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 | $1,660 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,230 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,410 | $578,726 | 0.42% | F |
U.S. Census Bureau data (2024)
San Simeon, CA, in ZIP code 93452, is a small coastal community with a total population of just 217 residents. The neighborhood is predominantly rental-based, with 65.6% of the population renting their homes. This indicates a significant reliance on rental properties, suggesting a mix of seasonal visitors and long-term residents. The median household income in the area is $54,625, which is relatively modest compared to the median home value of $606,453. This stark contrast highlights the high cost of homeownership relative to local incomes.
Moving into the economic dynamics of the rental market, the Fair Market Rent (FMR) for the area as of fiscal year 2024 is set at $1,850. However, the actual market rent, according to the Census American Community Survey (ACS), stands at $1,311. This discrepancy between the FMR and the market rent suggests that there is an opportunity for landlords who can manage properties efficiently, as they can potentially charge closer to the FMR without being overly priced out of the market.
The practical implications for investors considering ZIP 93452 are twofold. For hands-off voucher operators, the higher FMR provides a buffer against potential losses, ensuring that the rents charged under the Section 8 program are sufficient to cover costs. On the other hand, for hands-on value-add buyers looking to improve property values, the gap between FMR and market rent offers a chance to increase rents over time as the neighborhood's appeal grows, particularly due to its scenic coastal location.
In conclusion, ZIP 93452 presents a unique investment landscape. Its high median home value contrasts with moderate incomes, creating a niche for rental properties. With a Fair Market Rent of $1,850 and a current market rent of $1,311, both hands-off and hands-on investors can find opportunities that align with their investment strategies.
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.