Location: Mono County, CA | Metro: Inyo County, CA
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 | $1,180 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,820 |
| 5 Bedrooms | $3,271 |
| 6 Bedrooms | $3,664 |
| 7 Bedrooms | $3,957 |
| 8 Bedrooms | $4,155 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,530 | $328,635 | 0.47% | F |
| 2BR | $1,690 | $467,455 | 0.36% | F |
| 3BR | $2,280 | $613,495 | 0.37% | F |
| 4BR | $2,820 | $693,722 | 0.41% | F |
| 5BR | $3,271 | $809,035 | 0.4% | F |
U.S. Census Bureau data (2024)
In ZIP code 93514, which encompasses Bishop, California, in Inyo County, the Section 8 program operates under certain economic principles that directly impact landlords and small-portfolio investors. For fiscal year 2026, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1,650. This figure represents the maximum amount that the Housing Choice Voucher program will pay for a two-bedroom unit in Bishop.
The local market rent for a two-bedroom apartment, according to the Census ACS, is currently $1,401. This indicates that the SAFMR is higher than the average market rent, which can be beneficial for landlords who might receive a higher reimbursement rate than they would otherwise charge.
A voucher payment consists of two parts: the tenant's portion and the utility allowance. The tenant's portion is typically around 30% to 40% of their income, but it cannot exceed 40% of the SAFMR. If we take an example where the tenant's portion is 30%, and assuming the tenant's income is such that 30% of the SAFMR is $495 (which is 30% of $1,650), then the voucher would cover the remaining balance up to the SAFMR.
The utility allowance is a fixed amount that varies by region and type of dwelling. For ZIP 93514, let's assume the utility allowance is approximately $200 per month. This means the total monthly reimbursement to the landlord from the voucher program would be the tenant's portion plus the utility allowance.
To illustrate, if the tenant pays $495 and the utility allowance is $200, the total reimbursement would be $695. However, since the SAFMR is $1,650, the voucher program would cover the difference between the tenant's portion and the utility allowance, resulting in a reimbursement of $1,650 to the landlord.
Given that the local market rent is lower at $1,401, landlords in ZIP 93514 would likely see a surplus when renting to tenants with vouchers. The surplus would be the difference between the SAFMR and the local market rent, which in this case is $249 per month. This means landlords could potentially earn more than the average market rent when participating in the Section 8 program.
Note that these calculations are based on the provided figures and may vary depending on the specific circumstances of each tenant and landlord agreement. Landlords should also consider that the SAFMR applies uniformly across the ZIP code, meaning the same reimbursement rate applies regardless of individual market conditions.
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.