The latest rent signal in this ZIP is a deceleration rather than an outright fall. Zillow's ZIP-level Observed Rent Index (ZORI) was $1,805 in June 2026, up 1.03% from the same month a year earlier. This is a typical observed asking-rent index, blended across rental types, rather than the price of a specified vacant home. It therefore gives a broad current asking-rent reference, while leaving the actual bedroom count, condition, lease structure, included charges, and availability of any listing unresolved. Its blended construction cannot identify a stable price for one property, even when that property is being actively marketed. The small positive year-over-year movement is most useful when read beside the materially faster earlier annualized path and separate survey and administrative benchmarks below.
History shows why the one-year result deserves a cooling interpretation. Exact same-month annualized change was 1.03% over one year, 3.37% over three years, and 5.59% over five years through the June 2026 history endpoint. The recent direction still confirms positive rent movement, but it breaks from the longer path's progressively faster annualized pace. Annualized monthly-return variability was 2.33%, and the maximum drawdown was -2.30%; these backward-looking measurements mean confidence in a single current rent snapshot should be bounded rather than treating it as a precise property-level price. Coverage was 100%, supporting continuity of the historical comparison. Transparent national discovery ranks among history-eligible ZIPs were 1,443 for momentum, 446 for stability, and 740 for the balanced measure, where a lower rank is higher. These ranks and changes describe the record, not a forecast or investment recommendation.
The five-digit label 97402 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, so the match supports comparison but does not make the geographic universes identical. In the ACS 2024 five-year survey, median gross rent was $1,357. That is 33.0% below the current ZORI, but it is not a competing asking-rent quote: ACS measures occupied renter homes over five years and gross rent includes selected utilities. Neither source is designed to reproduce the other's leasing universe. The difference can reflect the sources' population, timing, and rent definitions; it cannot by itself establish a current-market change.
HUD provides another separate universe. Its fiscal-year 2026 local bedroom ladder is an administrative, bedroom-specific FMR/SAFMR standard, not asking rent. Scaling ZIP ZORI by that ladder produces modelled monthly ZIP estimates of $1,308 for a studio, $1,375 for one bedroom, $1,805 for two bedrooms, $2,511 for three bedrooms, and $3,028 for four bedrooms. Underlying HUD standards are $1,223, $1,286, $1,688, $2,348, and $2,832 in the same bedroom order. These are modelled estimates, never measured bedroom rents; the two-bedroom result matches the direct index because the ladder-scaling construction anchors it there, not because a measured two-bedroom asking-rent series was observed.
Affordability arithmetic makes the index-to-income tension visible without judging any applicant. ACS ZCTA median household income was $57,658. Annualizing the Zillow index and applying the 30% screen produces required income of $72,200; equivalently, the current asking-rent index is 37.6% of that median household income. This required-income screen is arithmetic, not advice or an applicant qualification rule, and the all-household income median is not a renter-income measure. Separately, ACS estimates that 6,174 renter households, or 55.4%, paid at least 30% of income toward rent. That burden measure describes surveyed occupied renter households, not a particular unit or a particular household's current payment.
Housing-stock evidence is an ACS ZCTA five-year survey estimate rather than a live inventory. Of 23,691 housing units, 13,497 were single-family units and 1,048 were in large multifamily structures. The total vacancy rate was 4.6%, and neither this aggregate rate nor a vacancy classification proves that a particular unit is advertised, habitable, appropriately sized, or available on a chosen date. Structure categories describe stock composition recorded by the survey, not the turnover or condition of that stock. For wider context only, the Eugene city-context rent was $1,842, the Lane County context rent was $1,789, and the Eugene-Springfield, OR metro-context rent was $1,789. Those city, county, and metro figures frame the ZIP reading but do not replace ZIP-level evidence or establish conditions within an individual property.
Taken together, the packet supports a broad comparison, not a unit valuation. ZORI tracks typical observed asking rent across blended rental types; ACS tracks surveyed occupied homes with selected utilities; and HUD supplies an administrative standard. None reports exact net effective rent, concessions, or total recurring cost for a particular listing. A property-level review can record advertised base rent, bedroom and bathroom configuration, lease term, utility treatment, required recurring fees, deposits and move-in charges, concessions, availability date, and any eligibility or rent restrictions. It can also distinguish a still-marketed listing from an actually available unit. Backward-looking history supplies context for the present index but cannot determine the next reading. Does the property-specific all-in offer resemble the broad index after those terms are verified?