $1,025 | outside report | HUD 1BR FMR2.44x · $1,246 | Open lens |
| 8 | Montrose, COZORI 2026-06-30 | $2,093 | $890 | $1,168 | $1,188 | outside report | HUD 1BR FMR2.35x · $1,203 | Open lens |
| 9 | Steamboat Springs, COZORI 2026-06-30 | $3,199 | $1,366 | $1,593 | $1,568 | outside report | HUD 1BR FMR2.34x · $1,833 | Open lens |
| 10 | Breckenridge, COZORI 2026-06-30 | $3,337 | $1,452 | $1,905 | $1,857 | outside report | HUD 1BR FMR2.30x · $1,885 | Open lens |
| 11 | Boone, NCZORI 2026-06-30 | $2,175 | $988 | $1,177 | $1,127 | outside report | HUD 1BR FMR2.20x · $1,187 | Open lens |
| 12 | Seneca, SCZORI 2026-06-30 | $1,550 | $717 | $941 | $881 | outside report | HUD 1BR FMR2.16x · $833 | Open lens |
| 13 | Houghton, MIZORI 2026-06-30 | $1,769 | $825 | $973 | $835 | outside report | HUD 1BR FMR2.15x · $945 | Open lens |
| 14 | Clewiston, FLZORI 2026-06-30 | $2,108 | $1,097 | $1,262 | $985 | outside report | ACS gross rent2.14x · $1,123 | Open lens |
| 15 | Sault Ste. Marie, MIZORI 2026-06-30 | $1,700 | $823 | $1,066 | $797 | outside report | ACS gross rent2.13x · $903 | Open lens |
| 16 | Gardnerville Ranchos, NVZORI 2026-06-30 | $2,618 | $1,228 | $1,567 | $1,592 | outside report | HUD 1BR FMR2.13x · $1,390 | Open lens |
| 17 | Mount Pleasant, TXZORI 2026-06-30 | $1,641 | $778 | $973 | $872 | outside report | HUD 1BR FMR2.11x · $863 | Open lens |
| 18 | Lewisburg, TNZORI 2026-06-30 | $1,672 | $793 | $1,041 | $946 | outside report | HUD 1BR FMR2.11x · $879 | Open lens |
| 19 | Jacksonville, TXZORI 2026-06-30 | $1,580 | $756 | $984 | $933 | outside report | HUD 1BR FMR2.09x · $824 | Open lens |
| 20 | Bend, ORZORI 2026-06-30 | $2,205 | $1,056 | $1,385 | $1,697 | outside report | HUD 1BR FMR2.09x · $1,149 | Open lens |
| 21 | Marion, NCZORI 2026-06-30 | $1,648 | $790 | $925 | $806 | outside report | HUD 1BR FMR2.09x · $858 | Open lens |
| 22 | Cookeville, TNZORI 2026-06-30 | $1,554 | $749 | $959 | $885 | outside report | HUD 1BR FMR2.07x · $805 | Open lens |
| 23 | Cullman, ALZORI 2026-06-30 | $1,389 | $670 | $879 | $908 | outside report | HUD 1BR FMR2.07x · $719 | Open lens |
| 24 | Sandpoint, IDZORI 2026-06-30 | $1,982 | $958 | $1,257 | $1,122 | outside report | HUD 1BR FMR2.07x · $1,024 | Open lens |
The visible table is intentionally limited for reading. The CSV contains every row that passes the printed inclusion rule.
Inclusion first, interpretation second.
Include every RentMarker metro with direct Zillow ZORI, HUD one-bedroom FMR, HUD two-bedroom FMR and ACS median gross rent observations. Attach Realtor asking rent only for the 50 named report markets and retain its four source NAs. Classify the existing ZORI/HUD 2BR relationship with the published 0.90–1.10 band, then rank by the largest absolute proportional gap between ZORI and any available comparison lens.
Methodology version: v13Method
- For each source, the ratio divides current Zillow ZORI by that source's monthly benchmark; the dollar gap subtracts the benchmark from ZORI.
- Source distributions use the complete direct overlap for that pair: 696 metros for HUD and ACS, and only numeric Realtor report rows for Realtor.
- The ten-percent HUD 2BR bands are descriptive boundaries; no source is averaged, normalized into a consensus or declared universally correct.
Counter-signals
- HUD FMR includes a tenant-paid utilities allowance and is bedroom-specific; ZORI is a smoothed market index across bedroom counts.
- ACS gross rent is a five-year survey estimate for occupied units, while Realtor covers advertised studio, one- and two-bedroom listings in 50 named markets.
- A wide gap can reflect bedroom mix, covered stock, timing or program design; it does not prove that one source is erroneous.
Limitations
- These are metro-level observations and cannot replace property comps, a ZIP-level SAFMR, local housing-authority rules or a unit inspection.
- Release periods and housing universes differ; the study deliberately does not force identical unit composition or timing.
- Realtor coverage is a finite large-market report, so its 46 numeric overlaps must not be generalized to the other 650 metros.
Every input release used by this study
Release and retrieval dates stay visible so a reader can tell whether two measures describe the same moment.