Section 8 Fair Market Rent (FMR) for ZIP 93312 - 2027

Investment Score for ZIP 93312

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	$1,890
1 Bedroom	$1,910
2 Bedrooms	$2,480
3 Bedrooms	$3,430
4 Bedrooms	$4,150
5 Bedrooms	$4,814
6 Bedrooms	$5,392
7 Bedrooms	$5,823
8 Bedrooms	$6,114

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	$2,480	$413,640	0.6%	F
3BR	$3,430	$420,216	0.82%	C
4BR	$4,150	$495,645	0.84%	C
5BR	$4,814	$569,683	0.85%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 93312 (Bakersfield, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 93312 in Bakersfield, CA, is set by HUD for the year 2026. For a two-bedroom unit, the FMR is $2,220 per month. However, the actual rental market for a two-bedroom unit is significantly higher, with Zillow reporting a median price of $415,095 for homes in this category. This translates to a price-to-FMR ratio of 15.6 times, indicating that the actual rent prices are far above the FMR. This high ratio creates significant constraints for voucher holders. The FMR is designed to cover approximately 40% of the median income for a household, which in this case is $114,195. Thus, the FMR for a two-bedroom unit represents about 23.3% of the median income. Given that the actual rental costs are much higher, voucher holders would struggle to find units that accept their vouchers without having to pay a substantial portion out-of-pocket. This could lead to a situation where voucher holders are forced to look outside the ZIP code for more affordable housing options. #### Affordability & Renter Profile ZIP code 93312 has a population of 58,384, with 20.5% of residents being renters. This indicates a relatively small proportion of the population relies on rental housing, suggesting that the market is likely tighter for renters. The occupancy rate of 95.6% further supports this notion, as it implies that most available units are already occupied, leaving limited options for new renters. Given the median household income of $114,195, the majority of residents can afford to purchase rather than rent, which aligns with the high price-to-FMR ratio. The tight market conditions mean that renters, particularly those relying on Section 8 vouchers, face challenges in finding suitable and affordable housing. #### Investor Angle From an investor’s perspective, the ZIP code 93312 presents a mixed picture. While the actual rental prices are high, the FMR set by HUD is significantly lower. For instance, the FMR for a two-bedroom unit is $2,220, whereas the median home price suggests a rental value closer to $415,095. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the potential rental income versus the mortgage payments. Assuming a typical rental yield of around 5%, a property priced at $415,095 would generate approximately $1,729 per month in rental income. This is below the FMR of $2,220, indicating that properties rented at FMR levels would not be cash-flow positive based on the median home price. The investment grade in this ZIP code is likely to be low for Section 8-focused investors due to the high actual rental prices compared to the FMR. Investors might find it challenging to secure tenants who can only pay up to the FMR, especially when the actual market rates are so much higher. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as studios or one-bedroom apartments. The FMR for a one-bedroom unit is $1,710, which is still below the median home price but closer to what might be achievable in the rental market. This could provide better cash flow opportunities compared to larger units. 2. **Consider Outlying Areas**: If investing in ZIP code 93312 is deemed too risky due to the high actual rental prices, investors might want to explore adjacent areas with similar characteristics but lower median home prices. This could help in securing tenants who can pay up to the FMR without facing the same affordability issues. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 93312 is to **skip**. The high price-to-FMR ratio makes it difficult to achieve positive cash flow, and the tight rental market means that there is limited demand for units that accept Section 8 vouchers. Investors should look for other ZIP codes with more favorable ratios between actual rental prices and FMR, or consider adjusting their investment strategy to include smaller units or outlying areas with lower median home prices.

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.