ZIP 89014 presents an affordability tension rather than a single clean rent signal. Zillow’s June 2026 ZORI is $1,468 per month. A 30% required-income screen on that index equals $58,720 annually, below the matched ZCTA’s $73,284 median household income and yielding a 24.0% asking-rent-to-income screen. It is arithmetic, not advice or an applicant qualification rule. Yet ACS counts 4,650 of 8,059 occupied renter households, or 57.7%, as paying at least that threshold for gross rent. This difference makes it unsafe to treat the current index as a broad statement about experienced renter affordability: current asking rents and the costs reported by occupied households answer different questions.
That five-digit label is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area, not identical to a USPS delivery ZIP. Zillow’s ZORI is a typical observed asking-rent index blended across rental types. The ACS 2024 five-year result of $1,700 is instead median gross rent for occupied renter homes and includes selected utilities. HUD’s FY 2026 two-bedroom Fair Market Rent standard of $1,735 is an administrative, bedroom-specific benchmark, not an asking rent. These distinct universes explain why their dollar levels can diverge without establishing an error or a rent quote for any particular home.
To create a bedroom view, the local HUD ladder scales—not measures—the ZIP ZORI. The resulting modelled monthly estimates are $1,128 for a studio, $1,251 for one bedroom, $1,468 for two bedrooms, $2,042 for three bedrooms, and $2,339 for four bedrooms. They preserve the local HUD bedroom relationship while anchoring the ladder to the ZIP’s all-type asking-rent index. They are modelled estimates, never measured bedroom rents, and should not be substituted for unit-level asking rents, leases, or completed rental transactions. In particular, the comparison does not establish that a currently available apartment of a stated size can be rented at the displayed amount.
The direct Zillow ZIP history places the current read in a cooling sequence. At the stated endpoint, exact same-month ZORI changes are -2.60% over one year, -0.29% annualized over three years, and +1.57% annualized over five years. Annualized monthly-return variability is 2.95%, maximum drawdown is -5.35%, and history coverage is 100%. Thus, recent declines align with the shorter three-year direction but break from the positive five-year path. The variation and drawdown argue for limited confidence in any one current rent snapshot, even with complete coverage. These are backward-looking observations, not forecasts, investment recommendations, or claims about the next lease.
The transparent national discovery ranks, among history-eligible ZIPs and with lower ranks placing higher, are 2,764 for momentum, 1,536 for stability, and 2,628 for the balanced measure. They are descriptive sorting tools, not forecasts. For wider context only, the Henderson city context asking-rent value is $1,826, the Clark County context asking-rent value is $1,748, and the Las Vegas-Henderson-Paradise, NV metro context asking-rent value is $1,748; each comparison is named at its broader scope rather than treated as a ZIP rental comp. The ZIP index sits below those context values, a level comparison that does not reconcile the source differences described above.
Stock data add a separate, survey-based backdrop. The matched ZCTA has 18,129 housing units, with 17,088 occupied and 1,041 vacant, a 5.7% vacancy rate. Its 8,059 renter-occupied homes represent a 47.2% renter share of occupied homes, and 462 units are classified vacant for rent. These counts do not identify a current advertised unit or prove vacancy at a particular property; survey vacancy classifications and rental listings are different evidence. They also reflect an area-wide survey estimate rather than a current census of units being offered to renters. The renter share is above the city and county context shares, but it does not determine a household’s rent burden, lease terms, or ability to locate a suitable home.
Redfin supplies a direct rolling-three-month ZIP resale observation, not rental transactions. Its median sold price is $404,908, down 6.6% year over year; 118 homes sold, with median marketing time of 53 days. The for-sale inventory count is 161 homes and months of supply is 4.1. Average sale-to-list is 98.2%, while 13.1% sold above list and 26.8% went off market within two weeks. These sale, listing, and marketing indicators describe resale liquidity and seller-buyer conditions only. They cannot be used as rental comps, nor do they report income, operating costs, or the terms of any lease.
The $4.35% annualized-ZORI-to-median-price figure is solely a cross-source screening ratio linking Zillow’s index to Redfin’s ZIP median sold price; it is not a property-level economic measure. The concurrent resale-price decline and recent ZORI cooling confirm directional softening across two separate series, while the burden result challenges a simple affordability interpretation. Important limits remain: ACS is a multi-year survey, HUD is a standard, and resale results are not leases. For a property-level decision, check its live asking rent, bedroom count, included utilities, lease duration, actual availability, listing status, and directly relevant sale terms before extending any ZIP-wide signal to that property. Nor does any series identify a unit’s physical condition, service obligations, or the timing of an executed agreement. Do those checks support that extension?