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 | $2,240 |
| 1 Bedroom | $2,460 |
| 2 Bedrooms | $3,220 |
| 3 Bedrooms | $4,300 |
| 4 Bedrooms | $4,980 |
| 5 Bedrooms | $5,777 |
| 6 Bedrooms | $6,470 |
| 7 Bedrooms | $6,988 |
| 8 Bedrooms | $7,337 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,460 | $691,489 | 0.36% | F |
| 2BR | $3,220 | $974,469 | 0.33% | F |
| 3BR | $4,300 | $1,346,034 | 0.32% | F |
| 4BR | $4,980 | $1,705,578 | 0.29% | F |
U.S. Census Bureau data (2024)
Pismo Beach, CA, located in the ZIP code 93449, falls within the San Luis Obispo-Paso Robles, CA MSA. The Fair Market Rent (FMR) for ZIP 93449 is set at $2,720 for fiscal year 2024, while the average market rent stands at $2,980. This places Pismo Beach slightly above the typical FMR for the broader MSA but closely aligned with market rents.
The median home value in 93449 is $1,124,203, which is notably higher than what might be considered typical for the San Luis Obispo-Paso Robles MSA. This suggests that Pismo Beach leans towards being a premium sub-market within the larger metropolitan area.
A key indicator for potential investment opportunities in Section 8 housing is the renter share. In ZIP 93449, 35.4% of residents are renters. This figure is consistent with many other ZIP codes in the MSA, indicating a moderate demand for rental properties.
While the home values in Pismo Beach are premium, the FMR and market rent levels are only moderately above the average. This divergence, where high renter share coincides with below-average home values relative to the MSA, could signal an attractive opportunity for Section 8 landlords. However, it's important to note that the actual home values are still quite high, suggesting that properties in 93449 may not represent a traditional value pocket but rather a unique blend of factors that make it a desirable location for certain types of investment.
In summary, ZIP 93449 presents itself as a premium sub-market within the San Luis Obispo-Paso Robles MSA, characterized by high home values and moderate rental demand. The combination of a significant renter population and relatively affordable rents compared to home values indicates a potentially lucrative niche for Section 8 landlords, despite the overall high cost of living in the area.
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.