Location: San Luis Obispo-Paso Robles, CA | Metro: San Luis Obispo-Paso Robles, CA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,970 |
| 1 Bedroom | $2,170 |
| 2 Bedrooms | $2,830 |
| 3 Bedrooms | $3,780 |
| 4 Bedrooms | $4,380 |
| 5 Bedrooms | $5,081 |
| 6 Bedrooms | $5,691 |
| 7 Bedrooms | $6,146 |
| 8 Bedrooms | $6,453 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,830 | $1,089,851 | 0.26% | F |
| 3BR | $3,780 | $1,498,789 | 0.25% | F |
U.S. Census Bureau data (2024)
The ZIP code 93424 in California presents a market in motion, characterized by the interplay between rental and homeownership trends. The Fair Market Rent (FMR) for the area stands at $2,520 for fiscal year 2024, indicating a stable rental environment. However, the absence of specific data on market rent and the percentage of price-cut share suggests that there might be limited fluctuations in rental pricing, possibly due to a balanced market.
The median home value in ZIP 93424 is notably high at $1,315,604, which could imply that homeownership is less accessible to a broad segment of the population. This high median home value often correlates with higher barriers to entry for potential buyers, potentially pushing more individuals towards renting. The fact that the Days on Market (DOM) is also not available indicates that the sales market could be steady, without significant overstocking or undersupply of homes.
The 13.2% renter share provides insight into the long-term dynamics of housing pressure. A lower renter share might suggest that homeownership is more prevalent, but it also means that a significant portion of the population remains in the rental market. This can create sustained pressure on rental prices, as fewer units are available for rent compared to ownership. In a scenario where the median home value is so high, it's likely that this pressure will continue, as affordability issues prevent some from transitioning to homeownership.
In conclusion, while the exact trajectory of supply versus demand cannot be definitively stated without historical data, the snapshot suggests a market where homeownership is favored by those who can afford it, but a substantial number of residents remain renters. This dynamic contributes to ongoing housing pressure, particularly in the rental sector, where the stability of FMR and the relatively low renter share indicate a market that is moving towards equilibrium, albeit with challenges for affordability and accessibility.
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.