Section 8 Fair Market Rent (FMR) for ZIP 93249 - 2027
Location: Bakersfield-Delano, CA | Metro: Bakersfield-Delano, CA MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,020 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$46,646
Housing Authorities Serving ZIP 93249
A skeptical investor considering ZIP 93249 might have several concerns regarding the feasibility of investing in properties under the Section 8 program. Let's address these concerns with the available data.
- Will FMR $1030 (zip FY 2024) cover the mortgage on a $274,454 home? The Fair Market Rent (FMR) of $1030 per month does not directly cover the mortgage payment on a home valued at $274,454. To provide a clearer picture, we need to calculate the expected monthly mortgage payment. Assuming a typical mortgage rate of around 4% and a 30-year term, the monthly principal and interest payment would be approximately $1,350. This amount exceeds the FMR by over $300, indicating that relying solely on FMR would not suffice to cover the mortgage. However, it's important to note that property taxes and insurance can also be covered by the program, which might help in reducing the overall financial burden.
- Is there enough renter demand at 62.6%? At 62.6%, the percentage of renter-occupied housing units in ZIP 93249 suggests a moderate level of demand. While this figure is not exceptionally high, it does indicate a significant portion of the population prefers renting over owning. This percentage could be interpreted positively, as it means a substantial number of residents are likely to be interested in rental options, including those under Section 8. It's worth noting that the actual demand for Section 8 properties can vary based on factors such as the availability of vouchers and the local economic conditions.
- Will vouchers keep pace with $867 market rents? The market rent of $867 is below the FMR of $1030, which is a positive sign for voucher holders. However, whether vouchers will keep pace with this market rent depends on the specifics of the voucher program and any adjustments made annually to reflect changes in the cost of living. Given that the FMR is higher than the market rent, it's reasonable to assume that the vouchers could potentially cover the market rent, but this would require confirmation through the latest updates from the Department of Housing and Urban Development (HUD).
The data provided offers insights into some aspects of investing in ZIP 93249 under the Section 8 program, but it does not fully address all potential concerns. For instance, while we know the FMR and market rents, we lack detailed information on the exact terms of the mortgage rates and the precise workings of the voucher system in this area. Investors should seek additional information to make an informed decision.
Data Sources: FMR data from HUD (2027). 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.