Section 8 Fair Market Rent (FMR) for ZIP 93215 - 2027

Investment Score for ZIP 93215

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,150
1 Bedroom	$1,160
2 Bedrooms	$1,510
3 Bedrooms	$2,090
4 Bedrooms	$2,520
5 Bedrooms	$2,923
6 Bedrooms	$3,274
7 Bedrooms	$3,536
8 Bedrooms	$3,713

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,510	$238,090	0.63%	D
3BR	$2,090	$317,706	0.66%	D
4BR	$2,520	$366,526	0.69%	D
5BR	$2,923	$410,916	0.71%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 93215 (Delano, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 93215 in Delano, California, as of 2026, indicate that the rent for a two-bedroom unit is set at $1350 per month. This figure represents 24.5% of the median household income in the area, which is $66,204. However, the actual rental market for a two-bedroom unit, according to Zillow, has a median price of $236,701, which translates to a monthly rent of approximately $1973 based on typical mortgage payments and property management costs. The disparity between the FMR ($1350) and the actual median rent ($1973) means that tenants using Section 8 vouchers would likely struggle to find units that accept their vouchers due to the high cost of renting in the area. The price-to-FMR ratio of 14.6x suggests that the market is significantly above the FMR levels, creating a substantial gap for voucher holders. #### Affordability & Renter Profile With a population of 54,556, Delano has a significant number of renters, accounting for 39.5% of the total housing units. Given the median household income of $66,204, the affordability of housing becomes a critical issue. A two-bedroom unit at the Zillow median price of $236,701 would require a monthly payment of around $1973, which is 29.8% of the median household income. This makes it challenging for many residents to afford housing without financial assistance. The occupancy rate of 95.6% indicates a relatively tight market, where most available units are occupied, suggesting limited supply and potentially higher competition among renters. #### Investor Angle From an investor perspective, the ZIP code 93215 offers mixed potential. The FMR for a two-bedroom unit is $1350, but the actual median rent is $1973, indicating a significant premium over the FMR. For investors focusing on Section 8 properties, the cash flow would be constrained by the lower FMR rates. To determine if the ZIP code is cash-flow positive at FMR, we need to consider the typical expenses associated with property ownership. Assuming a mortgage payment of $1350 (equal to the FMR), property taxes, insurance, maintenance, and other expenses would need to be covered. Property taxes in Kern County average about 1.1% of the home value, so for a $236,701 property, the annual tax would be approximately $2,604, or $217 per month. Insurance and maintenance costs can vary widely but typically add another $100-$200 per month. Therefore, the total monthly expenses could range from $1667 to $1767, which exceeds the FMR of $1350. This suggests that the investment grade for Section 8-focused properties in this ZIP code is low, as the cash flow would be negative without additional subsidies or higher rents. #### Specific Actionable Insights 1. **Target Higher Rent Units**: Investors should focus on units that can command higher rents, such as three-bedroom or four-bedroom homes, where the FMR is $1880 and $2260 respectively. These units are closer to the actual market rates and may offer better cash flow opportunities. 2. **Consider Subsidies Beyond Section 8**: Given the high cost of living and the significant gap between FMR and actual rents, investors might want to explore other government programs or subsidies that provide higher rental assistance. This could include state-specific housing assistance programs or special grants aimed at low-income areas. 3. **Evaluate Location-Specific Factors**: Delano’s location within Kern County, a region known for agricultural work, means that there is a steady demand for affordable housing. Investors should look into neighborhoods with higher concentrations of agricultural workers who might benefit from Section 8 vouchers and other forms of assistance. #### Bottom Line For Section 8-focused investors, the ZIP code 93215 presents a challenging environment due to the significant gap between FMR and actual market rents. The cash flow is likely to be negative unless the investor can secure units that command higher rents or find additional subsidies beyond the standard Section 8 program. Based on the provided data, the recommendation for this ZIP code is to **Skip** unless the investor is willing to take on the risk of negative cash flow or has access to alternative funding sources. The tight market and high rent-to-income ratios make it difficult to achieve positive returns solely through Section 8 vouchers.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.