ZIP 40475 poses a narrow comparison question: how should a current blended asking-rent signal be read alongside survey and administrative benchmarks that measure different things? The five-digit label is both Zillow’s ZIP market identifier and the match used for the Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In June 2026, Zillow’s ZORI is $1,188 per month, up 2.87% year over year. ZORI is a typical observed asking-rent index blended across rental types, so it is a market-level benchmark rather than a quotation for an available home. The decision question is how to use that current index without recasting it as a lease offer, a property average, or a bedroom-specific observation.
The matched ZCTA’s ACS 2024 five-year median gross rent is $911, with a reported margin of error of $28. This survey describes occupied renter homes and its gross-rent concept includes selected utilities; it is not a current asking-rent series. ZORI is 30.4% above that ACS median, which highlights a difference in definition and timing rather than a premium that every household or property receives. Separately, the FY2026 local HUD two-bedroom FMR is $866. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent, and the ZORI is 37.2% above this standard. These series should remain parallel benchmarks, not inputs to a blended local rent.
Bedroom presentation is best used as a scaling device, not as a measurement claim. The modelled monthly ZIP estimates, created by scaling ZIP ZORI with the local HUD ladder, are $849 for a studio, $1,077 for one bedroom, $1,188 for two bedrooms, $1,545 for three bedrooms, and $1,727 for four bedrooms. The two-bedroom modelled value aligns with the ZORI anchor by construction, rather than from an observed two-bedroom sample. The underlying HUD two-bedroom standard is $866, and the ladder supplies the relative bedroom steps that generate the other values. Every amount in this series is a modelled estimate, never a measured bedroom rent; it cannot establish what a particular listing charges, includes, or has available.
Income and renter composition add a household-level screen without converting the index into a qualification test. The ZCTA’s median household income is $63,050, with a reported margin of error of $3,751. Annualizing the ZIP ZORI and comparing it with that median produces a 22.6% asking-rent-to-income ratio. At a 30% screen, the $1,188 monthly index corresponds arithmetically to $47,520 in required annual income. That required-income screen is arithmetic, not advice or an applicant qualification rule. Renter-occupied homes total 11,026, or 42.1% of occupied homes. The ACS burden estimate records 4,695 renter households at or above the threshold, equal to 42.6% of renter households. This describes the surveyed renter population and cannot establish a present or future payment burden for the tenant of any particular unit.
Housing-stock counts set useful boundaries on availability interpretations. The ZCTA has 26,169 occupied housing units and 2,235 vacant units, yielding a 7.9% vacancy rate. Within the reported vacant categories, 521 are for rent, 169 are for sale, and 87 are seasonal. These classifications describe the survey’s vacancy composition, not the number of units that can actually be leased at a stated rent or on a particular date. The physical stock includes 17,177 single-family units and 889 large multifamily units. Structure counts and vacant categories do not report condition, lease terms, utilities, or asking prices, and they should not be used to infer availability or rental performance for an individual property.
For broader context, the Richmond city context rent is $1,187.55, the Madison County context rent is $1,156, and the Richmond-Berea, KY metro context rent is $1,153; all three are wider-scope comparators, not revisions to ZIP ZORI. Across additional context measures, the Richmond city context renter share is 61.7%, while the Madison County context renter share is 38.0%. The city, county, and metro figures summarize different geographic scopes from the ZIP ZCTA and therefore offer orientation only. They should not be averaged with the ZIP index, ACS survey values, or HUD standard, even when the context rents appear close to the ZIP figure.
Important limits remain. ZORI does not provide a distribution of listings or a property-level rent; ACS is a multi-year survey of occupied homes; and HUD establishes administrative standards rather than observed asks. The stated Zillow, ACS, and HUD periods do not align perfectly, and the supplied ACS margins of error should remain visible when using survey estimates. At the property level, confirm the address’s ZIP and ZCTA mapping, the current advertised monthly asking rent, bedroom count, lease term, and which utilities are included. Check whether the unit is currently available and whether its stated terms match the comparison being made. No index, survey burden figure, vacancy category, or modelled bedroom estimate can substitute for those unit-specific facts.