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 | $2,840 |
| 3 Bedrooms | $3,790 |
| 4 Bedrooms | $4,390 |
| 5 Bedrooms | $5,092 |
| 6 Bedrooms | $5,703 |
| 7 Bedrooms | $6,159 |
| 8 Bedrooms | $6,467 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,790 | $947,760 | 0.4% | F |
U.S. Census Bureau data (2024)
ZIP code 93432, with a population of 1,142, has 26.5% of residents as renters, indicating that it is not a renter-heavy area. The median household income is notably high at $146,938, suggesting a predominantly affluent community. Despite this, the rental market remains active with a market rent of $1,717 per month. This figure represents approximately 11.7% of the median household income, which is relatively low compared to national averages. However, the Federal Market Rent (FMR) for the area is set at $2290 for FY 2024, which is significantly higher than the current market rent.
The discrepancy between the FMR and the actual market rent indicates that there is likely a scarcity of vouchers in the area. Landlords should not expect a deep pool of Section 8 tenants due to the high FMR and the lower percentage of renters. Instead, landlords will likely encounter tenants who can afford the market rent without assistance, or those who may require smaller subsidies if they qualify for partial assistance under the Section 8 program.
To summarize, the tenant profile in ZIP 93432 will be primarily composed of individuals and families who can pay the market rent independently, given their high median income. While some tenants might use Section 8 vouchers, the availability of these vouchers is expected to be limited. Landlords should prepare for a tenant pool that is less reliant on government housing assistance and more capable of paying higher rents without subsidies.
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.